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Bill: Income tax proposal of November 2483
Details
Submitted by[?]: Likaton Coalition of the Willing
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: August 2484
Description[?]:
| Before making any knee jerk reactions to this Bill, please read carefully, to understand the reasoning. Income Tax. We have reduced the overall income tax burden. Those earning less than 10,000 LIK will be asked to make a token tax payment of 1%. In a time of need, we want everyone to feel that they are contributing. Those earning 10,000 to 20,000 LIK still shoulder half the load, but it has been lightened slightly. High earners, 20,000 to 30,000 LIK, will be asked to pay a little more. Our peak earners, who earn over 30,000 LIK, are being asked to give back to the society that has treated them so well a little of their good fortune. We do not believe that even 25% is a punititive tax level. Luxury Goods Again, in a time of need, we must address non-essentials; therefore, we have raised the Luxury Goods Tax to 22%. Essential Goods In light of the income tax changes, particularly for low earners, we are confident that the tax on essential goods can be kept at 0% Corporations Tax. We are appreciative that this is more difficult. However, with Likaton society and culture beconing slightly more capitalist, we feel that the increased earnings potential of recently privatised industries more than counters this small rise. Overall Summary In conjunction with our Spending Proposals (cf. http://80.237.164.51/particracy/main/viewbill.php?billid=153129), we believe that this Bill will leave us with a surplus of a little over 25Bn LIK, which will give us the freedom, in the mid-term, to either reduce taxes, or increase spending, as desired. We are hopeful that we will receive Convocation support. En Esch, Finance Minister. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 10
Current: 15
Proposed: 15
Article 2
Proposal[?] to change Sales tax on luxury goods.
Old value:: 15
Current: 12
Proposed: 22
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 |
| > 1 LIK | 1% | 5,461,000,000 LIK |
| > 10,000 LIK | 15% | 39,677,000,000 LIK |
| > 20,000 LIK | 20% | 19,503,000,000 LIK |
| > 30,000 LIK | 25% | 9,779,000,000 LIK | Total | 74,420,000,000 LIK |
Debate
These messages have been posted to debate on this bill:
| Date | 11:39:29, November 10, 2007 CET | From | Democratic Workers' Party and CTUL List | To | Debating the Income tax proposal of November 2483 |
| Message | We are wary of this bill. We support wholeheartedly raising corporation tax and taxes on luxury items. We are reluctant to introduce a tax for the lowest earners, no matter how token, and especially when the overall tax revenue will fall 10bn LIK short of the current system. |
| Date | 14:29:40, November 10, 2007 CET | From | Commonwealth Workers Army | To | Debating the Income tax proposal of November 2483 |
| Message | How can we oppose En Esch? |
| Date | 08:04:17, November 11, 2007 CET | From | Kapitalist-Arbeitsfamilien Partei | To | Debating the Income tax proposal of November 2483 |
| Message | We will NEVER vote to RAISE taxes on the poor and Middle Class!!!! |
| Date | 13:37:02, November 11, 2007 CET | From |  Likaton Coalition of the Willing | To | Debating the Income tax proposal of November 2483 |
| Message | The poor will see a minimal levy. The middle classes are actually getting a tax cut. |
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Voting
| Vote | Seats | ||||
| yes |
Total Seats: 63 | ||||
| no | Total Seats: 28 | ||||
| abstain | Total Seats: 9 |
| Random fact: Particracy does not allow official national flags of real-life nations or flags which are very prominent and recognisable (eg. the flags of the European Union, the United Nations, Nazi Germany, the Soviet Union or the Confederate States of America). |
| Random quote: "I have no faith in political arithmetic." - Adam Smith |