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Bill: Income tax proposal of September 2158
Details
Submitted by[?]: Radical Democratic 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 2160
Description[?]:
| The Liberal Unity Cabinet propose to adjust the government's income tax policy to better address the economic situation of the United States of Indrala. With the approval of the Macroeconomic Reform Act, all indirect taxes have been abolished in Indrala, while corporation tax has increased from 20% to 30%. This bill also assumes that the new budget proposal is approved. To keep our tax system simple, we will introduce a single income tax rate of 30%, the same as our corporation tax rate, so as to minimize the opportunities for tax elusion. With the above assumptions, income tax will only be paid (always at a 30% rate) on earnings above INS 40,000. This, plus the new corporation tax, will let us to pay the whole budget, and transform the deficit into a surplus of some INS 20 billion. In future, instead of fiddling with the tax tates, we propose moving the INS 40,000 threshhold up or down as the economic situation warrants. The proposed income tax is much more progressive than the current one. It will increase the income tax bill for anyone earning over INS 106,000. But it will lower income taxes payable for everyone earning under INS 106,000. Those earning under INS 40,000 will pay no taxes at all. (OOC: I actually built a spreadsheet that shows this!) |
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 |
| > 40,000 INS | 30% | 1,173,815,000,000 INS | Total | 1,173,815,000,000 INS |
Debate
These messages have been posted to debate on this bill:
| Date | 19:58:44, December 20, 2005 CET | From | Inrala no Ikolowagitou (Green) | To | Debating the Income tax proposal of September 2158 |
| Message | In conjunction with the budget proposal, this would work well. OOC: I'd love us to go for a "negative income tax" system which cuts out most of the tax/subsidy bureaucracy, but the game doesn't allow it. |
| Date | 20:43:15, December 20, 2005 CET | From | Inrala Panjoregu Kiokutou (DPP) | To | Debating the Income tax proposal of September 2158 |
| Message | We'll go with it. |
| Date | 21:26:45, December 20, 2005 CET | From | Radical Democratic Party | To | Debating the Income tax proposal of September 2158 |
| Message | OOC: If the game ever allows for it, I'll go for: 1. A carbon tax (or more generally, a pollution tax). 2. A nonrenewable natural resource extraction tax. 3. A very high tax on the land value exclusive of improvements. I have proposed all three in the forum. 4. Full restitution from convicted criminals. I would tax the above regardless. If there were any extra revenue, I'd use it on the negative income tax. On the other hand, if more money is needed, I would go, in this order: 5. A very high (at least 50%) estate and gift tax. 6. A progressive consumption tax. Or failing this, a progressive income tax as stated in the bill. Meanwhile, I'll have to settle for option (6). |
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Voting
| Vote | Seats | |||||
| yes | Total Seats: 271 | |||||
| no | Total Seats: 0 | |||||
| abstain |
Total Seats: 229 |
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