The permanent income tax shall be levied, collected and paid with respect to the salaries, wages, commissions and other compensation received shall be levied with respect to the net profits of businesses, professions or other activities earned and accrued or received after April 1, 1971, at the rate of one percent (1%) per annum and at the rate of one and three-fourths percent (1.75%) per annum effective July 1, 1978, and at the rate of two percent (2.00%) per annum effective January 1, 2016. (Ord. 2014-11. Passed 12-2-14.)