The White House - Polnut Administration

[Southern Senator North Carolina Yankee]

Mr. President,

The Amendment to the Forum Afairs Reform Act has passed the Senate is and awaiting your signature or veto.

Sen. NC Yankee,
President Pro-Tempore

[Fmr President & Senator Polnut]

The Tax Reform Plan details will be released on Wednesday morning - the details have required some additional modelling before final details were made public.

[Fmr President & Senator Polnut]

PRESS RELEASE

President Polnut will be visiting Oklahoma and Texas tomorrow to see first-hand the impacts of the severe drought that has hit those two states hardest.

The President will stop in:
- Oklahoma City, OK;
- Woodward, OK;
- Amarillo, TX;
- Plainview, TX; and
- Lubbock, TX.

[Fmr President & Senator Polnut]

ps... forgive formatting.

PRESS RELEASE

The President's Tax Policy

Please note that further economic modeling has meant some change

Corporate Taxation
At a time when unemployment is a huge weight on our ability to rejuvenate our economy, we need to make sure that business, and especially small businesses are able to direct more funds towards bringing on more people and ending the cycle of low business confidence.

The current system

Corporate Taxes:
Percentage of:   Taxable Income
15%             $0 - $50,000
25%            $50,000 - $75,000
34%            $75,000 - $100,000
39%                   $100,000 - $335,000
34%              $335,000 - $10,000,000
35%            $10,000,000 - $15,000,000
38%            $15,000,000 - $18,333,333
35%            $18,333,333+

The new proposal

Corporate Taxes:        Percentage of:   Taxable Income 12%                  $0 - $50,000 23%                  $50,000 - $75,000 30%                  $75,000 - $100,000 31%                  $100,000 - $335,000 33%                  $335,000 - $10,000,000 34%                  $10,000,000 - $15,000,000 35%            $15,000,000 +

There is understanding that many will not be pleased by any reduction in corporate taxation, but I ask that two considerations are undertaken.  The first is that we need jobs to be created in the private sector, we can only do so much from Government. The second is that these cuts will not be instituted until the Senate has passed a Bill closing corporate tax loopholes – so the practical Budgetary impacts will be minimal in relation to physical government revenue.

Personal income tax

Percentage of:     Single Individual 0%                    $0 - $8,025 14%                   $8,026 - $32,550 25%            $32,551 - $78,850 28%                   $78,851 - $164,550 35%                   $164,551 - $367,700 41%             $367,701 - $1,000,000 50%                   $1,000,001 - $2,500,000 60%             $2,500,001+

Proposed changes

Percentage of:   Single Individual
0%           $0 - $9,500
13%     $9,501 - $35,000
24%           $35,001 - $80,000
28%    $80,001 - $170,000
35%    $170,001 - $367,700
41%      $367,701 - $1,000,000
50%*   $1,000,001 - $2,500,000
60%*   $2,500,001+

*I am anticipating reducing those top two brackets to 49% and 58% respectively, but not until the economic situation has stablilised.

These rates and brackets will be carried across to apply equally to couples who file their taxes jointly - however, they do not apply to those couples who file separately.

I have decided to not raise taxation on those two upper-levels. Further modeling has determined that this would have a negligible impact on the Budget.

The short-term impacts of these changes may mean that the deficit may be increased ever-so-slightly, but the medium-long-term impacts are to provide incentives for business to get hiring again- and that can only have a positive effect on our economy and the country’s prosperity going forward.

[Junkie]

I have a question.  This may seem stupid to many people, but tax law is one area you put everything I know on the back of a postage stamp.  So here goes, does the current tax rate and the one you are proposing go for total income or last dollar earned as it does in the US.

For example, would it be 60% of 2.5 mil or would it be 60% on the last dollar earned between 1 mil and 1 dollar and 2.5 mil. 

Just wondering.

[Marokai Backbeat]

I have a question.  This may seem stupid to many people, but tax law is one area you put everything I know on the back of a postage stamp.  So here goes, does the current tax rate and the one you are proposing go for total income or last dollar earned as it does in the US.

