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Bill: Taxation Rebalancing Act 5482
Details
Submitted by[?]: Democratic People’s Reformist 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: September 5482
Description[?]:
| An Act to restate, with minor changes, certain enactments relating to taxation; and for connected purposes. [20th January 5482] 1. Rates of Sales Tax The rate of sales tax applied to essential and non-luxury goods will be set at 10%. 3. Rates of Income Tax (1) The threshold for the basic rate of income tax will be set at 2750 RUT. (2) At the basic rate income will be charged 20%. (3) The intermediate rate of income tax will be abolished. 3. Other Rates of Taxation Where otherwise unmentioned, the rates of taxation established in the Taxation Reform Act 5480 apply. 4. Short Name This Act may be cited as the Taxation Rebalancing Act 5480. |
Proposals
Article 1
Proposal[?] to change Sales tax on essential goods such as food and non-luxury clothing.
Old value:: 15
Current: 10
Proposed: 10
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 |
| > 2,750 RUT | 20% | 17,828,000,000 RUT |
| > 5,000 RUT | 40% | 26,636,000,000 RUT |
| > 10,000 RUT | 45% | 7,887,000,000 RUT | Total | 52,351,000,000 RUT |
Debate
These messages have been posted to debate on this bill:
| Date | 18:19:11, May 11, 2024 CET | From |  Democratic People’s Reformist Party | To | Debating the Taxation Rebalancing Act 5482 |
| Message | Mr Speaker, the previous round of tax cuts enacted by this government have left the Treasury with a 14 billion RUT surplus, which we propose, through targeted tax cuts, to return to people’s pockets. The threshold for the basic rate of income tax will be increased from 2500 RUT to 2750 RUT, a tax cut of up to 50 RUT per person. Simultaneously, the abolition of the intermediate rate of income tax will return up to 150 RUT to each taxpayer. These two measures will give up to 200 RUT back to people for spending and boosting the economy, as well as primarily helping the middle and lower classes. The 5 percentage point decrease in the sales tax on essential goods will serve to decrease the cost of living for our most vulnerable, serving to lower people’s bills and increase their spending power. We ask the opposition to join us in supporting these measures, and decrease the burden on society’s most vulnerable. Thank you, Mr Speaker. |
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Voting
| Vote | Seats | |
| yes | Total Seats: 448 | |
| no |
Total Seats: 202 | |
| abstain | Total Seats: 0 |
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