We are working on a brand new version of the game! If you want to stay informed, read our blog and register for our mailing list.
Bill: Economic Future Act
Details
Submitted by[?]: One Nation Conservative 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: September 2928
Description[?]:
| This Act ascertains that continually low levels of public investment has led to a depreciation in the quality of public services and national infrastructure. The EFA resolves the following therefore, 1) That public investment should be significantly higher than present levels. 2) That indirect and corporation tax levels should be increased from their present rates. 3) That the Government of the day should seek to increase GDP per capita. 4) That the poorest in our society should pay a lower tax rate. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 0
Current: 15
Proposed: 15
Article 2
Proposal[?] to change Sales tax on luxury goods.
Old value:: 3
Current: 25
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 |
| > 30,000 PON | 10% | 29,594,000,000 PON |
| > 40,000 PON | 16% | 106,288,000,000 PON |
| > 80,000 PON | 23% | 21,488,000,000 PON |
| > 90,000 PON | 30% | 73,810,000,000 PON | Total | 231,180,000,000 PON |
Debate
These messages have been posted to debate on this bill:
| Date | 20:06:24, April 23, 2010 CET | From |  One Nation Conservative Party | To | Debating the Economic Future Act |
| Message | Honourable Members, I present to the House, the Economic Future Act. It is a radical attempt by this Government to enhance the economic prospects of this nation. Our aim is not just to invest in infrastructure, industry and business but in the people of this great nation too. By investing in the future - into education, healthcare and science - it is our aim to give everyone the opportunity to succeed. We want to see our economy rejuvenated and our people benefitting from higher living standards. This cannot be achieved under the current economic regime. The entireity of the country must make some small sacrifices so that we, as a legislative body, can provide the kinds of services which our constituents deserve. Honourable members, the average lowest wage in this country is 25,000 PON. We do not believe it is fair to ask the poorest in our society, to contribute 10% of their low salaries when they already find it difficult to maintain their families. That is why we propose to lift several million households out of the income tax system altogether by raising the lowest threshold from 20,000 PON to 30,000 PON. The loss in revenue shall be partially made up from slightly higher rates for the two middle income brackets and the creation of a 30% higher rate of income tax. Corporations will now be asked to re-invest a small portion of their profits back into the state system which has allowed them to prosper. We have suggested a figure of 8% but would be willing to raise that figure to between 8 and 15% if agreement is reached with other parties. Taxes on luxuries shall be raised to 12% to pay largely towards the recommendations of the next defence review and an increase in the education budget. We look forward to the inputs of other parties. |
| Date | 20:12:11, April 23, 2010 CET | From | One Nation Conservative Party | To | Debating the Economic Future Act |
| Message | Amendment: We have proposed a corporation tax of 15% to pay largely towards an increase in Healthcare, Technology, Trade and Infrastructure. |
| Date | 23:16:42, April 23, 2010 CET | From | Medrisite-Associated Revisionist Council | To | Debating the Economic Future Act |
| Message | "Regarding the luxury tax... Luxuries are not inelastic. Essentially, people can do without them, as they are not a necessity to life. If the price goes up, many people will simply go without them, as they can live perfectly well without. Which, would lead to the failure of the luxury industry and deal a blow to our economy in multiple ways. We recommend raising the tax to six through eight percent, a number not too large but still substantial to our economy. Other then this, the MARC supports this bill." |
| Date | 03:04:36, April 24, 2010 CET | From | One Nation Conservative Party | To | Debating the Economic Future Act |
| Message | We don't believe a 12% rate would undermine the luxuries market - particularly if the revenue created from the tax was used to increase GDP per capita. In the spirit of compromise however, we shall reduce it to 8%. |
| Date | 03:08:50, April 24, 2010 CET | From | One Nation Conservative Party | To | Debating the Economic Future Act |
| Message | Current GDP per capita is 26,008 PON. |
subscribe to this discussion - unsubscribe
Voting
| Vote | Seats | |||
| yes |
Total Seats: 315 | |||
| no | Total Seats: 0 | |||
| abstain | Total Seats: 0 |
| Random fact: Your user name is not your party name. Choose a concise and easy to remember user name. You can change your party name at any point in time later in the game. |
| Random quote: "You cannot open a book without learning something." - Confucius |