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Bill: TAX Reforms, January 4094
Details
Submitted by[?]: Libertarian Union (LU)
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 4094
Description[?]:
| [IN LOD] (Spending Reform: http://classic.particracy.net/viewbill.php?billid=485488) Current Total Revenue - 109,693,332,432 Proposed Total Revenue - 98,672,990,225 Current Expenditure - 109,500,000,000 Proposed Expenditure - 98,500,000,000 Current Revenue Breakdown: Income Tax - 60,887,748,735 Corporation Tax (50%) - 5,722,186,925 Essential Goods Tax (10%) - 9,942,322,332 Luxury Goods Tax (50%) - 33,141,074,440 Proposed Revenue Breakdown [Estimates]: Income Tax - 59,526,000,000 Corporation Tax (38%) - 4,348,862,063 Essential Goods Tax (5%) - 4,971,161,166 Luxury Goods Tax (45%) - 29,826,966,996 SOURCES OF INFORMATION: • ECONOMIC INFORMATION OF LODOMUN: http://classic.particracy.net/budget.php?nationid=19 {With thanks to Bill Pearson, Leading Economic Expert, for his advice and knowledge.} Drafted between 22nd January & 12 February 4093, by: • Finn Süßmann, President (AKU) • Lewis Jackson, Head of Finance (LU) • Lola Yates, Head of Trade & Industry (LU) • André Meunier, Finance Minister (AKU) • Lydia Kohl, Trade & Industry Minister (AKU) • Carlos Everton, Party Leader (LU) • Philippe Berlioz, Trade Union Leader • Helge Schnuppe, Small Business Owner • Rachael Henson, Large Business Owner |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 50
Current: 23
Proposed: 38
Article 2
Proposal[?] to change Sales tax on essential goods such as food and non-luxury clothing.
Old value:: 10
Current: 5
Proposed: 5
Article 3
Proposal[?] to change Sales tax on luxury goods.
Old value:: 50
Current: 25
Proposed: 45
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 |
| > 1,000 LOD | 2% | 1,146,000,000 LOD |
| > 2,000 LOD | 13% | 6,885,000,000 LOD |
| > 3,000 LOD | 24% | 9,991,000,000 LOD |
| > 4,000 LOD | 35% | 9,316,000,000 LOD |
| > 5,000 LOD | 46% | 8,200,000,000 LOD |
| > 6,000 LOD | 57% | 6,478,000,000 LOD |
| > 7,000 LOD | 68% | 6,043,000,000 LOD |
| > 8,000 LOD | 79% | 11,412,000,000 LOD | Total | 59,471,000,000 LOD |
Debate
These messages have been posted to debate on this bill:
| Date | 17:31:35, September 21, 2016 CET | From |  Libertarian Union (LU) | To | Debating the TAX Reforms, January 4094 |
| Message | Mr Speaker, I'd like to open these reforms for debate before putting them on to a vote. First, may I say I and my team has worked long and hard in making sure these reforms will rapidly increase the economic prosperity and growth of Lodamun. Secondly, I'd like to thank all persons who attended the meetings and for their contribution. Thirdly, I'd like to make it clear this is not the LUs economic utopia, but is a step closer to it. Thank you, Lewis Jackson Head of Finance |
| Date | 19:39:39, September 21, 2016 CET | From | Great National Republican Guard | To | Debating the TAX Reforms, January 4094 |
| Message | Mr. Speaker, This is a steep tax hike on the middle class. While we commend it for lowering taxes for the lowest income brackets, it also does the same for the highest income brackets. Citizens earning over 10,400 LOD will pay less tax under the new system, while citizens earning 5000 LOD will pay more tax under the new system. -- Aden Fowler, GNRG Spokesman on Finance |
| Date | 20:32:06, September 21, 2016 CET | From | Libertarian Union (LU) | To | Debating the TAX Reforms, January 4094 |
| Message | Mr Speaker, Although Fowler is clearly talented in his economic expertise, did he also consider the reductions in essential & luxuary goods taxes? Did he also consider between 1,000 and 2,000 a tax of 2% is paid? This means for the first 2,000 LOD earned a small tax of 20 LOD is paid. I do however understand that a slight higher tax has been placed on middle class to reduce taxes for the working class. Lewis Jackson Head of Finance |
| Date | 20:44:38, September 21, 2016 CET | From | Lodamese Republican Party | To | Debating the TAX Reforms, January 4094 |
| Message | Mr. Speaker, Our party does agree on the tax cuts but we do not think we should put such pressure on the middle class. Marlon Delano Caruzo Republican Presidential Candidate |
| Date | 20:49:41, September 21, 2016 CET | From | Lodamese Republican Party | To | Debating the TAX Reforms, January 4094 |
| Message | Mr. Speaker, Excuse our failure, we forgot the statement we prepared about the spending reform. We agree on the cuts on spending as well. In conclusion we will vote in favor of both of the bills. Marlon Delano Caruzo Republican Presidential Candidate |
| Date | 21:17:53, September 21, 2016 CET | From | Great National Republican Guard | To | Debating the TAX Reforms, January 4094 |
| Message | Mr. Speaker, We did say that we noticed that there would be a tax cut for the lowest income groups. It was my very second statement. Let me repeat: "we commend it (the bill) for lowering taxes for the lowest income brackets" - we don't mind having tax burden shifted from the lowest income group to the middle class, but there is also shifting of tax burden from the highest income groups to the middle class as well. It is for this reason that we cannot support this. Our current budget and tax plan have been working quite fine for a long time. -- Aden Fowler, GNRG Spokesman on Finance |
| Date | 21:30:46, September 21, 2016 CET | From | Libertarian Union (LU) | To | Debating the TAX Reforms, January 4094 |
| Message | Mr Speaker, I don't believe any tax over 80% is "working quite fine". Yes, we've lowered income tax for high earners but we believe this will encourage job creation and investment. Lewis Jackson Head of Finance |
| Date | 21:43:02, September 21, 2016 CET | From | Great National Republican Guard | To | Debating the TAX Reforms, January 4094 |
| Message | Mr. Speaker, Will newly created jobs outnumber the jobs lost due to budget cuts? And can Lewis Jackson promise that this tax plan and new budget will not result in a fall in the GDP? -- Aden Fowler, GNRG Spokesman on Finance |
| Date | 22:27:00, September 21, 2016 CET | From | Libertarian Union (LU) | To | Debating the TAX Reforms, January 4094 |
| Message | Yes, the jobs created through decreases in taxes on goods and corporations will outnumber the ones lost to budget cuts. As a member of the team that created this I do believe the new tax system and budget will hugely increase growth. The amount of income for the majority of people will increase resulting in higher spending. But of course, as I and anyone else will know economics are not as simple and predictable as they may look. Lewis Jackson Head of Finance |
| Date | 21:51:14, September 22, 2016 CET | From | Libertarian Union (LU) | To | Debating the TAX Reforms, January 4094 |
| Message | Mr Speaker, With no other input into the debate I wish to put this foward to a vote. Thank you all for your input. Lewis Jackson Head of Finance |
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Voting
| Vote | Seats | |||
| yes | Total Seats: 389 | |||
| no | Total Seats: 210 | |||
| abstain | Total Seats: 0 |
| Random fact: Information about the population of each country can be found on the Population Information thread: http://forum.particracy.net/viewtopic.php?f=5&t=8663 |
| Random quote: "If you're not turned on to politics, politics will turn on you." - Ralph Nader |