Amendment: The Individual Income Tax Act (630): Difference between revisions
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(Created page with "''An act to fund government expenditure from individual revenues.'' ''Passed on 26 Sep 2021 with 5 Aye, 0 Nay, 0 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 40%, and sets Income Tax Brackets as follows:<br> :1.2 – The first ₣15,000 of Income shall be tax free<br> :1.2 - ₣15,000 - ₣30,000 shall be taxed at 21%<br> :1.3 - ₣30,000 - ₣60,000 shall be...") |
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''An act to fund government expenditure from individual revenues.'' |
''An act to fund government expenditure from individual revenues.''br> |
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==Article 1 - The Income Tax== |
==Article 1 - The Income Tax== |
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:1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the median annual tax rate of |
: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:<br> |
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:1.2 – The first ₣15,000 of Income shall be tax free<br> |
:1.2 – The first ₣15,000 of Income shall be tax free<br> |
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:1.2 - ₣15,000 - ₣30,000 shall be taxed at |
:1.2 - ₣15,000 - ₣30,000 shall be taxed at '''20%'''<br> |
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:1.3 - ₣30,000 - ₣60,000 shall be taxed at |
:1.3 - ₣30,000 - ₣60,000 shall be taxed at '''37%'''<br> |
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:1.4 - ₣60,000 - ₣120,000 shall be taxed at |
:1.4 - ₣60,000 - ₣120,000 shall be taxed at '''56%'''<br> |
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:1.5 - ₣120,000 and over shall be taxed at |
:1.5 - ₣120,000 and over shall be taxed at '''72%''' |
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Latest revision as of 01:29, 15 March 2024
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%
