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Bill: NLP Taxation Proposal - January 4083
Details
Submitted by[?]: Regionalist Coalition
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: September 4083
Description[?]:
| The New Liberal Party propose to adjust the government's income tax policy to better address the economic situation of the Federal Republic of Beluzia. Key Points - Abolition of Corporation Tax - Non-Essentials Sales Tax Readjusted - Income Tax Brackets Simplified. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 15
Current: 10
Proposed: 0
Article 2
Proposal[?] to change Sales tax on essential goods such as food and non-luxury clothing.
Old value:: 1
Current: 0
Proposed: 2
Article 3
Proposal[?] to change Sales tax on luxury goods.
Old value:: 35
Current: 10
Proposed: 20
Article 4
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 |
| > 5,000 BEL | 10% | 28,104,000,000 BEL |
| > 10,000 BEL | 20% | 113,091,000,000 BEL |
| > 30,000 BEL | 40% | 37,613,000,000 BEL |
| > 50,000 BEL | 50% | 5,897,000,000 BEL | Total | 184,705,000,000 BEL |
Debate
These messages have been posted to debate on this bill:
| Date | 21:00:21, August 31, 2016 CET | From | Regionalist Coalition | To | Debating the NLP Taxation Proposal - January 4083 |
| Message | Madam Speaker, I commend to the Senate the first budget of the New Liberal Government of Beluzia! I will now outline to the members assembled, the reasoning behind the radical plans we put forward. I will first address the radical change that I suppose most will be shocked by - the complete abolition of Corporation Tax. When inspecting the public finances, which have been spectacularly mismanaged by previous governments, I found that this Tax to be completely useless. When set high enough that it brings in significant revenues to invest in public services, it was so high it stifled business; when set low enough to encourage business and private investment, it brought in negligible revenues. I conclude, therefore, it is a broken tax. The money saved by businesses from this tax cut will either be passed on to consumers, which would increase consumer spending; to the earnings of staff or owners, which will be taxed at higher rates through income taxation; or self-investment, which will grow the economy. It's a win, win, win situation! The increase in sales tax on essentials is a calculated sacrifice. We understand the importance of keeping this tax inextortionate, so have kept it as low as 2%. This will help raise significant amounts to go towards the 10bn investment in Education, which will be implemented in my following budget proposal. Meanwhile, Sales Tax on luxury goods has finally, after many many years, been brought under control. Make no mistake, 20% is still far too high, but this is huge progress. I remember the days when Sales Tax was 40%! It was insanity! This reasonable readjustment will help stimulate consumer spending and get Beluzia buying again. Finally, I have simplified the Income tax brackets to a position which gives us a stable base from which to work. It keeps taxes for those on low wages at a manageable rate, but doesn't shy away from making the super-rich pay their fair share. We believe this keeps the delicate balance between reaping revenues and rewarding work that previous governments maybe haven't quite hit the nail squarely on the head with. In conclusion, Madam Speaker, these proposals will encourage business and reward hard work, while keeping the public finances out of the red. I will take any questions concerning the proposal from Senators now. Sen. John Bills Finance Minister, New Liberal Party |
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Voting
| Vote | Seats | |||
| yes | Total Seats: 423 | |||
| no | Total Seats: 281 | |||
| abstain |
Total Seats: 0 |
| Random fact: Real-life religions should not be referenced in Particracy. Terra has its own religions, many of which mirror real-life ones. See: http://particracy.wikia.com/wiki/Illustrated_Catalogue_of_Religion |
| Random quote: "I got nothing against no Viet Cong. No Vietnamese ever called me a nigger." - Muhammad Ali, 1967, refusing to fight in Vietnam |