(A) For taxable years beginning after 1994, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts and any other entity except those taxed or exempted from taxation under Sections 12-6-530 through 12-6-550 computed at the following rates with the income brackets indexed in accordance with Section 12-6-520:

Not over $2,220 2.5 percent of taxable income

Over $2,220 but $56 plus 3 percent of

not over $4,440 the excess over $2,220;

Over $4,440 but $123 plus 4 percent of

not over $6,660 the excess over $4,440;

Over $6,660 but $212 plus 5 percent of

not over $8,880 the excess of $6,660;

Over $8,880 but $323 plus 6 percent of

not over $11,100 the excess over $8,880;

Over $11,100 $456 plus 7 percent of

the excess over $11,100.