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I don't see how this could go wrong in a country with rampant hyperinflation...
You don't need taxes when the government can just print more money endlessly. It's a secret cheat code they only tell you at president school.
The wealthy will still have to pay:
Only those workers earning the equivalent of 15 federal minimum wages, amounting to 1.77 million pesos per month ($5,057), will continue to be subject to income taxes, constituting a minority of the workforce.