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Bill: Income Tax Proposal (4763)
Details
Submitted by[?]: Liberal Democrats
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: March 4764
Description[?]:
| The Liberal Democrats propose to adjust the government's income tax policy to better address the economic situation of the Federal Republic of Likatonia. |
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 |
| > 1,000 LIK | 8% | 9,205,000,000 LIK |
| > 3,000 LIK | 13% | 14,959,000,000 LIK |
| > 5,000 LIK | 17% | 43,949,000,000 LIK |
| > 10,000 LIK | 25% | 42,806,000,000 LIK |
| > 15,000 LIK | 29% | 27,055,000,000 LIK |
| > 20,000 LIK | 33% | 18,779,000,000 LIK |
| > 25,000 LIK | 38% | 15,436,000,000 LIK |
| > 30,000 LIK | 42% | 9,823,000,000 LIK |
| > 35,000 LIK | 46% | 5,863,000,000 LIK |
| > 40,000 LIK | 50% | 1,496,000,000 LIK | Total | 189,371,000,000 LIK |
Debate
These messages have been posted to debate on this bill:
| Date | 21:06:54, May 29, 2020 CET | From | Liberal Democrats | To | Debating the Income Tax Proposal (4763) |
| Message | We propose raising the 8% tax bracket up to 3000 LIK of taxable income. This will reduce our budget surplus from 2.3B LIK to 0.9B LIK with the goal of stimulating consumption, investment and more broadly GDP growth. This will also help offset the increased tax burden elsewhere. |
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Voting
| Vote | Seats | ||||||
| yes |
Total Seats: 70 | ||||||
| no | Total Seats: 0 | ||||||
| abstain | Total Seats: 30 |
| Random fact: Cabinet ministers who disagree seriously with the head of government would usually be expected to resign. Parties within the cabinet may attempt to manoeuvre to replace the head of government though, for example by proposing a new cabinet bill or voting for an early election. |
| Random quote: "I have no faith in political arithmetic." - Adam Smith |