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Bill: Budget proposal (revenue/taxation) of June 5522
Details
Submitted by[?]: Swadeshi Samaj
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: September 5523
Description[?]:
| The Swadeshi Samaj government has introduced several significant changes to the tax system to support economic growth and improve the financial well-being of its citizens. The lowest income tax slab has been increased from 5,000 to 7,000 MCR, providing relief to the poorer segments of the population by enhancing their purchasing power. Additionally, a new income tax slab has been introduced for individuals earning more than 37,000 MCR, who will now be taxed at a rate of 37%. These changes are expected to generate a revenue of 13,237,000,000 MCR. To attract business growth and investments, including potential foreign investments, the corporate tax rate has been reduced to 3.15%, which is projected to generate an annual revenue of 30,000,000,000 MCR. Essential goods will remain tax-free, ensuring affordability for all citizens. However, luxury goods will be taxed at a rate of 4.66%, expected to generate 44,358,252,462 MCR annually. Overall, the total expected revenue from these tax reforms stands at 74,358,252,462 MCR. - Cody Peat, Finance Minister (OOC: for taxation, I have used the spreadsheet tool available in the link section of the website/game.) |
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 |
| > 7,000 MCR | 2% | 1,874,000,000 MCR |
| > 10,000 MCR | 5% | 5,953,000,000 MCR |
| > 20,000 MCR | 15% | 1,817,000,000 MCR |
| > 25,000 MCR | 25% | 2,197,000,000 MCR |
| > 30,000 MCR | 35% | 972,000,000 MCR |
| > 35,000 MCR | 35% | 389,000,000 MCR |
| > 37,000 MCR | 37% | 47,000,000 MCR | Total | 13,249,000,000 MCR |
Debate
These messages have been posted to debate on this bill:
| Date | 17:28:01, July 31, 2024 CET | From | Swadeshi Samaj | To | Debating the Budget proposal (revenue/taxation) of June 5522 |
| Message | The Swadeshi Samaj government has introduced several significant changes to the tax system to support economic growth and improve the financial well-being of its citizens. The lowest income tax slab has been increased from 5,000 to 7,000 MCR, providing relief to the poorer segments of the population by enhancing their purchasing power. Additionally, a new income tax slab has been introduced for individuals earning more than 37,000 MCR, who will now be taxed at a rate of 37%. These changes are expected to generate a revenue of 13,237,000,000 MCR. To attract business growth and investments, including potential foreign investments, the corporate tax rate has been reduced to 3.15%, which is projected to generate an annual revenue of 30,000,000,000 MCR. Essential goods will remain tax-free, ensuring affordability for all citizens. However, luxury goods will be taxed at a rate of 4.66%, expected to generate 44,358,252,462 MCR annually. Overall, the total expected revenue from these tax reforms stands at 74,358,252,462 MCR. - Cody Peat, Finance Minister (OOC: for taxation, I have used the spreadsheet tool available in the link section of the website/game.) |
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Voting
| Vote | Seats | |
| yes |
Total Seats: 366 | |
| no | Total Seats: 0 | |
| abstain |
Total Seats: 104 |
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