A. A tax for general revenue purposes of 1% is hereby imposed on the following:
(1) Earned income received on and after January 18, 1969, by individual residents of the City of Reading.
(2) Earned income received on and after January 18, 1969, by individual nonresidents of the City of Reading in the City of Reading.
(3) Net profits, earned on and after January 18, 1969, by residents of the City of Reading.
(4) Net profits, earned on and after January 18, 1969, by nonresidents of the City of Reading.
B. The tax levied under Subsection A(1) and (2) herein shall relate to and be imposed upon earned income paid by an employer or on his behalf to a person who is employed by him. The tax levied under Subsection A(3) and (4) herein shall relate to and be imposed on the net profits of any business, profession or other activity carried on by any person or persons.
C. The tax levied by this Part shall be applicable to earned income tax received and to net profits earned in the period beginning January 18, 1969, and ending December 31, 1969. Thereafter, this tax shall continue in force on a calendar year or taxpayer fiscal year basis without annual reenactment.