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Bill: Income tax proposal of February 3663

Details

Submitted by[?]: Hosian Democratic Alliance

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: October 3663

Description[?]:

This income tax proposal would go some way towards closing the budget deficit generated by the Coalition of Loyalists and their allies.

Proposals

Debate

These messages have been posted to debate on this bill:

Date01:22:21, May 08, 2014 CET
FromLoyalistische Partei
ToDebating the Income tax proposal of February 3663
MessageRidiculous brackets. People would have greater earnings at 35000 than they would at 40000 for example.

Date01:53:51, May 08, 2014 CET
FromHosian Democratic Alliance
ToDebating the Income tax proposal of February 3663
MessageOOC: I think you are confused, Khaler. A person earning 35,000 would pay 11,000 in tax, taking home 24,000 after tax, whereas a person earning 40,000 would pay 13,000 in tax, taking home 27,000 after tax.

For example, the person earning 35,000 pays tax as follows...

1-5000: pays 0 tax
5000-10,000: pays 1000 tax. ie. (10,000-5000) x O.2
10,000-35,000: pays 10,000 tax. ie. (35,000-10,000) x O.4
Total tax paid: 11,000

Date13:06:46, May 08, 2014 CET
FromCommunist Party of Darnussia
ToDebating the Income tax proposal of February 3663
MessageSomeone earning 40,000 would pay 50%: i.e. 20,000.

Date13:31:02, May 08, 2014 CET
FromHosian Democratic Alliance
ToDebating the Income tax proposal of February 3663
MessageOOC: Income tax confuses a lot of people, but let me try again to explain. Somebody earning 40,000 would pay 13,000 tax, as follows:

1-5000: pays 0 tax
5000-10,000: taxed at 20%, ie. pays 1000 tax
10,000-40,000 taxed at 40%, ie pays 12,000 tax
So in total, a person earning 40,000 will pay 13,000 tax, taking home 27,000 after tax.

For another example of how this works, see www.economicshelp.org/blog/1703/economics/income-tax-rates-explained/

Date20:47:05, May 08, 2014 CET
FromLoyalistische Partei
ToDebating the Income tax proposal of February 3663
MessageOOC: That is the case in.... UK and other countries with marginal tax rate system. Now where is it said that Darnussia has a marginal tax rate system?

Date22:59:08, May 08, 2014 CET
FromHosian Democratic Alliance
ToDebating the Income tax proposal of February 3663
MessageOOC: If you examine my income tax proposal, you will see there are 3 marginal rates of tax. Income earned between 5000 and 10,000 is taxed at 20%, income earned between 10,000 and 40,000 is taxed at 40% and income earned over 40,000 is taxed at 50%.

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Voting

Vote Seats
yes
  

Total Seats: 32

no
   

Total Seats: 151

abstain
   

Total Seats: 62


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