Train law may be a Train wreck THE TAX REFORM FOR ACCELERATION AND INCLUSION (TRAIN) ACT. President Rodrigo Roa Duterte signed into law Republic Act No. 10963, otherwise known as the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the first package of the Comprehensive Tax Reform Program (CTRP, on December 19, 2017 in Malacanang. The TRAIN will provide hefty income tax cuts for majority of Filipino taxpayers while raising additional funds to help support the government’s accelerated spending on its “Build, Build, Build” and social services programs. This tax reform package corrects a longstanding inequity of the tax system by reducing personal income taxes for 99 percent of taxpayers, thereby giving them the much needed relief after 20 years of non-adjustment of the tax rates and brackets. This is the biggest Christmas and New Year gift the government is giving to the people. For the poorest 10 million households, the government is giving them targeted cash transfers of...
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