Amendment: The Individual Income Tax Act (630)
From The Kodiak Republic Wiki
An act to fund government expenditure from individual revenues.br> PASSED on 10 March 664 with 8 Aye, 5 Nay, 1 Abstain,
Article 1 - The Income Tax
- 1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the median annual tax rate of 37%, 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%
