RE: Random Spiel, Philippines: There is an Incentive Not to Tax the Super Wealthy
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12% VAT rate? wow.. What is the fiscal deficit %GDP of your country?
Let Poland enter the scene, with its 23% VAT rate and fiscal hole of ~5.5% of GDP ;) (while officialy the limit imposed by UE is IIRC ~3.0%) -> that's the most recent announcement from the govt https://biznes.interia.pl/gospodarka/news-deficyt-budzetu-w-2025-r-bedzie-rekordowy-padla-kwota,nId,7766838
I wouldn't mind the wealthy be the wealthy and the govt requesting even higher %rates, IF all those resources they amass and manage were used to actually drive things in the country better, leaving ppl enough $ to live normal lives. The problem is, they don't. The govts beautifully waste resources, promising rainbows in the sky but only doing whatever they can to get elected again.
Around -6% if I understood your question right and it's been worse than last year's deficit. I think a deficit of 2-3% if acceptable if we got a booming economy (and we are starting to have that but the threats of global recession incoming may eclipse that).
The problem that nobody wants to solve especially of those in power to solve it are the policies that directly tax the super wealthy, the tax policies they instituted here so far is an umbrella policy where everyone gets hit and targets the high income earners that while earning a lot, aren't exactly classified as wealthy. There's an incentive to not tax the rich by the people in power supported by the rich and this just keeps boiling until capitalism ends up being an aristocracy. It's a universal concern across all capitalist societies currently.