For example, would it be 60% of 2.5 mil or would it be 60% on the last dollar earned between 1 mil and 1 dollar and 2.5 mil. 

Just wondering.

They're marginal rates, so it would be 60% for income between 1 and 2.5 million, yes.

[Username MechaRFK]

I surprise vist by future politican RFK. The next Robert F Kennedy.

[Junkie]

I have a question.  This may seem stupid to many people, but tax law is one area you put everything I know on the back of a postage stamp.  So here goes, does the current tax rate and the one you are proposing go for total income or last dollar earned as it does in the US.

For example, would it be 60% of 2.5 mil or would it be 60% on the last dollar earned between 1 mil and 1 dollar and 2.5 mil.  

Just wondering.

They're marginal rates, so it would be 60% for income between 1 and 2.5 million, yes.

Thanks.  When it comes to taxes, I really need it spelled out.  Feel a little stupid that it was that easy.

[Teddy (IDS Legislator)]

Percentage of:   Single Individual
0%           $0 - $9,500
13%     $9,501 - $35,000
24%           $35,001 - $80,000
28%    $80,001 - $170,000
35%    $170,001 - $367,700
41%      $367,701 - $1,000,000
49%*   $1,000,001 - $2,500,000
58%*   $2,500,001+

Mr President. According to my calculations, each bracket would result in the following.
The 13% bracket is $3,314.87
This means that for your income between $9,501 and $35,000, you'd pay that in taxes.
The 24% bracket is $10,799.76. Combined total being $14,114.63
The 28% bracket is $25,199.72. Combined total being $39,314.35
The 35% bracket is $69,194.65. Combined total being $108,509.00
The 41% bracket is $259,242.59. Combined total being $367,751.59

At 49%, the next bracket would be $734,999.51
At 50% it would be $749,999.50
A surtax on the taxes above $380,000.00 rate of 3.5% would bring the total to $748,047.39
A similar surtax on a 58% rate on incomes up to $10,000,000 would have the following numbers. 60%=$4,499,999.40 --- 58%=$4,439,999.42 --- W/Surtax $4,502,249.40

In addition, a deficit-surtax would be easier to remove, and could be added to the original legislation. I'm curious if you'd support such a move.

[🐒Gods of Prosperity🔱🐲💸]

you want to wait to lower top marginal rates until after the economic situation is stabilized? I don't follow the reasoning there. Also do you have any specific corporate 'loopholes' in mind you want to deal with?
I must admit I was hoping for more a much more sweeping reform proposal, substantially lowering rates and ending tax expenditures and all that.

[Fmr President & Senator Polnut]

I don't believe in trickle-down economics ?

The economy is in too delicate a state to deal with broad tax reforms - especially if you're talking about broad-scale cuts. This is targeted and strategic cutting, both where I think it's needed and where the Budgetary impacts will be minimal.

[🐒Gods of Prosperity🔱🐲💸]

so you don't see any economic advantage from reducing taxes on the rich, you just wanna do it at some point cause your a nice guy?

 I wish you could direct me to what economic theory your using to say that a few miniscule tax cuts are going to be good for the economy, while much lower rates  be catastrophic, since it's not anything I'm familiar with. And if you think that ending deductions are bad, what do you call 'closing loopholes'?

[Fmr President & Senator Polnut]

This to me, is a first phase.

If you noticed in the response to the Sentiel article

My key immediate economic concerns are

1. Increase business confidence
2. Lower unemployment
3. Maintain reduction in the deficit
4. Lower the debt

Now, I make no apologies for focusing my cuts at small businesses - who are getting some significant cuts, and the personal income tax cuts at lower-middle incomes.

I've made no secret that I believe the top two tax brackets are too high, and I have also made clear that it is my intention to drop them, but I don't have time for economic theory, let alone one that has scant evidence of its effectiveness, I want what will work in practice. You should be thrilled considering that I had people trying to get me to lift upper-bracket tax rates.

We need to increase employment now, especially in small businesses, I'm making cuts to small business corporate tax rates - and personal income tax cuts for that workforce.

