Bill Type
Congress Name
Long Title
AN ACT REDUCING THE INCOME TAX RATES OF INDIVIDUAL TAXPAYERS, AMENDING FOR THE PURPOSE CHAPTER III, SECTION 24 (A)(1)(c) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED
Date filed
August 7, 2001
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. House Bill No. 2114, 12th Congress of the Republic | |
| FULL TITLE : AN ACT REDUCING THE INCOME TAX RATES OF INDIVIDUAL TAXPAYERS, AMENDING FOR THE PURPOSE CHAPTER III, SECTION 24 (A)(1)(c) OF THE NATIONAL INTERNAL REVENUE CODE OF 1997, AS AMENDED | |
| ABSTRACT : Rationale: What this proposal intends to do is to jumpstart demand in the economy by empowering the consumer with more purchasing power. This can be done by increasing their take home pay through lower tax rates and hence, lower deductions from their income. A demand-led growth in these crucial times is indeed the way to go. There would be a multiplier effect on overall economic growth because this proposal affects virtually all persons earning income. | |
| PRINCIPAL AUTHOR/S : ENRILE, JACK | |
| DATE FILED : 2001-08-07 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Gozos (027 ) | 2. Espina (027 ) |
| 3. Espino (035 ) | 4. Chatto (019 ) |
| 5. Syjuco (023 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-08-13 |
Abstract
Rationale: What this proposal intends to do is to jumpstart demand in the economy by empowering the consumer with more purchasing power. This can be done by increasing their take home pay through lower tax rates and hence, lower deductions from their income. A demand-led growth in these crucial times is indeed the way to go. There would be a multiplier effect on overall economic growth because this proposal affects virtually all persons earning income.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.