Section 1
SECTION 1. Section twenty-one of Commonwealth Act Numbered Four hundred and sixty-six is hereby amended to read as follows: "SEC. 21. Rates of tax on citizens or residents.—There shall be levied, assessed, collected, and paid annually upon the entire net income received in the preceding taxable year from all sources by every individual, a citizen or resident of the Philippines, a tax equal to the sum of the following: "Three per centum per annum upon the amount by which such total net income does not exceed two thousand pesos; "Six per centum per annum upon the amount by which such total net income exceeds two thousand pesos and does not exceed four thousand pesos; "Nine per centum per annum upon the amount by which such total net income exceeds four thousand pesos and does not exceed six thousand pesos; "Thirteen per centum per annum upon the amount by which such total net income exceeds six thousand pesos and does not exceed ten thousand pesos; "Seventeen per centum per annum upon the amount by which such total net income exceeds ten thousand pesos and does not exceed twenty thousand pesos; "Twenty-two per centum per annum upon the amount by which such total net income exceeds twenty thousand pesos and does not exceed thirty thousand pesos; "Twenty-six per centum per annum upon the amount by which such total net income exceeds thirty thousand pesos and does not exceed forty thousand pesos; "Twenty-eight per centum per annum upon the amount by which such total net income exceeds forty thousand pesos and does not exceed fifty thousand pesos; "Thirty per centum per annum upon the amount by which such total net income exceeds fifty thousand pesos and does not exceed sixty thousand pesos; "Thirty-two per centum per annum upon the amount by which such total net income exceeds sixty thousand pesos and does not exceed seventy thousand pesos; "Thirty-four per centum per annum upon the amount by which such total net income exceeds seventy thousand pesos and does not exceed eighty thousand pesos; "Thirty-six per centum per annum upon the amount by which such total net income exceeds eighty thousand pesos and does not exceed ninety thousand pesos; "Thirty-eight per centum per annum upon the amount by which such total net income exceeds ninety thousand pesos and does not exceed one hundred thousand pesos; "Forty per centum per annum upon the amount by which such total net income exceeds one hundred thousand pesos and does not exceed one hundred and fifty thousand pesos; "Forty-two per centum per annum upon the amount by which such total net income exceeds one hundred and fifty thousand pesos and does not exceed two hundred thousand pesos; "Forty-four per centum per annum upon the amount by which such total net income exceeds two hundred thousand pesos and does not exceed three hundred thousand pesos; "Forty-six per centum per annum upon the amount by which such total net income exceeds three hundred thousand pesos and does not exceed four hundred thousand pesos; "Forty-eight per centum per annum upon the amount by which such total net income exceeds four hundred thousand pesos and does not exceed five hundred thousand pesos; "Fifty per centum per annum upon the amount by which such total net income exceeds five hundred thousand pesos and does not exceed seven hundred thousand pesos; "Fifty-two per centum per annum upon the amount by which such total net income exceeds seven hundred thousand pesos and does not exceed one million pesos; "Fifty-five per centum per annum upon the amount by which such total net income exceeds one million pesos and does not exceed two million pesos; and "Sixty per centum per annum upon the amount by which such total net income exceeds two million pesos.