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Bill: Income tax proposal of May 4291
Details
Submitted by[?]: Partia e Reformës (PR/KM/RP)
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 4292
Description[?]:
| The Partia Libertariane e Qendrës (PLQ/EKK) propose to adjust the government's income tax policy to better address the economic situation of the Αυτοκρατορική Πολιτεία της Καλοπίας (Imperial State of Kalopia). Quite simply put, our current tax system is a mess, and needs to sorted out. Currently the endless brackets of tax leave our poor citizens confused, and unsure of what to do when they come to fill out their annual tax return. This new, improved tax plan will help everyone in our society. We are expanding the Income Free Zone from 7000 WAN to 10,000 WAN. Our plan means that all income under 10000 WAN is completely tax free. This helps benefit people of all classes. Whilst on the one hand the poorer people do not have to pay tax at all, other people have a larger chance of falling into a significantly lower tax bracket, and keeping a lot more money than they do in the current system. Let's take this example. Under the old regime, you earn 154,000 WAN of income before tax. Deduct the 7,000 tax free income to give you 147,000 WAN. The tax rate for bracket was 42% - so the individual has to pay 42% of his tax deductible 147,000 WAN. Therefore he pays 61,740 WAN in tax, leaving him with just 92,260 WAN after tax. Under our plan, if you earned 154,000 WAN, after you reduce 10,000 WAN you have 144,000 WAN, which falls into the 15% bracket. The individual therefore pays just 21,600 WAN in tax, leaving him with a lot more healthy 132,400 WAN. Now, I don't know about you, but I know which tax plan I would prefer. Now undoubtedly you are saying to yourself. But what about government spending. The PLQ is planning to introduce a new bill shortly, addressing cuts. If we were to retain the same spending spree as well, we would have a 130 billion WAN deficit. Currently the largest part of our budget is on science - not education, or healthcare, or business. Whilst science is incredibly valuable, it is not worth the staggering 120 billion WAN that the government currently splurges out. It is clear that a reshuffle of our budget will help see us become more fiscally aware. |
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 |
| > 10,000 WAN | 5% | 70,276,000,000 WAN |
| > 35,000 WAN | 10% | 129,727,000,000 WAN |
| > 70,000 WAN | 15% | 138,217,000,000 WAN |
| > 150,000 WAN | 30% | 33,893,000,000 WAN | Total | 372,113,000,000 WAN |
Debate
These messages have been posted to debate on this bill:
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| Vote | Seats | |||
| yes |
Total Seats: 750 | |||
| no | Total Seats: 0 | |||
| abstain | Total Seats: 0 |
| Random fact: If there are no parties in your nation with seats, feel free to visit the forum and request an early election on the Early Election Requests thread: http://forum.particracy.net/viewtopic.php?f=11&t=4362 |
| Random quote: "Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone." - John Maynard Keynes |