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Bill: Tax proposal of October 3741
Details
Submitted by[?]: Tomorrow 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: December 3742
Description[?]:
| Mr. Neutras Consul, This government has proposed to adjust the government's income tax policy to better address the economic situation of the Selucian Commonwealth. This proposal will provide a fair tax system for Selucians. The majority of Selucians earn between 5,000 to 20,000 SEN annually. This group includes the upper middle class, middle class and lower middle class. It only makes sense to deliver a progressive income tax rate. The more you earn, the more tax you will pay. The intervals are at a fair, stable rate. Compared to the current income tax rates, this one will only be a slight increase for Selucians to pay but it will be rewarding for all. From that, there are some jumps at the lower class and upper class. The lower class earns less than $5,000 SEN and the upper class earns more than $25,050 SEN. We have made it easier for the lower class, in the sense that they pay quite a bit less than the lower middle class and also those who earn less than $1,050 SEN will pay no tax. It is the same at the upper class. There is a jump but still not considerably large. We do not believe we are penalizing the rich or discouraging them but we are making sure that they pay their fair share. We have also noticed there have been many Selucians who fit in the cusp of boundaries, so we have add the margin to include an extra $50 SEN. The reason for this general increase is that it will generate more revenue that can be redistributed in other spending areas (budget will follow). The previous budget generated $47,714,000,000 SEN and this budget will add an additional $20,364,000,000 SEN to our spending. This budget officially generates $64,078,000,000 SEN. This bill also seeks to change the sales tax for essential and luxury items. This government believes that we are too dependent on revenue sourced from luxury good's sale tax. In fact, 51% of the total income is generated by these goods. We believe that this can prove to be deadly when spending patterns change and loose a lot of relied income. This is another reason why we increased the current income tax rates. So, this government has chosen to decrease the luxury tax to become less reliant and encourage the rich to continue spending more. This also serves as compensation for the increase in income tax rates. We have also decreased the essential tax rates because these income tax rates may have hurt the poor slightly. Even though it is one percent, it will go away. This government has not chosen to take drastic measures in decreasing the sales tax as we do not wish to reduce government income even more and consequently affect the government's spending patterns. Austen Pierce Minister of Finance |
Proposals
Article 1
Proposal[?] to change Sales tax on essential goods such as food and non-luxury clothing.
Old value:: 8
Current: 0
Proposed: 7
Article 2
Proposal[?] to change Sales tax on luxury goods.
Old value:: 50
Current: 30
Proposed: 44
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 |
| > 1,050 SEN | 5% | 11,082,000,000 SEN |
| > 5,000 SEN | 10% | 9,901,000,000 SEN |
| > 7,500 SEN | 13% | 8,388,000,000 SEN |
| > 10,000 SEN | 15% | 6,845,000,000 SEN |
| > 12,500 SEN | 18% | 5,253,000,000 SEN |
| > 15,000 SEN | 20% | 4,585,000,000 SEN |
| > 17,500 SEN | 23% | 4,435,000,000 SEN |
| > 20,000 SEN | 25% | 6,548,000,000 SEN |
| > 25,050 SEN | 30% | 7,078,000,000 SEN | Total | 64,115,000,000 SEN |
Debate
These messages have been posted to debate on this bill:
| Date | 16:31:47, October 12, 2014 CET | From | Democratic Progressives | To | Debating the Tax proposal of October 3741 |
| Message | We refer the Tomorrow Party to the Tax Proposal that we have created several months prior, Mr. Consul. |
| Date | 08:39:49, October 13, 2014 CET | From | Tomorrow Party | To | Debating the Tax proposal of October 3741 |
| Message | Mr. Neutras Consul, We have reviewed the Liberal Conservative's Tax Proposal but do not believe in undertaking such drastic measures which may change government spending. We need every dollar we can get, in the sense that it is all useful and could be used to expand our military, improve our health and education systems which are important to everyday Selucians. We understand that decreasing the corporate tax may be an option. However, we do not wish to jeopardize the current spending. We will review the corporation tax if this bill passes. This government wishes to see the final details this bill has over Selucia and see if we can afford to do so. Austen Pierce Minister of Finance |
| Date | 08:43:38, October 13, 2014 CET | From | Tomorrow Party | To | Debating the Tax proposal of October 3741 |
| Message | Mr. Neutras Consul, We would also like to add that increased government spending will help close the income gap by producing employment and other related options. Decreasing the essential goods tax will do so, however, this government will not be able to afford drastic measures. Austen Pierce Minister of Finance |
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Voting
| Vote | Seats | ||
| yes |
Total Seats: 700 | ||
| no | Total Seats: 0 | ||
| abstain | Total Seats: 0 |
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