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Bill: Budget Balancing Tax Bill
Details
Submitted by[?]: Populist Liberal 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 pass as soon as the required yes votes are in, or will be defeated if unsufficient votes are reached on the deadline.
Voting deadline: January 2116
Description[?]:
When the PLP made its earlier tax bill, we did not realize we were at deficit. We thus proposed a bill that gained only minimal revenue, simply trying to make the system more progressive. Here is a bill that, if passed, will alter our own tax code to solve the deficit through income tax increases. You'll look and even when you keep in mind that KRP needs to be multiplied by about 7 to get its equivalent in US dollars, the rates will seem pretty steep. The last bill was as we liked them better, but we definitely believe in balanced budgets; and here we offer the chance to balance the budget without raising taxes on the poor. |
Proposals
Article 1
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 |
> 2,000 KRP | 4% | 4,610,000,000 KRP |
> 4,000 KRP | 8% | 9,219,000,000 KRP |
> 6,000 KRP | 12% | 41,487,000,000 KRP |
> 12,000 KRP | 25% | 75,866,000,000 KRP |
> 18,000 KRP | 36% | 87,398,000,000 KRP |
> 25,000 KRP | 40% | 55,504,000,000 KRP |
> 32,000 KRP | 47% | 119,662,000,000 KRP | Total | 393,746,000,000 KRP |
Debate
These messages have been posted to debate on this bill:
Date | 21:18:40, September 23, 2005 CET | From | Populist Liberal Party | To | Debating the Budget Balancing Tax Bill |
Message | If people prefer a deficit, then they do. We're bringing this directly to vote because of the deadline of the election, and if people vote for it, the budget will be balanced again. If not, next term we'll try to balance it by increasing corporate taxes, I guess. |
Date | 00:11:00, September 24, 2005 CET | From | Kanjoran People's Party | To | Debating the Budget Balancing Tax Bill |
Message | These tax rates are kind of high, so I hope we try to give a better fix after this. |
Date | 02:13:43, September 24, 2005 CET | From | Populist Liberal Party | To | Debating the Budget Balancing Tax Bill |
Message | No doubt they're high. They're higher than we'd like. We tried to balance the budget without going so high on the rates, but this was the least required to balance the budget unbless we wanted to raise the lower-bracket rates...which we preferred not to do. After the election, we'll happily propose taking the corporate rate up to 20% (which is still fairly low) while undoing part of the personal income tax increase (and we'll figure just how much of the latter we can do without going back into deficit). Our previous tax bill was more like what we'd like to see-- the rates here are higher than we'd like (although remember the people in the highest bracket are making over $225,000 in US dollar equivalency, as best as I can tell from the economic figures we have)-- but we figured we'd better do this to balance the budget right now. It's kind of good that the mistake reset the economies and is forcing most nations to deal with deficits; that creates a budgeting challenge. |
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Voting
Vote | Seats | ||||
yes |
Total Seats: 252 | ||||
no | Total Seats: 74 | ||||
abstain | Total Seats: 114 |
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