(2) Business flat tax: For each year beginning on or after January 1, 200_, there is hereby imposed a tax on business taxable income at a single percentage rate of _ percent. (1) Personal flat tax: For each year beginning on or after January 1, 200_, there is hereby imposed a tax on personal taxable income at a single percentage rate of _ percent. (D) Determination of Rate: A taxpayer making an election under §3(A) shall pay the following tax rate on income: (C) Business Income: A business taxpayer making an election under §3(A) shall compute taxable income by determining the net profits as determined on the federal corporate tax return after elimination of interest, dividend and capital gains income that are included in those returns. Income does not include income from capital gains, interest, dividend income or social security and other government benefits. (B) Individual Income: An individual income taxpayer making an election under §3(A) shall compute taxable income by taking the value of all income from wages, salary, pensions, and income derived from the individual’s operation of a business, or as a partner in a business, or as an independent contractor as determined on federal income tax forms 1040C and 1040F after elimination of interest and dividend income. (A) Choice of Flat Income Tax or Existing Income Tax: An individual or business otherwise required to pay income taxes under the laws of the state of, shall have the option of continuing to pay taxes under current law, or may pay taxes according to the schedule outlined in this section.
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