Income Tax Reduction Act 669

An Act to Reduce Individual Income Tax for all Kodiak Citizens during this time of need
Enact this amendment to The Individual Income Tax Act (630).

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 35%, and sets Income Tax Brackets as follows:

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

1.1.2 - ₣15,000 - ₣30,000 shall be taxed at 19%

1.1.3 - ₣30,000 - ₣60,000 shall be taxed at 35%

1.1.4 - ₣60,000 - ₣120,000 shall be taxed at 55%

1.1.5 - ₣120,000 and over shall be taxed at 74%

Authored by Chancellor Williams, MGA, KSDP Leader