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Bill: Salaries & Income Tax Reclassification 4278
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: July 4279
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 a decrease in government revenue through income tax by 40 billion MCR dollars as there is a reclassification of salaries which excludes everyone making less than 850 MCR dollars as removed from the tax base with those making between 9000-30,000 paying over 50% their wage deducted to the state. it also shows that taxes for those making $4500 and less saw tax reduction by 2-over 10% so as to increase consumer purchasing power. My government will seek other tax reforms to ensure that Malivia does not run a deficit account over 3 billion and is seeking to ensure a surplus account can be achieved through increase in VAT and also Corporate Tax This decision was made after a cabinet meeting on Tax reform and I would wish the minutes of the meeting be part of the Hansard of parliament. http://classic.particracy.net/viewbill.php?billid=538570 |
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 |
> 850 MCR | 5% | 143,000,000 MCR |
> 900 MCR | 7% | 260,000,000 MCR |
> 965 MCR | 8% | 1,530,000,000 MCR |
> 1,300 MCR | 9% | 1,541,000,000 MCR |
> 1,600 MCR | 9% | 1,901,000,000 MCR |
> 1,970 MCR | 10% | 171,000,000 MCR |
> 2,000 MCR | 11% | 1,884,000,000 MCR |
> 2,300 MCR | 11% | 1,256,000,000 MCR |
> 2,500 MCR | 11% | 1,884,000,000 MCR |
> 2,800 MCR | 12% | 1,370,000,000 MCR |
> 3,000 MCR | 15% | 4,281,000,000 MCR |
> 3,500 MCR | 15% | 1,712,000,000 MCR |
> 3,700 MCR | 21% | 3,596,000,000 MCR |
> 4,000 MCR | 25% | 3,896,000,000 MCR |
> 4,273 MCR | 27% | 3,498,000,000 MCR |
> 4,500 MCR | 29% | 1,904,000,000 MCR |
> 4,615 MCR | 30% | 6,507,000,000 MCR |
> 5,000 MCR | 33% | 6,423,000,000 MCR |
> 5,355 MCR | 35% | 3,990,000,000 MCR |
> 5,570 MCR | 37% | 2,498,000,000 MCR |
> 5,700 MCR | 39% | 4,582,000,000 MCR |
> 5,930 MCR | 42% | 3,500,000,000 MCR |
> 6,100 MCR | 42% | 4,686,000,000 MCR |
> 6,333 MCR | 43% | 3,587,000,000 MCR |
> 6,511 MCR | 45% | 9,679,000,000 MCR |
> 7,000 MCR | 47% | 5,587,000,000 MCR |
> 7,300 MCR | 47% | 8,073,000,000 MCR |
> 7,777 MCR | 48% | 2,025,000,000 MCR |
> 7,900 MCR | 48% | 3,183,000,000 MCR |
> 8,100 MCR | 49% | 9,236,000,000 MCR |
> 8,700 MCR | 50% | 4,473,000,000 MCR |
> 9,000 MCR | 51% | 5,949,000,000 MCR |
> 9,430 MCR | 51% | 7,300,000,000 MCR |
> 10,000 MCR | 52% | 7,101,000,000 MCR |
> 10,600 MCR | 53% | 4,528,000,000 MCR |
> 11,000 MCR | 54% | 18,794,000,000 MCR |
> 13,000 MCR | 55% | 15,319,000,000 MCR |
> 15,000 MCR | 55% | 18,813,000,000 MCR |
> 20,000 MCR | 55% | 11,497,000,000 MCR |
> 30,000 MCR | 56% | 2,243,000,000 MCR | Total | 200,400,000,000 MCR |
Debate
These messages have been posted to debate on this bill:
Date | 11:19:57, September 27, 2017 CET | From | Fatherland Front | To | Debating the Salaries & Income Tax Reclassification 4278 |
Message | OOC This will put us 40 billion in the hole. |
Date | 11:19:57, September 27, 2017 CET | From | Fatherland Front | To | Debating the Salaries & Income Tax Reclassification 4278 |
Message | OOC This will put us 40 billion in the hole. |
Date | 21:26:17, September 27, 2017 CET | From | Unity Labour Party | To | Debating the Salaries & Income Tax Reclassification 4278 |
Message | That's why we'll get essential taxes and corporate taxes will make up for it |
Date | 21:59:33, September 27, 2017 CET | From | Unity Labour Party | To | Debating the Salaries & Income Tax Reclassification 4278 |
Message | This tax proposal sees a decrease in government revenue through income tax by 40 billion MCR dollars as there is a reclassification of salaries which excludes everyone making less than 850 MCR dollars as removed from the tax base with those making between 9000-30,000 paying over 50% their wage deducted to the state. it also shows that taxes for those making $4500 and less saw tax reduction by 2-over 10% so as to increase consumer purchasing power. My government will seek other tax reforms to ensure that Malivia does not run a deficit account over 3 billion and is seeking to ensure a surplus account can be achieved through increase in VAT and also Corporate Tax |
Date | 22:00:06, September 27, 2017 CET | From | Unity Labour Party | To | Debating the Salaries & Income Tax Reclassification 4278 |
Message | This tax proposal sees a decrease in government revenue through income tax by 40 billion MCR dollars as there is a reclassification of salaries which excludes everyone making less than 850 MCR dollars as removed from the tax base with those making between 9000-30,000 paying over 50% their wage deducted to the state. it also shows that taxes for those making $4500 and less saw tax reduction by 2-over 10% so as to increase consumer purchasing power. My government will seek other tax reforms to ensure that Malivia does not run a deficit account over 3 billion and is seeking to ensure a surplus account can be achieved through increase in VAT and also Corporate Tax |
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Voting
Vote | Seats | ||||||
yes | Total Seats: 145 | ||||||
no | Total Seats: 0 | ||||||
abstain |
Total Seats: 116 |
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