Should Manny Pacquiao’s $120 million earnings from the Mayweather fight be tax-exempt?
Let’s weigh in!
(SPOT.ph) First, there was the proposed lifetime Income Tax exemption for the country’s pride and joy, Manny Pacquiao. It did not sit very well with people. A second attempt was made by a different set of fellow lawmakers. It still did not fly. Recently, Senator Koko Pimentel revived the petition, but specified that the...er, National Fist shouldn’t be taxed only for his much-buzzed-about fight (understatement, we know) with Floyd Mayweather. Senator Sonny Angara says it’s a good idea. Senator Chiz Escudero says people who don’t have millions are more deserving of a tax break.
Reports peg Manny’s earnings from the upcoming fight at $120 million. In the spirit of the tale of the tape, here are pros and cons of Manny Pacquiao getting a tax break (forever or otherwise):
Pro: We quote Top Rank Chief Executive Bob Arum, "I know that a lot of the money that Manny will win is going to go to charity in the Philippines."
Con: We should be mindful of epal moves.
Pro: Where do our taxes go anyway? These 10 Most Outrageously Expensive Government Projects?
Con: We quote House Speaker Sonny Belmonte, "Why should the House do that for its richest member?"
Pro: BIR Commissioner Kim Henares can’t always be right!
Con: With a bit of logic, Senator Ralph Recto reasoned that a tax exemption on the Mayweather fight would be silly, considering Pacquiao will be paying the IRS anyway. "It’s a matter of documentation."
Pro: It’s like our payment for zero crime rate and putting us on the map! Go Manny!
Con: This could give way to more tax exemptions for other millionaires out there. Senator Franklin Drilon is on the side of the "equal protection of the law clause of the Constitution."
Pro: Maybe the exemption on this fight will inspire Pacquiao to settle his other tax problems?
Con: He has millions and millions. Nobody needs to actually have that much money. Maybe our legislators should get cracking on lowering income tax for everyone first?