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Bill: Income tax proposal of November 2425
Details
Submitted by[?]: United Republics Party
Status[?]: passed
Votes: This bill proposes to change income taxes. It requires more than half of the legislature to vote yes. This bill will not pass any sooner than the deadline.
Voting deadline: May 2433
Description[?]:
| The United Republics Party propose to adjust the government's income tax policy to better address the economic situation of the United Kingdoms of Lodamun. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 35
Current: 23
Proposed: 10
Article 2
Proposal[?] to change Sales tax on luxury goods.
Old value:: 20
Current: 25
Proposed: 18
Article 3
We propose to alter income tax brackets to the following setup. Information about the current income tax system can be found here.
| Bracket | Tax | Estimated Revenue |
| > 500 LOD | 8% | 2,291,000,000 LOD |
| > 1,000 LOD | 20% | 5,726,000,000 LOD |
| > 1,500 LOD | 22% | 6,299,000,000 LOD |
| > 2,000 LOD | 27% | 14,291,000,000 LOD |
| > 3,000 LOD | 34% | 14,145,000,000 LOD |
| > 4,000 LOD | 36% | 9,576,000,000 LOD |
| > 5,000 LOD | 42% | 12,252,000,000 LOD |
| > 7,000 LOD | 45% | 8,836,000,000 LOD |
| > 10,000 LOD | 60% | 2,208,000,000 LOD | Total | 75,624,000,000 LOD |
Debate
These messages have been posted to debate on this bill:
| Date | 05:39:12, July 09, 2007 CET | From | Free Lodamun | To | Debating the Income tax proposal of November 2425 |
| Message | http://80.237.164.51/particracy/main/budget.php?nationid=19 Holy crap, that's messed up. We have NO exports? I really don't think that feature is working at all. also, government spending really shouldn't be %40 of our gdp. In light of that, it's pretty hard to take any tax bracket changes seriously. However, you can see from the proposed change that those making between 2k and 4k are supporting most of our taxes. I think perhaps taxes as a whole are too high, even with urp's lowering. On the whole we approve, and it is certainly a step in the right direction. |
| Date | 06:51:06, July 09, 2007 CET | From | United Republics Party | To | Debating the Income tax proposal of November 2425 |
| Message | Actually if you understand basic macroeconomics you'd realise that "net exports" refers to a trade surplus or a trade deficit. When it's zero that means trade is balanced. exports=imports ooc: trade imbalances would probably be too complicated, I imaging every nation has 0 net exports |
| Date | 07:19:14, July 09, 2007 CET | From | United Republics Party | To | Debating the Income tax proposal of November 2425 |
| Message | If these tax cuts are to occur we must also cut spending as I've outlined. As I understand the tax system: Take a rich Lodamese citizen earning 12,000 LOD their whole income is not taxed at 60% which would yield 7200 LOD rather... 0-500 is untaxed ->0 LOD 501-1000 @ 8% -> 40 LOD 1001-1500 @ 20% -> 100 LOD 1501-2000 @ 22% -> 110 LOD 2001-3000 @ 27% -> 270 LOD 3001-4000 @ 34% -> 340 LOD 4001-5000 @ 36% -> 360 LOD 5001-7000 @ 42% -> 840 LOD 7001-10000 @ 45% -> 1350 LOD 10001-12000 @ 60% -> 1200 LOD So the tax bill = 4610 LOD If you believe thos making believe 2-4k are paying the most, you're probably right, but these categories include taxes from the middle class AND upper class. It also reveals a strong Lodamese middle class which is actually positive for our society. It is not feasible to increase the burden on the rich. The URP also feels the poor cannot afford higher taxes. Since it's unclear that even the modest cuts proposed by the URP to government spending will pass, taxes could not be lowered further. The entire budget proposal is meant to leave only a slight surplus. |
| Date | 07:47:11, July 09, 2007 CET | From | The Unified Lodamun Party | To | Debating the Income tax proposal of November 2425 |
