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Bill: Austonean Social Democrat Tax Plan
Details
Submitted by[?]: Austonean Social Democrats
Status[?]: passed
Votes: This bill is a resolution. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: February 4327
Description[?]:
| Proposals to add to the current tax code. Section 1: Alternative Minimum Tax 1.1 All Corporations must pay a minimum of 25% regardless of deductions or exemptions. 1.2 Top earning Individuals who gross 85,000+ must pay a minimum of 15% regardless of deductions or exemptions. Section 2: Deductions 2.1 Individuals who have student loans may file for a deduction based on the interest on their loans 2.2 Teachers may deduct class room expenses 2.3 Increase the standard deduction to 9,000 Sol from the current 5,000 2.4 Individuals and Couples may deduct child care expenses 2.5 Corporations can no longer deduct "meals and entertainment" 2.6 Individuals can deduct personal moving expenses. 2.7 Corporations may deduct moving expenses between states. 2.8 Coroporations can not deduct moving expenses outside of Solentian territory. Section 3: Tax Credits 3.1 All business with 500+ employees can apply for a tax credit if 60% of its work force is within Solentian borders. 3.2 All business with less than 500 employees can apply for a tax credit if 80% of its work force is within Solentian borders 3.3 All business may apply for tax credits if carbon footprint nets negatively. 3.4 All business in real estate may apply for tax credits if the rent of their property is listed below the Solentian average rate (1,030 Sol per month) 3.5 All individuals who purchase and install solar panels for the benefit of their primary residence will recieve a tax credit for 50% of the total solar panel cost 3.6 All individuals who purchases an electric car for non-commercial use will receive a tax credit for 5% of the price of the car. (If fuel efficency policy changes) Section 4: Stock Exchange Tax (Applicable when stock exchange is legal) 4.1 All transactions on the stock exchange will be taxed at 0.55% Section 5: Estate Tax 5.1 a 20% tax on Individuals in the top 10% of income earners will be implemented. Section 6: Loopholes Closures 6.1 Individuals or corporations will pay a hefty fine if money is stashed in off shore tax havens 6.2 Solentian established corporations can not move their head quarters over seas to avoid taxes. 6.3 Repeal of second home mortgage deduction 6.4 Individuals who earn 75% of their income through capital gains will be subjected to a 35% tax rate and will have a reduced income tax rate. |
Proposals
Debate
These messages have been posted to debate on this bill:
| Date | 06:22:40, December 31, 2017 CET | From | Austonean Social Democrats | To | Debating the Austonean Social Democrat Tax Plan |
| Message | Lets have a civil debate wether to repeal an proposal or to add one. |
| Date | 07:41:21, December 31, 2017 CET | From | Solentian Secular Realist Party | To | Debating the Austonean Social Democrat Tax Plan |
| Message | Just some points off the top of my head, I may revisit this in the future: 1.2 In 4323 when our income taxes were adjusted, I seem to recall income tax brackets higher than 100,000 SOL earning zero revenue, meaning nobody was exceeding that income. It may have been 110,000, but I fear this section applies to nobody. 3.6 Electric vehicles have a demonstrably greater carbon footprint during the manufacturing process than gasoline cars do. After manufacture, the cleanliness of electric cars depends greatly upon the type of power plant providing electricity to the grid, and indirectly geography/location. In some areas it would make sense to provide a tax credit for an electric vehicle over gasoline. In some areas it would make more sense to apply a tax penalty for an electric vehicle. Furthermore, as the following is currently written into Solentian law, "Only cars using environmentally friendly fuels are allowed," I would question the purpose of a tax credit as an incentive. 4.1 If there were a stock market, which there is currently not, we believe capital gains tax would be sufficient. There is no need to tax transactions which result in a loss beyond the inevitable fees that would be already in place. We would be in favor of allowing a deduction for losses. If this is intended to be a transaction tax to support wholly the stock market itself and its ability to function, we would expect a transaction tax of 0.25%-0.5% to be more reasonable. 5.1 & 5.2 Perhaps you could clarify this for us. An estate tax is a tax upon the assets of the recently deceased. There are no individuals, there are no couples, only the assets, and the assets of the deceased are typically not engaged in gainful activities to the tune of tens of millions of SOL. Again, if our highest functional tax brackets are 100-110 thousand SOL or so... |
| Date | 07:55:56, December 31, 2017 CET | From | Austonean Social Democrats | To | Debating the Austonean Social Democrat Tax Plan |
| Message | Thank you for the feed back! all the points you made were in my head while I was writing the tax plan. I have mistakingly based it on a more realistic approach. I will make the changes accordingly. |
| Date | 08:24:00, December 31, 2017 CET | From | Solentian Secular Realist Party | To | Debating the Austonean Social Democrat Tax Plan |
| Message | No problem. A couple more things. I know it's kind of nitpicking, but that's how the legislative tax code goes: 3.6 Should read something like, 'All individuals who purchase an electric car for non-commercial use...' or else I'll go around asking to drive everyone's electric cars for a few minutes each and make enough money to retire. 3.5 Should read something like, 'All individuals who purchase and install solar panels for the benefit of their primary residence...' or else you're going to have the solar panel installation crews attempting to collect the rebates. 6.4 Should read, 'Individuals who earn at least 75%...' because hey, it's the tax code and 76% isn't 75%, right? I'll revisit this another day. |
| Date | 10:59:38, December 31, 2017 CET | From | Faschistische Union | To | Debating the Austonean Social Democrat Tax Plan |
| Message | Sick, dangerous and second on our abolishment list. Berger, supreme leader of the FNB |
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Voting
| Vote | Seats | ||||||
| yes |
Total Seats: 445 | ||||||
| no | Total Seats: 0 | ||||||
| abstain | Total Seats: 305 |
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