Salceda welcomes DOF's withdrawal of tax hikes on capital gains, donor’s, estate taxes

House Ways and Means Committee Chair Joey Salceda welcomed the Department of Finance's decision to withdraw proposed tax increases on capital gains, donor’s, and estate taxes.

Salceda had previously opposed the proposal in the draft of the 'GROWTH Bill', citing potential impacts on middle-class wealth creation.

In a letter dated April 29, the DOF informed Salceda that it was withdrawing the measure due to strong revenue collections and steady progress toward fiscal consolidation goals.

Salceda praised Secretary Recto's responsiveness to economic reasoning and his practical approach to fiscal policy, noting that taxing capital gains could discourage productive reallocations of assets and hit middle-class families hardest.

The lawmaker reiterated that raising luxury goods taxation is a better option for additional revenues while protecting the middle class from further financial burdens.