Income Tax Reform Act (675)
From The Kodiak Republic Wiki
An Act to Reform the Income Tax Structure of the Republic of Kodiak
Preamble
To ensure fairness, promote economic growth, and provide financial relief to citizens, the Republic of Kodiak hereby enacts the following amendments to its income tax code.
---
Article 1: Individual Income Tax
1.1 This Act hereby repeals and replaces Article 1 of Individual Income Tax Act 630 and creates a progressive tax on all earnings by the Citizens of Kodiak set at a median annual tax rate of 17% and sets income tax brackets as follows:
1.2. Income Tax-Free Threshold: Income from 0 to 20,000 Florins shall be exempt from taxation.
1.3. Lower Bracket: Income from 20,000 to 40,000 Florins shall be taxed at a rate of 20%.
1.4. Middle Bracket: Income from 40,000 to 80,000 Florins shall be taxed at a rate of 30%.
1.5. Upper-Middle Bracket: Income from 80,000 to 150,000 Florins shall be taxed at a rate of 45%.
1.6. Top Bracket: Income above 150,000 Florins shall be taxed at a rate of 60%.
Written by Malia Mackenzie Marshall (CAP)
