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Bill: Taxation & Budget Proposal of 5246 (1/2)


Submitted by[?]: National Liberal Party (LH-NLP)

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 5247


Mr. Speaker,

It is my honour to present to you this governments new taxation & budget for the upcoming year and hopefully for the next years of our term. This bill is ambitious, controversial and daring. We cut the fat of the government in various places, trim away what we simply can no longer afford to fund. This means that the government must do less on various fronts in order to balance the books.

Let no one in this Honourable House forget, we are in a financial crisis. Due to instability and irresponsible governance thanks to said instability we have raked up a debt of over 130% of GDP. Our interest rates are rising and with the current deficit we will go bankrupt in a few years. No longer! This government will bring strong and stable finances, balance the books and pay back a large part of our debt.

Some of these measures must be seen as temporary. We must go back to at least debt-to-GDP ratio of 100% instead of 130%. With the proposed measures this will take about 10 years.

Now I shall go into detail about this proposal:

- The income taxes are lowered to a flat tax rate, no one will pay taxes over their income below 5.100,- LPD. Our revenue from the income taxes decreases with ~5 billion LPD;
- Corporation taxes will go down by 1%, giving companies the space to expand, grow and lessening their tax burden. This will cut government revenue by ~240 million LPD;
- VAT-taxes for essential goods is increased from 3% to 9%. This is a tough decision but necessary to fund the budget and our debt. This will increase our government revenue with ~11 billion LPD;
- Luxury Goods VAT is increased from 10% to 21%. This again is a tough decision but it is needed to pay for the government expenses. This will increase our government revenue with ~13 billion LPD.

In total our revenue will increase from 98 billion LPD to 118 billion LPD. With the proposed budget added to this we will go from a 3,90% deficit of around ~19 billion LPD to a 4,41% surplus of ~20 billion LPD.

Adam Horseiron
Chancellor of the Exchequer

((OOC: Treat both bills as one bill please))



These messages have been posted to debate on this bill:

Date15:06:48, January 26, 2023 CET
FromLiberal Socialist Party
ToDebating the Taxation & Budget Proposal of 5246 (1/2)
MessageMr. Speaker,

Dear colleagues,

This austerity plan is extremely brutal and unfair because it benefits only the richest, as we see with the new flat income tax. We don't believe even the tenth of the voters of the right-wing parties would support such a terrible plan, it is therefore illegitimate.
The Luthorian Labour does not believe we should be reducing the budget deficit by increasing taxes on the poors or the middle class. In fact, it is the contrary. It is the well-off, and the billionaires who should be targeted by these tax increases. Millions of people are going to be left in poverty for the years to come because of YOUR policies.

You realy have to reconsider your decision, Mister Horseiron.

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Random fact: In order for a Cabinet bill to pass, more than half of the legislature must vote for it and all of the parties included in the proposed Cabinet must support it. If your nation has a Head of State who is also the Head of Government, then the party controlling this character must also vote for the bill, since the Head of Government is also a member of the Cabinet. If any of these requirements are not met, the bill will not pass.

Random quote: "We’ve got to stand with our North Korean allies." - Sarah Palin

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