At Last! BIGGER exemption from taxes

This is a historical moment!

Our senators and congressmen have done something right for the people. And thank God they didn’t debate over this…

Our Lawmakers from both chambers of Congress has passed the bill called Income tax exemption for Minimum Wage earners that will provide exemption from paying withholding taxes of those minimum wage earners.. plus… increasing the exemption of other employees as well!

THANK YOU!

I’ve downloaded a copy of the Bill which will be sent to the President for here approval (and i doubt if she won’t approve this one) is this:

“SEC. 35. Allowance of  Personal Exemption  for Individual Taxpayers.-
“(A)  In General. – For purposes of determining the  tax provided in Section 24 (A) of this Title, there shall be allowed a basic personal exemption [as follows:] AMOUNTING  TO  FIFTY  THOUSAND  PESOS  (P50,OOO)  FOR  EACH INDIVIDUAL  TAXPAYER.

“(B)  Additional  Exemption  for  Dependents.  –  There  shall  be  allowed  an additional  exemption  of  [Eight  Thousand  Pesos  (P8,OOO)l  TWENTY-FIVE  THOUSAND PESOS (P25,OOO) for each dependent not exceeding  four (4).

Those words that are stricken out are the ones which have been modified.

Whoah!

Last year, I blogged about my frustration with paying taxes… having to pay P2000 every month for withholding tax. But that was in 2007… right now.. I’m paying more than double. Imagine that!!!!

With this development…. I’ll be happier thinking that my hard earned money is not going to some corrupt politician.

Again, Thank you!