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Bill: SR 36: The Tax Relief and Budget Reconciliation Act
Details
Submitted by[?]: Labour Party
Status[?]: defeated
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: September 3097
Description[?]:
| The Social Democratic/Labour Party (SDLP) propose to adjust the government's income tax policy to better address the economic situation of the Federal Republic of Solentia. |
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 |
| > 15,000 SOL | 10% | 21,141,000,000 SOL |
| > 18,750 SOL | 14% | 30,346,000,000 SOL |
| > 23,000 SOL | 16% | 36,826,000,000 SOL |
| > 28,300 SOL | 26% | 44,126,000,000 SOL |
| > 32,500 SOL | 31% | 102,438,000,000 SOL |
| > 42,500 SOL | 36% | 67,365,000,000 SOL |
| > 50,000 SOL | 43% | 54,623,000,000 SOL |
| > 56,250 SOL | 45% | 58,111,000,000 SOL |
| > 64,500 SOL | 48% | 34,308,000,000 SOL |
| > 70,000 SOL | 50% | 31,159,000,000 SOL |
| > 75,000 SOL | 51% | 31,369,000,000 SOL |
| > 80,250 SOL | 52% | 30,137,000,000 SOL |
| > 85,500 SOL | 53% | 27,322,000,000 SOL |
| > 90,750 SOL | 55% | 21,160,000,000 SOL |
| > 95,000 SOL | 56% | 22,761,000,000 SOL |
| > 100,000 SOL | 57% | 84,456,000,000 SOL | Total | 697,648,000,000 SOL |
Debate
These messages have been posted to debate on this bill:
| Date | 18:04:42, March 20, 2011 CET | From | Labour Party | To | Debating the SR 36: The Tax Relief and Budget Reconciliation Act |
| Message | We currently employ a tax system that unfairly saps the spending ability of the middle class and leaves the poor with too much of a tax burden, as well. In our current system, those making less than 28,300 SOL pay 2.5 trillion SOL in income taxes per year, while the entire population making less than 42,450 SOL shoulders approximately 3.8 trillion SOL in taxes, well over half of the entire federal income tax revenue stream. It is not right that those making less than 42,450 SOL pay well over half of our federal taxes. We need a more progressive system. This proposal will effectively end taxation for those making 14,150 to 15,000 SOL per year, relieving millions of the poor of their tax burden. Also, many in the middle and lower classes will see their effective marginal tax rate decrease. Our three budgetary goals are: 1) Cut taxes for the poor and lower middle class 2) Increase the budget for investment in Solentia 3) Try to achieve a modest surplus or a deficit that is less than 3% of GDP By making the system more progressive, those in the upper income brackets will see taxes increase somewhat, while the middle class will only see very small increases, but the tax burden will now be more fairly shouldered by those with the highest ability to pay. As always, we welcome debate on the issue. Senator Brandon Helmkamp SDLP Vice Chancellor |
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Voting
| Vote | Seats | |||
| yes | Total Seats: 79 | |||
| no | Total Seats: 128 | |||
| abstain |
Total Seats: 218 |
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