Rationale: The proposed bill seeks to revise the present income tax rate of individual taxpayers as provided for in the National Internal Revenue Code. This bill reflects the goals and policies of the country's tax system which seeks a more effective and equitable distribution of income tax burden and at the same time accords a greater tax releif to the disadvantage sector, thus provide a more meaningful taxation. The reduction in the income tax rates would strengthen the purchasing power of our people's hard-earned money in order to afford them the capability to meet the demands of daily living.