| Message | The ULP does not support the first two articles, and the third article is close, but not good enough. We believe that that a cap should be placed at 40%, and that after you make so much, your tax bracket does not get any larger. Also, The ULP is again irritated with the URP as this was our parties idea, and you went ahead and stole it for your own in order to win votes. We have a discussion on this topic already begun, which the URP should have commented to instead of starting his own. If the URP really does want to play by himself, that is his business, but the rest of us won't tolerate it any longer. |
| Date | 08:02:57, July 09, 2007 CET | From | United Republics Party | To | Debating the Income tax proposal of November 2425 |
| Message | Actually the reason we proposed this is because the URP has long tried to reform the budget. Our first spending cuts bill was voted down several years ago at which point we abandoned the whole enterprise. However your bill reminded the URP to reexamine the budget question. Let me make it clear that only the Finance Minister can propose this type of legislation, so your toes really were not stepped on. The reason I decided to act at this moment is because the current cabinet act looks like it may pass and a new NMp cabinet will be installed sooner rather than later. If the URP had been forced out of the cabinet and specifically the Finance Ministry it may never have been able to propose this type of legislation for many years at the earliest. If the current political stalemate continues and Owen Vena remains Finance Minister he would be glad to calculate whatever tax brackets and tax rates you request, and pending his approval may even submit it as a bill. |
| Date | 16:50:58, July 09, 2007 CET | From | The Unified Lodamun Party | To | Debating the Income tax proposal of November 2425 |
| Message | Fair enough, though I'm not certain that the finance minister is the only one who is allowed to propose budget changes. In fact, I'm pretty positive that is not the case unless we have some obscur law here in Ladamun that I am unaware of. |
| Date | 20:03:39, July 09, 2007 CET | From | United Republics Party | To | Debating the Income tax proposal of November 2425 |
| Message | you have to perform this action through the cabinet screen |
| Date | 00:07:42, July 10, 2007 CET | From | The Unified Lodamun Party | To | Debating the Income tax proposal of November 2425 |
| Message | OOC ah, well that's bizarre, and ok. My bad. |
| Date | 11:55:30, July 10, 2007 CET | From | Democrats | To | Debating the Income tax proposal of November 2425 |
| Message | In line with the proposed budget, we would back. |
| Date | 03:04:39, July 11, 2007 CET | From | The Unified Lodamun Party | To | Debating the Income tax proposal of November 2425 |
| Message | 0-500 is untaxed ->0 LOD 501-1000 @ 8% -> 40 LOD 1001-1500 @ 20% -> 100 LOD 1501-2000 @ 22% -> 110 LOD 2001-3000 @ 27% -> 270 LOD 3001-4000 @ 34% -> 340 LOD 4001-5000 @ 36% -> 360 LOD 5001-7000 @ 40% -> 840 LOD 7001-10000 @ 40% -> 1350 LOD 10001-12000 @ 40% -> 1200 LOD These are the numbers that the ULP would prefer to see, we feel that it will stimulate the economy to a greater extent than the proposed tax brackets. |
| Date | 03:05:23, July 11, 2007 CET | From | The Unified Lodamun Party | To | Debating the Income tax proposal of November 2425 |
| Message | Also, we would like to see the two other articles proposed here stay the same. |
| Date | 07:56:00, July 11, 2007 CET | From | United Republics Party | To | Debating the Income tax proposal of November 2425 |
| Message | I can provide the ULP with exact figures regarding this tax scheme, but only if the current budget/tax scheme fails to pass. Or OCC Thursday. Please just send me a message regarding these tax brackets at that time as I am rather forgetful. |
| Date | 04:15:10, July 23, 2007 CET | From | Independent Republican Party | To | Debating the Income tax proposal of November 2425 |
| Message | The newly proposed tax bracket seems to make a lot of sense. We don't see what the big problem about it is. |
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Voting
| Vote | Seats | |||
| yes |
Total Seats: 303 | |||
| no | Total Seats: 192 | |||
| abstain |
Total Seats: 104 |
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