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Bill: Income tax proposal of May 2919
Details
Submitted by[?]: Conservative-Libertarian Party (UM)
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: January 2920
Description[?]:
| The Conservative-Libertarian Party (UM) propose to adjust the government's income tax policy to better address the economic situation of the Free Kingdom of Hutori. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 20
Current: 9
Proposed: 12
Article 2
Proposal[?] to change Sales tax on luxury goods.
Old value:: 15
Current: 27
Proposed: 8
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 |
| > 26,000 HLR | 8% | 40,724,000,000 HLR |
| > 45,000 HLR | 12% | 27,389,000,000 HLR |
| > 60,000 HLR | 16% | 16,317,000,000 HLR |
| > 70,000 HLR | 20% | 31,402,000,000 HLR | Total | 115,832,000,000 HLR |
Debate
These messages have been posted to debate on this bill:
| Date | 17:36:54, April 06, 2010 CET | From | Conservative-Libertarian Party (UM) | To | Debating the Income tax proposal of May 2919 |
| Message | Rt Hon Duchess Moore MP, Finance Secretary: Madam Speaker, in the past I have always presented to this House the spending and taxation plans together. This time Madam Speaker, I intend to wait until my taxation plan has passed Parliament before I propose my spending plan due to the inclusion of tax cuts to corporation and luxury taxes. Madam Speaker, until the Finance Ministry has an idea of what income will be generated by these tax cuts it will be difficult to make good and firm spending proposals. Madam Speaker, this proposal will continue the traditions of Hutori's low tax economy and will move further to taking more people out of having to pay tax. Madam Speaker, the current corporation tax rate is extremely harmful to the consumer and must be lowered. As must the luxury taxes which effect the working people most. Madam Speaker, my income tax proposals will see each band reduced as well as the lower threshold being raised, taking millions more out of the burden of taxation. Madam Speaker, whilst most people will see their taxation reduced, this proposal retains the 20% band for all those earning over 70,000HLR. Madam Speaker, these tax cuts will be funded through further efficiency savings and good allocation of resources. Madam Speaker, I commend this budget to the House. |
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Voting
| Vote | Seats | |||
| yes |
Total Seats: 391 | |||
| no | Total Seats: 0 | |||
| abstain | Total Seats: 0 |
| Random fact: Particracy has been running since 2005. Dorvik was Particracy's first nation, the Dorvik Social Democrats the first party and the International Greens the first Party Organisation. |
| Random quote: "You don't have to explain something you never said." - Calvin Coolidge |