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Bill: Income tax proposal of April 4415
Details
Submitted by[?]: Trade Union and Socialist Coalition
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: December 4415
Description[?]:
| The Trade Union and Socialist Coalition propose to adjust the government's income tax policy to better address the economic situation of the Holy Luthori Empire. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 5
Current: 20
Proposed: 12
Article 2
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 LPD | 23% | 9,739,000,000 LPD |
| > 1,250 LPD | 32% | 13,550,000,000 LPD |
| > 2,000 LPD | 41% | 45,921,000,000 LPD |
| > 4,000 LPD | 50% | 24,355,000,000 LPD |
| > 5,000 LPD | 55% | 23,722,000,000 LPD |
| > 6,000 LPD | 64% | 43,247,000,000 LPD |
| > 8,000 LPD | 75% | 26,022,000,000 LPD |
| > 9,500 LPD | 79% | 22,588,000,000 LPD |
| > 11,000 LPD | 84% | 27,524,000,000 LPD |
| > 13,500 LPD | 88% | 36,426,000,000 LPD | Total | 273,094,000,000 LPD |
Debate
These messages have been posted to debate on this bill:
| Date | 23:09:52, June 27, 2018 CET | From | Trade Union and Socialist Coalition | To | Debating the Income tax proposal of April 4415 |
| Message | Mr Speaker, I beg to move that the Diet approve the budget. The first part of my budget, that deals with taxation, is contained on the order paper section 1. We will reduce the rate of tax on all income between 500 LDP and 1250 LPD from 25% to 23%. This cut will be hugely beneficial to the poorest in society, and good for the economy, as it gives those with the highest marginal propensity to consume more money in their pocket, which they will spend buying the goods and services that make our economy click. The rate between 1250 LPD and 2000 LPD Will be 32%. This represents a slight increase for the second threshold rate, but is cancelled out by the fact that the income at which it begins to be paid has been increased. Income between 2000 LPD and 4000 LPD will be taxed at 41%, income from 4000 LPD to 5000 LPD will be taxed at 50%. Income from 6000 LPD to 8000 LPD will be taxed at 64%, and that from 8000 to 9500 will be taxed at 75%. Income from 9500 LPD to 11000 LPD will be taxed at 79%, and income from 11000 LPD to 13500 LPD will be taxed at 84%. Any income above this will be taxed at 88%. We understand that this means that the wealthy will need to pay a greater contribution, a huge sacrifice, but we stood on a programme to protect our welfare state, and you don't get these things for free, as a society we have to pay for our welfare state. We are committed to doing what we promised our voters, and that we will do. In addition we will also be taxing corporations at 12%, up from 5%. This will provide further income to pay for our welfare state Aaron West - Finance Minister of Luthori |
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Voting
| Vote | Seats | ||||
| yes |
Total Seats: 238 | ||||
| no |
Total Seats: 207 | ||||
| abstain | Total Seats: 0 |
| Random fact: Head to the "Language assistance" thread to receive and offer help with translations: http://forum.particracy.net/viewtopic.php?f=5&t=6368 |
| Random quote: "The theory of Communism may be summed up in the single sentence: abolition of private property." - Karl Marx |