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Bill: Corporate Tax Abolition Act of 2586
Details
Submitted by[?]: Vanuku Freedom Party
Status[?]: passed
Votes: This is an ordinary bill. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: November 2587
Description[?]:
| Sec. 1 SHORT TITLE This act may be cited as the 'Corporate Tax Abolition Act of 2586'. Sec. 2 PROVISIONS The taxation of corporate income is hereby terminated. Sec. 3 EFFECTIVENESS The provisions of this act shall take effect immediately. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 30
Current: 14
Proposed: 0
Debate
These messages have been posted to debate on this bill:
| Date | 01:08:37, June 04, 2008 CET | From | Vanuku Freedom Party | To | Debating the Corporate Tax Abolition Act of 2586 |
| Message | As the budget surplus exceeds the revenue generated by the taxation of corporate income, there is no reason we cannot immediately terminate the corporate income tax. |
| Date | 14:19:47, June 06, 2008 CET | From | Vanuku Sinatranoan Party | To | Debating the Corporate Tax Abolition Act of 2586 |
| Message | Whilst it is tempting to support such an immense tax break for Vanuku business, our concern is one of precedent. Businesses already absorb and thrive with the current taxation in place. Imagine no taxation on business profits. Businesses adapt to this, and budget accordingly. In the future, Vanuku's economy takes a downturn, and it is considered neccessary to reintroduce taxation. Businesses are now struggling in a recessive economy, and forced to begin paying taxation on top of this. The businesses of Vanuku begin to fold. Future security should not be jeopardised by assumed short-term prosperity. Whilst we would support a lower tax rate (say 15 - 20%), to abolish it completely shows poor handling of our economy. |
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Voting
| Vote | Seats | |||
| yes | Total Seats: 71 | |||
| no | Total Seats: 24 | |||
| abstain | Total Seats: 0 |
| Random fact: Unless otherwise stated, monarchs and their royal houses will be presumed to be owned by the player who introduced the bill appointing them to their position. |
| Random quote: "A people that values its privileges above its principles soon loses both." - Dwight D. Eisenhower |