Update the graduated Income tax rate table for Individuals
Update the graduated Income tax rate table for Individuals
The Issue
The current income tax table was first implemented in 1998. Due to inflation, your 500,000 php 16 years ago would only be worth around half the amount today.
Based on the graduated tax table, an individual with an annual income of more than 500,000 belong to the highest income tax bracket, will be taxed at 32%. Corporations are being tax at 30%.
How is it reasonable that individuals are taxed higher than their employers?
The Issue
The current income tax table was first implemented in 1998. Due to inflation, your 500,000 php 16 years ago would only be worth around half the amount today.
Based on the graduated tax table, an individual with an annual income of more than 500,000 belong to the highest income tax bracket, will be taxed at 32%. Corporations are being tax at 30%.
How is it reasonable that individuals are taxed higher than their employers?
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Petition created on November 26, 2014