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Rate of Tax

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.