LEGAZPI CITY, Dec. 3 -- Albay 3rd District Rep. Raymond Adrian Salceda has filed a bill to abolish the estate tax and shift the taxation of inherited property to the point of sale through the capital gains tax system.

Salceda filed Bill No. 6553 at the House of Representatives, which will likely be referred to the Committee on Ways and Means.

Under the proposal, no family will need to pay taxes at the death of a relative.

Salceda said the estate tax no longer reflects the way wealth is structured today.

"Madali naman pong makatakas sa obligasyon ang mga mayayaman kasi karamihan ng yaman nila ay nakalagay sa corporation. Pati mga real property nila ay nasa holding company. Ang naiiipit ay ang ordinaryong pamilyang Pilipino na walang pa...