I said this before, and I'll say it again - our economy is not stable enough for the kind of sweeping cuts many on the right want.

I may as well make this point now, there will be a second-phase of tax reforms - what I am proposing now is about addressing our short-term needs.

But let's be frank, I expected that some of the left would be angry that I was cutting any taxes and I expected the right to be annoyed that they were deep or broad enough for them.

But, as President, I cannot dictate this - this will be up to the Senate, and I'm prepared to work with the Senate on this.

[Fmr President & Senator Polnut]

PRESS NOTE

The President will be have limited availability this weekend - any pressing matters should be directed to the Vice President.

[Teddy (IDS Legislator)]

I guess that means you don't like my surtax proposal?

[Fmr President & Senator Polnut]

I guess that means you don't like my surtax proposal?

PM me and we can go through it.

[Southern Senator North Carolina Yankee]

Have you made arrangements for a Senator to introduce this tax reform preposal, yet?

[Fuzzybigfoot]

On behalf of my trouble making constituents in the Midwest region, I would like to picket your office for no good reason whatsoever. 


Oh, and I would very much like it if you supported my green energy bill.  Pleaaase? 

[Fmr President & Senator Polnut]

a) get out of my office...

b) as I said before, I think the Green Jobs Bill is a good one... but the detail isn't very good.

I think it should be about phases - you can't just say - here's $x and say that you'll start building renewable plants from next year and have them done by 2018...

It's about financial and existing workforce planning as much as creating jobs in a new sector.

It's not just about making people feel good by dumping money in the Green sector - it should be done very smartly.

I think a process for providing incentives within existing industry to 'green-up' is a good start - then processes to transition them across ... etc etc.

As it stands, I can't support it but I don't think there's enough strategy behind it. 

[Fuzzybigfoot]

Someone obviously lost their ability to detect humor.  But thanks for actually responding, this time. 

[Fmr President & Senator Polnut]

Someone obviously lost their ability to detect humor.  But thanks for actually responding, this time. 

I'm teasing ... lol... sigh

[Fuzzybigfoot]

Someone obviously lost their ability to detect humor.  But thanks for actually responding, this time. 

I'm teasing ... lol... sigh

Meh, okay.  lol

[Fmr President & Senator Polnut]

PRESS RELEASE

The President will be making a brief press statement 8pm EDT.

[Fmr President & Senator Polnut]

The President

I will be brief.

It is with a heavy heart that I have removed the Secretary of Internal Affairs from his post due to inactivity.

I asked him to come on board after a lengthy period of discussion in which he convinced me of his enthusiasm for this game and especially for the opportunities this position offered. Early on, he showed the enthusiasm and forward thinking I had hoped he would bring to this vital position.

Unfortunately after more than 2 weeks without any engagement and attempts at contact from the Game Moderator and myself, and taking into account how important it is to have an active SoIA – it is clear that he cannot continue in his current position.

I would like to announce, that I have asked the former SoIA, Yelnoc to again serve in this role. I look forward to a thorough, but speedy confirmation hearing.

I will also be issuing a Cabinet code of conduct – this will outline a series of responsibilities that Cabinet officers will have and the consequences for not abiding by those rules. Being in the Cabinet is a privilege but one that requires commitment and I intend to make this change to make sure that all those who enter those important positions do so knowing what is expected of them.

Thanks.

[Fmr President & Senator Polnut]

The President

Cabinet code of conduct

Keeping in mind that being in the Cabinet is a privilege; and

Noting the importance of an active Cabinet in the proper functioning and therefore good government for the people of Atlasia...

I have written this code of conduct to ensure that those who enter the Cabinet do so in the correct spirit and with commitment to their roles and the Atlasian people.

1. Any Cabinet official who is absent/unavailable without prior notice for more than 14 days will be removed from office

2. Any Cabinet official who anticipates being absent or unavailable for more than 30 days with notice must submit their resignation to the president

3. Any Cabinet official who breaches Cabinet-confidence will be immediately removed from office

4. Any absences of between 5 and 14 days must be noted by a 'leave of absence' notice in the White House thread.