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Bill: Tax and Banking Reform Act
Details
Submitted by[?]: Kazwelonke Ukuhlangana Inhlangano
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: August 3867
Description[?]:
| The Kazwelonke Ukuhlangana Inhlangano propose to adjust the government's income tax policy to better address the economic situation of the Federal Republic of Ibutho. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 10
Current: 17
Proposed: 0
Article 2
Proposal[?] to change Sales tax on luxury goods.
Old value:: 7
Current: 22
Proposed: 10
Article 3
Proposal[?] to change Sales tax on essential goods such as food and non-luxury clothing.
Old value:: 0
Current: 5
Proposed: 5
Article 4
Proposal[?] to change The banking system.
Old value:: The government operates large, national banks, but small community based private banks are allowed.
Current: The government operates a central bank and all other banks are private.
Proposed: The government operates a central bank and all other banks are private.
Article 5
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 |
| > 10,000 IKD | 10% | 56,809,000,000 IKD |
| > 20,000 IKD | 15% | 70,282,000,000 IKD |
| > 30,000 IKD | 20% | 71,029,000,000 IKD |
| > 40,000 IKD | 25% | 68,662,000,000 IKD |
| > 50,000 IKD | 30% | 68,433,000,000 IKD |
| > 60,000 IKD | 35% | 67,640,000,000 IKD |
| > 70,000 IKD | 40% | 64,122,000,000 IKD |
| > 80,000 IKD | 45% | 56,057,000,000 IKD |
| > 90,000 IKD | 50% | 115,687,000,000 IKD | Total | 638,721,000,000 IKD |
Debate
These messages have been posted to debate on this bill:
| Date | 00:30:14, June 26, 2015 CET | From | Kazwelonke Ukuhlangana Inhlangano | To | Debating the Tax and Banking Reform Act |
| Message | PRESIDENTIAL EXECUTIVE ORDER: 001 - With the passage of this Bill and Act the formerly used currency of the Bead will be dissolved and no longer accepted as legal tender within the Federal Republic Ibutho. The newly created Central Federal Bank will issue the Ibuthoi Drahme as the new currency, to be listed as IBD, internationally or IKD, and be used as the only recognized legal tender of the Government of the Federal Republic of Ibutho with other Internationally Recognized and Traded Currencies. The IBD will be initially pegged against the former IKD (Irkadonian Drahme) and be traded as such, with the exchange rate set at 1.00 IBD = 0.0993 LOD. Only the CFB will have the authority to modify this exchange rate, and will alone have the power to issue and print this currency into circulation. Signed. Thabo Mopoho President of the Federal Republic of Ibutho |
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Voting
| Vote | Seats | |
| yes | Total Seats: 750 | |
| no | Total Seats: 0 | |
| abstain | Total Seats: 0 |
| Random fact: Unless otherwise stated, monarchs and their royal houses will be presumed to be owned by the player who introduced the bill appointing them to their position. |
| Random quote: "The most certain test by which we judge whether a country is really free is the amount of security enjoyed by minorities." - John Dalberg-Acton |