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Bill: Income tax proposal of September 4821
Details
Submitted by[?]: Hutori Party
Status[?]: defeated
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: January 4823
Description[?]:
| The Conservative Party of Hutori propose to adjust the government's income tax policy to better address the economic situation of the Federal Republic of Hutori (Hutori). |
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 |
| > 29,999 HLR | 3% | 8,052,000,000 HLR |
| > 39,999 HLR | 13% | 49,624,000,000 HLR |
| > 64,999 HLR | 19% | 21,404,000,000 HLR |
| > 79,999 HLR | 37% | 15,506,000,000 HLR |
| > 89,999 HLR | 48% | 24,254,000,000 HLR | Total | 118,840,000,000 HLR |
Debate
These messages have been posted to debate on this bill:
| Date | 08:07:43, September 26, 2020 CET | From | Hutori Party | To | Debating the Income tax proposal of September 4821 |
| Message | Mr Speaker, After investing in key areas in our budget last term, this time we look to make further tax cuts for all Hutorians. Our surplus stands currently just shy of 15 billion Lira, and with our nation's great fiscal track record we are in a position to put a large chunk of that back into the pockets of Hutorians. Each tax bracket will receive a tax cut in this plan, which will see overall income tax revenue decrease by approximately 10 billion Lira, leaving us with a surplus in the range of 4 billion Lira. However that figure may increase as we have found that sales tax revenue tends to increase with cuts to income tax. I open the floor to debate and questions, and will move for a vote no earlier than January 1st. Hon. Andrew Barlow Senator for Carter City Foothills Minister of Finance |
| Date | 11:23:57, September 26, 2020 CET | From | Progressive Conservative Party | To | Debating the Income tax proposal of September 4821 |
| Message | Mr Speaker, I agree with this, as, like the Honourable Member for Carter City Foothills says, we have enough of a surplus to make these cuts. We also believe in these cuts in principle, as hardworking Hutorians deserve to keep their money. I especially welcome the cut in the top tax band, as the 50% tax was extremely high and also probably discouraged people from taking, for example, a job that payed more than 89,999 Lira, as they would not see half of their hard earned money. Geoffrey Grantham Leader of the Progressive Conservative Party Senator For Isle of Sutton North Centre |
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Voting
| Vote | Seats | |||
| yes |
Total Seats: 159 | |||
| no | Total Seats: 88 | |||
| abstain | Total Seats: 158 |
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