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Bill: Income Tax Act 4565
Details
Submitted by[?]: National Democratic Revolutionary Front
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: June 4566
Description[?]:
The National Democratic Revolutionary Front propose to adjust the government's income tax policy to better address the economic situation of the Republic of Beluzia. ->older ones have been deleted Tax Brackets 0 > 10,000BEL 0% 10,000 > 13,000BEL 1% 13,000 > 16,000BEL 3% 16,000 > 20,000BEL 5% 20,000 > 26,000BEL 14% 26,000 > 35,000BEL 23% 35,000 > 47,000BEL 30% 47,000 > 53,000BEL 38% 53,000 > 50% _______________________ Pockets up to 10,000BEL(0% tax) -> 0BEL(chargeable) 2,999BEL(1% tax) -> 29.99BEL(chargeable) 2,999BEL(3% tax) -> 89.97BEL(chargeable) 3,999BEL(5% tax) -> 199.95BEL(chargeable) 5,999BEL(14% tax) -> 839.86BEL(chargeable) 8,999BEL(23% tax) -> 2,069.77BEL(chargeable) 11,999BEL(30% tax) -> 3,599.70BEL(chargeable) 5,999BEL(23% tax) -> 2,279.62BEL(chargeable) depends(50% tax) -> depends(chargeable) Please refer back to the table above^ |
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 BEL | 1% | 1,503,000,000 BEL |
> 13,000 BEL | 3% | 3,805,000,000 BEL |
> 16,000 BEL | 5% | 6,169,000,000 BEL |
> 20,000 BEL | 14% | 16,491,000,000 BEL |
> 26,000 BEL | 23% | 20,068,000,000 BEL |
> 35,000 BEL | 30% | 13,669,000,000 BEL |
> 47,000 BEL | 38% | 4,887,000,000 BEL |
> 53,000 BEL | 50% | 3,008,000,000 BEL | Total | 69,600,000,000 BEL |
Debate
These messages have been posted to debate on this bill:
Date | 18:12:23, April 23, 2019 CET | From | National Democratic Revolutionary Front | To | Debating the Income Tax Act 4565 |
Message | I have made a Income statistics for Republic of Beluzia please refer to this link: http://classic.particracy.net/viewbill.php?billid=599147 |
Date | 18:36:35, April 23, 2019 CET | From | National Democratic Revolutionary Front | To | Debating the Income Tax Act 4565 |
Message | Scenario 1: Lowest Income: 9,099BEL 10,000BEL(0% tax) -> 0BEL(chargeable) Since scenario 1 didn't manage to get over 10,000BEL, he/she will not need to pay for income tax ========================================================================== Scenario 2: Mean-Lower Income: 9,439.75(est.) 10,000BEL(0% tax) -> 0BEL(chargeable) Since scenario 2 didn't manage to get over 10,000BEL, he/she will not need to pay for income tax ========================================================================== Scenario 3: Mean-Lower Middle Income: 13,991.75BEL(est.) 0 > 10,000BEL 0% 10,000 > 13,000BEL 1% 13,000 > 16,000BEL 3% First 10,000BEL is not chargeable 0BEL, 13,991.75 - 10,0000= 3,992.75 Then, (pockets to be filled from 10,000 > 13,000) 2,999BEL(1% tax) -> 29.99BEL(chargeable) 3,992.75 - 2,999 = 993.75BEL Since it overflows into the next bracket 993.75BEL will be charged under 3% tax 993.75*0.03 = 29.81BEL(chargeable under 3% tax) Therefore, Scenario 3 has to pay 29.99+29.81= 59.80BEL(per annum) ============================================================== Scenario 4 Mean-Middle Income: 18,543BEL(est.) 0 > 10,000BEL 0% 10,000 > 13,000BEL 1% 13,000 > 16,000BEL 3% 16,000 > 20,000BEL 5% First 10,000BEL is not chargeable 0BEL, 1,8543 - 10,0000= 8,543 Then, (pockets to be filled from 10,000 > 13,000) 2,999BEL(1% tax) -> 29.99BEL(chargeable) 8,543 - 2,999 = 5,544BEL Then, (pockets to be filled from 13,000 > 16,000) 2,999BEL(3% tax) -> 89.97BEL(chargeable) 5,544 - 2,999 = 2,545BEL Since it overflows into the next bracket 2,545BEL will be charged under 5% tax 2,545*0.05 = 127.25BEL(chargeable under 3% tax) Therefore, Scenario 4 has to pay 29.99+89.97+127.25= 247.21BEL(per annum) ============================================================== |
Date | 10:13:08, April 24, 2019 CET | From | Beluzian National Party | To | Debating the Income Tax Act 4565 |
Message | BJL supports this taxation system |
Date | 15:02:06, April 24, 2019 CET | From | Unsubmissive Beluzian Workers Party | To | Debating the Income Tax Act 4565 |
Message | UBWP supports this pro-working class tax and hopes that the high tax on the wealthiest of this nation will make them pay their fair share and be redistributed and used to fund social services and create new programs for unemployed, homeless and malnourished of Beluzia. |
Date | 05:09:39, April 25, 2019 CET | From | National Democratic Revolutionary Front | To | Debating the Income Tax Act 4565 |
Message | FYI: Highest Income: 61,068BEL will be paying 13,157.51BEL according to the tax brackets. High Income: 42,685BEL will be paying 6,685.95BEL Middle Income: 18,543BEL will be paying 247.21BEL Lowest Income: 0BEL We are taxing the upper middle income and high income the most. |
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Voting
Vote | Seats | |||||
yes | Total Seats: 362 | |||||
no | Total Seats: 0 | |||||
abstain |
Total Seats: 238 |
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