Modern Tax Legislation 673

From The Kodiak Republic Wiki

A package of several ammendments to the several tax acts and new acts to cover the changes and to promote an economic recovery and raise business interest in the country. This package will aim to establish a somewhat georgist model, in order to cover the losses from the reduction of income tax.

Ammendment: The Income Tax - Article 1 only

Original Text

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:
1.2 - 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%

Ammended Text

1.1 - Creates a progressive tax on all earnings by citizens of the Republic set at the median annual tax rate of 20%, and sets Income Tax Brackets as follows:
1.2 – The first ₣30,000 of Income shall be tax free
1.2 - ₣30,000 - ₣60,000 shall be taxed at 12%
1.3 - ₣60,000 - ₣90,000 shall be taxed at 16%
1.4 - ₣90,000 - ₣160,000 shall be taxed at 20%
1.5 - ₣160,000 - ₣300,000 shall be taxed at 25%
1.6 - ₣300,000 and over shall be taxed at 30%

Ammendment: The Commodity and Services Tax Act (643)

Original Text

Article 1 - The Land Value Tax

1.1 - Creates an annual flat tax on the value of privately owned and managed land.
1.2 - Specifically excludes the valuation of any property or improvements to a parcel of land.
1.3 - Sets the annual Land Value Tax Rate to be 40%.

Article 2 - The Under-utilised Residential Property Tax

2.1 - Creates an annual levy on the value of residential property left vacant for more more than six months in a calendar year.
2.2 - Sets the annual Under-utilised Residential Property Tax to 25%.

Ammended Text

Article 1 - The Land Value Tax

1.1 - Creates an annual flat tax on the value of privately owned and managed land.
1.2 - Specifically excludes the valuation of any property or improvements to a parcel of land.
1.3 - Sets the annual Land Value Tax Rate to be 60%.

Article 2 - The Under-utilised Residential Property Tax

2.1 - Creates an annual levy on the value of residential property left vacant for more more than six months in a calendar year.
2.2 - Sets the annual Under-utilised Residential Property Tax to 20%.

New Taxes

Article 1 - The Gambling Tax

1.1 - Creates a flat tax on all gambling income, including all earnings from lottery winnings.
1.2 - Sets the Gambling Tax Rate to 20%.

Article 2 - The Carbon Tax

2.1 - Creates a flat tax on all carbon emmissions produced by goods and services in Kodiak based on the carbon pricing concept.
2.2 - Sets the Carbon Tax Rate to 15%.
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