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Bill: Income Tax & Salaries Reclassification Amendment Act 4234
Details
Submitted by[?]: Unity Labour 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 pass as soon as the required yes votes are in, or will be defeated if unsufficient votes are reached on the deadline.
Voting deadline: February 4235
Description[?]:
| The Unity Labour Party propose to adjust the government's income tax policy to better address the economic situation of the Free State of Malivia. As Minister of Finance, I am directed by the laws of Malivia under Minister of Finance Amendment Act Section 3- The Minister of Finance shall upon his appointment, propose a budget no longer than 6 months upon tenure of his office. Subsection A- The Minister of Finance must propose a budget for every fiscal year. Fiscal year meaning, every year starting in January and ending December. This tax proposal sees an increase in government revenue through income tax by 7 billion MCR dollars as there is a reclassification of salaries and expansion of the tax base. |
Proposals
Article 1
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 |
| > 500 MCR | 1% | 29,000,000 MCR |
| > 550 MCR | 2% | 513,000,000 MCR |
| > 1,000 MCR | 2% | 570,000,000 MCR |
| > 1,500 MCR | 3% | 855,000,000 MCR |
| > 2,000 MCR | 4% | 1,141,000,000 MCR |
| > 2,500 MCR | 5% | 1,426,000,000 MCR |
| > 3,000 MCR | 6% | 684,000,000 MCR |
| > 3,200 MCR | 6% | 1,027,000,000 MCR |
| > 3,500 MCR | 7% | 399,000,000 MCR |
| > 3,600 MCR | 7% | 798,000,000 MCR |
| > 3,800 MCR | 7% | 798,000,000 MCR |
| > 4,000 MCR | 8% | 2,281,000,000 MCR |
| > 4,500 MCR | 8% | 456,000,000 MCR |
| > 4,600 MCR | 10% | 2,253,000,000 MCR |
| > 5,000 MCR | 17% | 470,000,000 MCR |
| > 5,050 MCR | 25% | 6,096,000,000 MCR |
| > 5,500 MCR | 25% | 1,310,000,000 MCR |
| > 5,600 MCR | 26% | 2,698,000,000 MCR |
| > 5,800 MCR | 26% | 2,599,000,000 MCR |
| > 6,000 MCR | 28% | 23,088,000,000 MCR |
| > 8,000 MCR | 28% | 15,948,000,000 MCR |
| > 10,000 MCR | 35% | 7,757,000,000 MCR |
| > 11,000 MCR | 35% | 6,477,000,000 MCR |
| > 12,000 MCR | 35% | 11,138,000,000 MCR |
| > 14,000 MCR | 36% | 4,401,000,000 MCR |
| > 15,000 MCR | 36% | 12,295,000,000 MCR |
| > 20,000 MCR | 36% | 4,357,000,000 MCR |
| > 25,000 MCR | 40% | 3,509,000,000 MCR |
| > 30,000 MCR | 40% | 1,106,000,000 MCR |
| > 35,000 MCR | 45% | 249,000,000 MCR |
| > 36,000 MCR | 45% | 249,000,000 MCR |
| > 37,000 MCR | 45% | 57,000,000 MCR | Total | 117,034,000,000 MCR |
Debate
These messages have been posted to debate on this bill:
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| Vote | Seats | |||
| yes |
Total Seats: 257 | |||
| no | Total Seats: 0 | |||
| abstain |
Total Seats: 118 |
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