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Bill: National Democratic Congressional Government [I] (4013): Budget/Financial Proposals (a)
Details
Submitted by[?]: Gwado-Jeongbu (과도정부)
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: October 4013
Description[?]:
| "The National Democratic Congress would like to set a precedent for the new democratic age, in which a government in office has a responsible during their electoral term to promote their budget proposals - including any proposed rates in income tax, corporation tax and expenditure for government departments. This process should be open to parliament, and the government is encouraged to listen to Opposition arguments and, if necessary and with good reason, amend the Budget accordingly. We in the NDC encourage the right of citizens to develop and control their own businesses, as well as the right of each citizen to participate in the workforce and support Dankuk industries by integrating themselves into the free-market economy. As such, our Budget proposes a significant re-working of the current tax code in Dankuk, After negotiations within the Treasury, we have decided to keep the lowest tax bracket at 10,000 although proposals to lower this further for first-time home-owners and those starting their savings are also under consideration for the next parliamentary term. In the centre of the tax brackets, we have liberalized the middle-class by axing the 25,000DRA bracket in favour for more flexible rates higher up into the earnings' pyramid. Ultimately, our aim is to reduce the need for government to maintain high-tax brackets by transferring sizeable sectors of our economy over to the free-market. As such, the expenditure of government will gradually decrease and taxes will be able to follow. As such, however, we have brought duties on both non-essential and luxury goods up slightly to oversee this transition in the economy - but with the increasing presence of enterprise within our economy, the cost of living is projected to slacken during this parliament. We anticipate that governmental income from taxes alone will decrease by approximately 62,900,800,250, although the rises in duties from goods will cover this slightly. Expenditure from departments will also be lowered, as is evident in the second half of this budget proposal." --- Chegal Dong Gun, Minister of Finance |
Proposals
Article 1
Proposal[?] to change Sales tax on essential goods such as food and non-luxury clothing.
Old value:: 7
Current: 0
Proposed: 8
Article 2
Proposal[?] to change Sales tax on luxury goods.
Old value:: 8
Current: 5
Proposed: 10
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 |
| > 10,000 DRA | 20% | 321,508,000,000 DRA |
| > 40,000 DRA | 35% | 202,336,000,000 DRA |
| > 60,000 DRA | 40% | 126,925,000,000 DRA |
| > 80,000 DRA | 43% | 80,604,000,000 DRA |
| > 100,000 DRA | 44% | 122,329,000,000 DRA | Total | 853,702,000,000 DRA |
Debate
These messages have been posted to debate on this bill:
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| Vote | Seats | ||
| yes |
Total Seats: 480 | ||
| no | Total Seats: 0 | ||
| abstain |
Total Seats: 0 |
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