No More Reason to Evade Estate Taxes under TRAIN
Sen. Sonny Angara, as chair of the Senate Committee on Ways and Means, spearheaded the discussions on the Train Law. Photo grabbed from rappler.com. In a swift turn of events, the famous or infamous TRAIN Law (depending on which side of the political fence you're at) has taken effect New Year's Day 2018. For some, this is not a good news; for others, a welcome development. On my part, I wish I had the opportunity to express myself and air my concerns about its possible implications. Nonetheless, I'm happy with some of the innovations, among which include the increase in income tax brackets and the simplification of some of the tax systems. One particular innovative change I'd like you to hear is that estate, donor's and capital gains taxes are now pegged at the same rate of 6%. This means, whether you try to make it appear you're donating or selling a property few years before your impending death, there won't be much of a difference anymore th