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Bill: T1tax proposal For Income tax and corporation tax
Details
Submitted by[?]: Stanton House
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: October 4761
Description[?]:
| The Stanton House propose to adjust the government's income tax policy to better address the economic situation of the Republic of Beluzia (Beluzia). |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 18
Current: 10
Proposed: 25
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 |
| > 15,000 BEL | 3% | 4,866,000,000 BEL |
| > 20,000 BEL | 8% | 8,223,000,000 BEL |
| > 25,000 BEL | 20% | 12,247,000,000 BEL |
| > 30,000 BEL | 27% | 11,152,000,000 BEL |
| > 35,000 BEL | 30% | 6,862,000,000 BEL |
| > 40,000 BEL | 40% | 6,893,000,000 BEL |
| > 45,000 BEL | 45% | 5,767,000,000 BEL |
| > 50,000 BEL | 50% | 5,924,000,000 BEL | Total | 61,934,000,000 BEL |
Debate
These messages have been posted to debate on this bill:
| Date | 18:57:16, May 21, 2020 CET | From | Beluzia Renewal Party (BRP) | To | Debating the T1tax proposal For Income tax and corporation tax |
| Message | Interfering with the current economic situation is not recommended. The BRP has been monitoring GDP. the fluctuations in actual BEL value of the current taxation rates and the resulting fluctuations in surplus budget. For example, over the past two years (during which no rates of taxation or expenditure have changed) the surplus has ranged from a slight deficit of -67 million to a surplus of 148.5 million and back again to its current slight deficit. The BRP is of the opinion that further stability will result in similar trends in the future, which we suggest Parliament and the nation can live with. Unsettling the economy with the proposed changes could have extremely adverse effects. For example, even the 5% increase in taxation at the 50000+ level of earnings will almost certainly result in less spending on luxury goods - purchased more by the earners in this tax bracket than any other. In turn, this of course means LESS tax is being raised in revenue, resulting in further pressure on the economy and possibly far worse deficits than we have witnessed in recent years. Please leave the budget to the government! |
| Date | 20:10:50, May 21, 2020 CET | From | Stanton House | To | Debating the T1tax proposal For Income tax and corporation tax |
| Message | BRP you can not tell my party wehet bill to put up you friend of party of the party so do not tell how to put bill |
| Date | 20:15:47, May 21, 2020 CET | From | Stanton House | To | Debating the T1tax proposal For Income tax and corporation tax |
| Message | BRP you can not tell my party wehet bill to put up younot a friend of party of the party so do not tell how to put bill this one this correct one |
| Date | 23:14:22, May 21, 2020 CET | From | Beluzia Renewal Party (BRP) | To | Debating the T1tax proposal For Income tax and corporation tax |
| Message | "Tell how to put bill this one this correct one" ? If SH is suggesting they were being TOLD what to do, please re-read... "Not recommended" ... "The BRP is of the opinion" ... "we suggest Parliament and the nation can live with" ... "could have extremely adverse effects" ... "For example" are all direct quotes from my statement and I can see no hint of instruction there. Finally, I ended up with an appeal - again certainly not an instruction - to "PLEASE" leave the budget to the government". To me, that still sounds like the request it was at the time of making it. |
| Date | 23:15:04, May 21, 2020 CET | From | Beluzia Renewal Party (BRP) | To | Debating the T1tax proposal For Income tax and corporation tax |
| Message | The important thing is that those that have the power to pass or fail this Bill read and understand and vote accordingly. |
| Date | 00:17:17, May 22, 2020 CET | From | Beluzia Renewal Party (BRP) | To | Debating the T1tax proposal For Income tax and corporation tax |
| Message | An important update on the budget to all those considering their vote on this Bill - should it not be withdrawn. There can be no better illustration of the points made in the BRP's opening salvo - which have already been fully justified.... In the two months since SH raised this proposal, our budget is now in surplus by 47,813,881 BEL. This is a upturn of over 117 million BEL in just two months. The slings and arrows of fortune will continue to cause the economy to fluctuate, but nothing of concern has occurred over the recent past to suggest that any amendments need to be made to our tax or expenditure levels. |
| Date | 00:46:15, May 22, 2020 CET | From | Stanton House | To | Debating the T1tax proposal For Income tax and corporation tax |
| Message | This bill is not going for a vote on this season if will be lest the. Next team before it will go to the vote |
| Date | 09:47:13, May 25, 2020 CET | From | Beluzia Renewal Party (BRP) | To | Debating the T1tax proposal For Income tax and corporation tax |
| Message | The BRP votes no. We are always happy for income tax levels to go in the downwards direction, but the corporation tax increase is also included in this bill, which we are not happy with. As for the income tax itself - the increase in the top bracket (>50000) from 45% to 50% is predicted to raise 5,915,000,000 BEL (according to the figures included in this proposal). Currently that tax band raises 5,323,539,720 BEL. This is a relatively small increase of 591,460,280 BEL being raised - but proper regard needs to be given to the potential knock-on effect to the money raised by the Luxury Goods Tax - currently raising 84,943,394,953 BEL. If this drops due to less spending power for the top earners (and also more uncertainty about the economy due to changes being made) then a vicious circle begins where you have to keep raising taxes or cutting expenditure - the latter usually being hardest to sell to Parliament. The BRP has started a public Tracker document to exsure there is transparency on the effects of this and any subsequent changes made to the economy by this government. |
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Voting
| Vote | Seats | |||
| yes | Total Seats: 288 | |||
| no | Total Seats: 100 | |||
| abstain | Total Seats: 112 |
| Random fact: Periodically, it is a good idea to go through your nation's Treaties and arrange to withdraw from any that are unwanted. |
| Random quote: "Under every stone lurks a politician." Aristophanes (450 BC - 388 BC), Thesmophoriazusae, 410 B.C |