| For
individuals, the current (Year 2007) income tax rates of 20% of every
complete dollar of taxable income up to and including $24,200 and 35%
of every complete dollar of taxable income above $24,200, compare favourably
to the 1968 rates of “3% of every complete dollar of taxable income up
to and including $500” at the bottom and “75% of every complete dollar
of such taxable income above $19,000 and up to and including $24,000”
at the top, and have, along with the available incentives, helped to encourage
voluntary compliance by taxpayers. |