Teves: PNoy ought to raise new taxes now

Former Finance Secretary Gary Teves urged the Aquino administration Wednesday to ask Congress for help in raising new taxes now while the President can still wager some of his political capital, as gauged by his high popularity rating. Teves, also a former Representative of Negros Oriental, said if President Aquino pushes for tax bills later instead of earlier, the political realities that come with the 2013 midterm elections will become constraints. “Popularity ratings do not stay at the same level too long... We might be acting too late in raising additional revenues. Why wait for 2013 if we can do it earlier?" Teves said the Aquino administration's current efforts to plug revenue loopholes and curb tax leakages may be insufficient to enable the country to weather rising prices worldwide. "Commodity prices are up and oil prices are up. [President Aquino] has no buffer. He needs a buffer," Teves said. Teves advised against the enactment of new laws that will provide more tax relief and exemptions, saying such laws deprive government of funds it needs to implement good governance programs. — ELR/VS, GMA News