SENATE BILL: 2011 Tax Code Bill (On the President's desk)

[bgwah]

Given the rather large queue, I am giving this the PPT's discretionary slot so the President has a chance of seeing this passed while he's still in office.

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[Fuzzybigfoot]

Yay, rearranging deck chairs on the Titanic.  What fun!!! 

[bgwah]

I would like to amend it as following:

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Basically I'm just formatting this so it resembles a bill by removing commentary and giving it a name. I didn't purposely change any numbers, so if Duke or Polnut notice any problems, please point them out.

[Fmr. Pres. Duke]

accepted as friendly.

[bgwah]

Senators have 24 hours to object.

[RIP Robert H Bork]

I'll vote against this.

The idea that anyone should work for the government more than everything/everyone else combined is unacceptable.

[RIP Robert H Bork]

I offer the following amendment:

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[Fmr President & Senator Polnut]

I'll vote against this.

The idea that anyone should work for the government more than everything/everyone else combined is unacceptable.

Um... can you translate?

[RIP Robert H Bork]

I'll vote against this.

The idea that anyone should work for the government more than everything/everyone else combined is unacceptable.

Um... can you translate?

A 60% tax rate (the proposed rate for individuals making more than $2.5M per year) means that 60% of your income goes to the government. I refuse to vote for a rate higher than 50%.

EDIT: Also, see here.

[Fmr President & Senator Polnut]

I'll vote against this.

The idea that anyone should work for the government more than everything/everyone else combined is unacceptable.

Um... can you translate?

A 60% tax rate (the proposed rate for individuals making more than $2.5M per year) means that 60% of your income goes to the government. I refuse to vote for a rate higher than 50%.

EDIT: Also, see here.

NO, I didn't understand what you meant - it wasn't clear at all.

The 60% tax rate is what it is now, my plan as discussed is to reduce those 2 top brackets (but not yet)... but since I don't believe in the tax cut cure all - they will be slow drops, but drops, I don't like a 60% federal tax rate when you have regional income taxes as well... but given the current financial situation I don't think it's wise for such a large cut.

[RIP Robert H Bork]

The 60% tax rate is what it is now

Ah, point taken, then. But I was pointing out that the bill, if passed as is, would have a 60% rate (I simply didn't notice that it's also present now).

[Fmr. Pres. Duke]

It would be 60% on all income above $2.5 million, but yeah, I agree. That said, this new plan is better than our current system. I will support it over what we currently have.

[Southern Senator North Carolina Yankee]

It would be 60% on all income above $2.5 million, but yeah, I agree. That said, this new plan is better than our current system. I will support it over what we currently have.

^^^

This, but I would vote for TC's amendment if it came to a vote.

[Fmr President & Senator Polnut]

I couldn't sign a Bill that has that large a tax cut involved.

I don't support the upper bracket being that high, but equally don't support sucking all of that revenue out when the economy is just starting to get back on its feet... I guess it's because I don't believe in the 'job creator persecution' stuff.

[Fmr. Pres. Duke]

I could potentially agree to a 50%+ tax on incomes above something like $5 million or to a level where the next dollar you earn really doesn't matter. I also think middle class taxes could go lower in this case,say 20% for incomes up to $80,000, but that is neither here nor there. Job persecution aside, the middle class is the class that will lead our continual economic recovery by spending money. This bill does not close loopholes and deductions though, so dropping rates too much may have a negative effect on the budget, which I want to avoid.

[bgwah]

The amendment passed.

[bgwah]

I offer the following amendment:

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We are now voting on the above amendment. Please vote aye, nay, or abstain.


Nay

[Southern Senator North Carolina Yankee]

Having 8 brackets I think is excessive.

So Aye.

[Napoleon]

Aye...

[Fmr. Pres. Duke]

Aye

[CatoMinor]

Nay, I offer the following amendment:

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[Fmr President & Senator Polnut]

Absolutely no way I'd agree to that structure.

[RIP Robert H Bork]

AYE

Absolutely no way I'd agree to that structure.

My structure, or that of Jbrase?

[Napoleon]

Absolutely no way I'd agree to that structure.

[Fuzzybigfoot]

Nay