. A much needed law for the Philippines is for the Social Security to be made optional for a taxpayer. There are several reasons for needing such a law, without abolishing Social Security per se.
. First reason is aside from income tax, there are also value-added tax, cigarette tax, alcohol tax, and a whole lot of other money-earners for government. Income tax alone should be enough, and no more. It is absurd that everyone’s hard earned money should just fill up government coffers.
. Second reason to make Social Security optional is government does not have a competitor thus is automatically inefficient. Businesses thrive because they are in competition with one another. The companies don’t get money if they slack, if they do not allot it properly. This is not so with government, who does anything with money, and they get away with it. This lack of accountability to those bearing the burden (taxpayers) is downright theft and mockery combined. Better to have private companies as an option for social security because government is not doing a good job. Best to see companies and government competing for our monthly Social Security contribution.
. Third reason to have Social Security as optional is there are too many losses. If you contributed for 20 years, with reference to the first year, you would have accumulated around 16 times your first ever monthly salary. Think about how much money that is. You won’t be seeing that amount back. You may be fed info of the good it is doing charity, etc but you will not tangibly feel that money you released. May as well have a law that allows you to choose to have that money in the first place.
. Giving the government money outside income tax is like giving a wealthy man your money. At least congressmen should have the decency to turn down money that is not the government’s. This is a very difficult law, somewhat like the law that first abolished slavery. It is something that is right for the people but unpopular especially to those in power.