669 Ammendment to The Individual Income Tax (630)

An act to fund government expenditure from individual revenues.

Ammendment to Article 1 - The Income Tax

Original Text

1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the median annual tax rate of 35%, and sets Income Tax Brackets as follows:

1.2 - The first ₣15,000 of Income shall be tax free

1.2 - ₣15,000 - ₣30,000 shall be taxed at 20%

1.3 - ₣30,000 - ₣60,000 shall be taxed at 37%

1.4 - ₣60,000 - ₣120,000 shall be taxed at 56%

1.5 - ₣120,000 and over shall be taxed at 72%

Ammended Text

1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the median annual tax rate of 15%, and sets Income Tax Brackets as follows:

1.2 – The first ₣15,000 of Income shall be tax free

1.2 - ₣15,000 - ₣30,000 shall be taxed at 10%

1.3 - ₣30,000 - ₣60,000 shall be taxed at 17%

1.4 - ₣60,000 - ₣120,000 shall be taxed at 23%

1.5 - ₣120,000 and over shall be taxed at 30%

Authored by Minister of Commerce Antonio Recio Rufián.