Amendment: The Individual Income Tax Act (630): Difference between revisions

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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 38%''', and sets Income Tax Brackets as follows:<br>
:1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the '''median annual tax rate of 38%''', and sets Income Tax Brackets as follows:<br>
: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>
:1.2 - ₣15,000 - ₣30,000 shall be taxed at '''21%'''<br>
:1.2 - ₣15,000 - ₣30,000 shall be taxed at '''20%'''<br>
:1.3 - ₣30,000 - ₣60,000 shall be taxed at '''38%'''<br>
:1.3 - ₣30,000 - ₣60,000 shall be taxed at '''37%'''<br>
:1.4 - ₣60,000 - ₣120,000 shall be taxed at '''54%'''<br>
:1.4 - ₣60,000 - ₣120,000 shall be taxed at '''56%'''<br>
:1.5 - ₣120,000 and over shall be taxed at '''70%'''
:1.5 - ₣120,000 and over shall be taxed at '''72%'''

Revision as of 15:51, 4 March 2024

An act to fund government expenditure from individual revenues.

ACTIONED on ## MONTH ### with ## Aye, ## Nay, ## 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 38%, 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%
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