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The sheaf of papers accompanying the journal describes several potential revisions to the Rodosian personal and business tax code, including replacing the existing system with
The sheaf of papers accompanying the journal describes several potential revisions to the Rodosian personal and business tax code, including replacing the existing system with a progressive tax system, the assessment of different luxury and sin taxes, and/or modifications of the provisions of the current system Two of the specific proposals include the following Policy Proposal 1: Replace the existing system with a progressive tax system that would tax business and individuals, using these schedules: Business Tax Rates You Pay This Amount on the Base of the Bracket SRO SR800,000 SR3,200,000 SR11,600,000 SR21,200,000 Plus This Percentage on If your Taxable Income Is Up to 10,000,000 10,000,000-25,000,000 25,000,000-60,000,000 60,000,000-90,000,000 Over 90,000,000 the Excess over the Base 8% 16% 24% 32% 40% Personal Tax Rates You Pay This Amount on the Base of the Bracket SRO SR1,440 SR5,840 SR16,940 Plus This Percentage on If your Taxable Income Is Up to 16,000 16,000-38,000 38,000-75,000 Over 75,000 the Excess over the Base 9% 20% 30% 4000 Given these tax schedules, calculate the tax liabilities for: Taxpayer Tax Obligation Average Tax Rate *Ferskt Fishmongers Company, which earns an income of Ferskt Fishmongers Bjork Frida Ari SR65,000,000 . The following three individual taxpayers: (1) Bjork, a beekeeper earning SR18,000 per year; (2) Frida, a cooper (barrel maker) earning SR42,000 per year; (3) Ari, a banker earning SR87,000 per year
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