The Individual Income Tax Act (630): Difference between revisions
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''An act to fund government expenditure from individual revenues.'' |
''An act to fund government expenditure from individual revenues.'' |
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''Enacted during the Great Interregnum'' |
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''Passed on 26 Sep 2021 with 5 Aye, 0 Nay, 0 Abstain,'' |
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==Article 1 - The Income Tax== |
==Article 1 - The Income Tax== |
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:1.1 - Establishes the Kodiak Revenue Directorate in the capital city of Rykkburgh. |
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==Article 2 - The Capital Gains Tax== |
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1.2 – The first ₣15,000 of Income shall be tax free<br> |
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:2.1 - Creates a flat tax on all capital gains by citizens of the Republic set at an annual rate of 7%. |
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1.2 - ₣15,000 - ₣30,000 shall be taxed at 18%<br> |
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1.3 - ₣30,000 - ₣60,000 shall be taxed at 33%<br> |
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1.4 - ₣60,000 - ₣120,000 shall be taxed at 45%<br> |
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1.5 - ₣120,000 and over shall be taxed at 60% |
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Revision as of 12:21, 10 October 2021
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 33%, 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 18%
1.3 - ₣30,000 - ₣60,000 shall be taxed at 33%
1.4 - ₣60,000 - ₣120,000 shall be taxed at 45%
1.5 - ₣120,000 and over shall be taxed at 60%
