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Bill: Bill P-1: Taxation Reform Act
Details
Submitted by[?]: Hutori Party
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: February 4834
Description[?]:
| Article 1) 1.1 The corporate tax rate in Hutori shall be increased to twenty (20) percent. Article 2) 2.1 The Profit Sharing Tax Credit shall be created. 2.1.1 Corporations that choose to share profits with employees will receive a tax rebate of a percent of the profits shared, on a sliding scale determined by how much of the annual profit is shared by the corporation. Article 3) 3.1 The income tax rate on income between 30,000 and 39,999 Lira is to be decreased from four (4) percent to two (2) percent. 3.2 The income tax rate on income between 40,000 and 64,999 Lira is to be decreased from fourteen (14) percent to twelve (12) percent. |
Proposals
Article 1
Proposal[?] to change Tax percentage of the profit made by corporations.
Old value:: 15
Current: 9
Proposed: 20
Article 2
Proposal[?] to change Policy on profit sharing
Old value:: The law does not mandate or encourage profit sharing programs.
Current: Companies are required to distribute a minority fraction of its profits to employees.
Proposed: A fiscally beneficial system encourages companies to share profits with employees.
Article 3
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 | 2% | 5,379,000,000 HLR |
| > 39,999 HLR | 12% | 45,904,000,000 HLR |
| > 64,999 HLR | 20% | 22,570,000,000 HLR |
| > 79,999 HLR | 40% | 16,786,000,000 HLR |
| > 89,999 HLR | 50% | 25,292,000,000 HLR | Total | 115,931,000,000 HLR |
Debate
These messages have been posted to debate on this bill:
| Date | 00:41:38, October 19, 2020 CET | From |  Worker's League of Hutori | To | Debating the Bill P-1: Taxation Reform Act |
| Message | Mr. Speaker, The Worker's League of Hutori supports this bill. Though we have our disagreements with HPP about the implementation of the profit sharing, we still see their version of the system and the bill as a whole as a step forwards for Hutori and its people. Nathan DeLaurier |
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Voting
| Vote | Seats | ||||
| yes |
Total Seats: 298 | ||||
| no | Total Seats: 107 | ||||
| abstain | Total Seats: 0 |
| Random fact: Particracy has been running since 2005. Dorvik was Particracy's first nation, the Dorvik Social Democrats the first party and the International Greens the first Party Organisation. |
| Random quote: "We are told that this is an odious and unpopular tax. I never knew a tax that was not odious and unpopular with the people who paid it." - John Sherman |