Says P1 trillion lost to graft under GMA
by Ashzel Hachero
Malaya
Sen. Benigno “Noynoy” Aquino III yesterday vowed not to impose new taxes or even increase tax rates if he is elected president.
“My vision is to transform our country into one where we have lower tax rates enjoyed by all, rather than have some enjoy absolute tax exemptions while we burden the rest of the economy with very high tax rates,” Aquino said.
Aquino spoke before businessmen and the diplomatic corps during the “Presidential Candidate Series” sponsored by the Makati Business Club at the Manila Peninsula Hotel.
Aquino’s “no new taxes” approach was similar to then US presidential candidate George H. W. Bush’s famous phrase “Read my lips: No new taxes” at the 1998 Republican National Convention when he accepted the nomination.
“With universal low tax rates, we will encourage entrepreneurs and enterprises to invest and create jobs in any industry,” Aquino said to wide applause from the audience.
He said an Aquino administration will pursue the rationalization of fiscal incentives to investors to lower the budget deficit and stem revenue losses.