Tips to take advantage of new tax law before 2018

Business columnist Gene Marks advises, if possible, take deductions in 2017 and move income to next year when tax brackets will be lower.
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Drug war – Duterte’s banner program gets first mention. He says it will be “relentless” and “as chilling as the day it began.” Slams human rights groups for criticizing the anti-drug campaign.

Corruption – Thanks Congress for passing the Ease of Doing Business Act. Says all agencies must simplify processes and cut red tape. Says he’s had to fire “friends” due to corruption.

Mindanao promise – Vows “significant increases” in Mindanao’s budget

Bangsamoro law – Promises to sign the Bangsamoro Organic Law within “48 hours” after Malacañang receives Congress’ approved version.

Marawi siege – Recognizes soldiers and police who died fighting in Marawi City. Says government welcomes with open arms terrorists who surrender to authorities.

Foreign policy – Vows to pursue an “independent foreign policy.” Mentions ties with Southeast Asian countries but spends bulk of this portion on benefits of “reenergized” ties with China and commitment to “defend our interests in the West Philippine Sea.”

Overseas Filipino workers – Condemns deaths and abuses suffered by Filipino migrant workers at the hands of foreign employers. Says OFW rights to be his administration’s “foremost foreign policy concern.”

Contractualization – Says government efforts have led to regularization of 300,000 workers. Calls on Congress to pass a law prohibiting all forms of contractualization after admitting his executive order won’t suffice.

Coconut farmers – Asks Congress to pass bills creating a Coconut Farmers’ Trust Fund, one of his campaign promises.

Telecommunications, internet – Reiterates promise to ensure reliable, affordable, and secure telecommunications services. Says terms of reference for 3rd telco player is almost ready. Promises the lowering of interconnection rates between all players to ensure improvements in the entire sector.

Bong Go – Mentions his aide’s name in relation to “consultations” with the public and establishing “malasakit centers.” Go is said to have plans to run for senator in 2019. (READ: Do Bong Go’s donations, billboards violate government ethics code?)

Boracay closure – Justifies the island’s closure as an environmental protection measure. Warns local government units to enforce laws and not wait for the national government to “swoop in.”

Land use act – Calls on Congress to pass a law creating a national land use policy, legislation that has been pending for two decades.

Disaster management – Calls on Congress to pass a law creating a disaster management department with more powers and resources than existing disaster response agencies.

Warning to miners – Tells “irresponsible miners” to stop destroying watersheds, forests, and bodies of water. Says natural resources must benefit all Filipinos, not just the rich.

Tax reform – Insists Tax Reform for Acceleration and Inclusion law must not be repealed despite criticism it has contributed to inflation. Tells Congress he wants to sign TRAIN Package 2 by the end of 2018. Mentions by name the lawmakers who filed versions of the bill. Calls on Congress to pass all other tax reform packages.

Health – Calls on Congress to pass the universal health care bill. Mentions Presidential Spokesperson Harry Roque, author of the bill when he was Kabayan representative, by name. Roque is also said to be running for senator in 2019.

Federalism – Thanks his Consultative Committee for their draft federal constitution. Insists that Filipinos will support the shift to a federal system of government.
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Reply
Jonie Isenberg

I THINK I WAS LEFT OUT OF TAX REFORM. I'M DISABLED AND CANNOT WORK. I WORKED 40+ YEARS BEFORE MY BACK GAVE OUT. I HAD AN UNFORTUNATELY BAD SURGERY. I DID GET A 2% INCREASE IN MY SSDI CHECK, BUT THEY KEEP THAT FOR MEDICARE. OH WELL, EVERYONE CAN'T BE LUCKY.

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Mr Jones

The GOP made the tax breaks for corporations permanent, and the tax breaks for the middle class temporary, and according to the tax policy center, after ten years 83% of the benefits go to the top 1%, 60% of the benefits go to the top 0.1%. Meanwhile after ten years 80 million middle class and lower income Americans will be paying higher taxes, 13 million Americans due to this legislation are going to lose their health insurance, health care premiums are already going up. We get a $1.4 trillion dollar deficit as a result of this tax bill, and Paul Ryan is already going around saying we are going to have to offset that by cutting Medicare, Medicaid and Social Security. Mitch McConnell is lying through his yellow teeth when he says this bill is tax relief for the middle class. This is a giveaway for the rich and corporations. Trump swore he would not profit from this tax bill…. another LIE! He profits in so many ways, it's difficult to calculate accurately just how much he will benefit, but it's been estimated to be at least $60 million initially, with more to come. When you add the coming economic crash to Trump's pathetic criminal presidency and the GOP lies and corporate ball licking, the GOP are going to implode in 2018. MAGA=Maggots Are Governing America.

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paul mc

Move to a Red state :).

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Rix Pix

Trump is the best president since Reagan.

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afrose71

For working class Americans making under six figures — the only preparation you need to do is bend over and grab your ankles. Drumpf, Ryan, and McConnell incoming!

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DeMeaning Plebny

Aren't these tips relevant every year? I don't see how the "new tax law" affects much of anything the guy mentioned. OK, other than the CPA deduction, and businesses will still be able to deduct professional fees.

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Jeremy Parsons

Funny thing is. Even CNN fake news employees will get this

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BonnieBlue2A

Not much meat here.

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ThrummerOfLove

Have a very MAGA Christmas!

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USA FIRST

Fox News is real news. ✌

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ShadowMan

MAGA!!

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skelot

Need ur help po on this. How to set appointment for consultation and assistance?

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D DIESEL

Mr. maestro im looking for someone who can help us settle the estate tax of the properties left by our parents. who can we turn to?

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Francis Warque

Maestro gusto ko po makinig at matuto, saan puede bilhin ang books? D2 po ako sa US.

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Edmond Buenviaje

Maestro Emiliano muka pong magaganda ang iyong mga libro, naghahanap po ako ng book about peza and basic real property tax na may mga komplikado nang illustrations, matutulungan nyu po ba ko? Salamat maestro

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Anthony Pena

I'm interested.

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