SENATE BILL: The Duke Corporate Tax Reform Act of 2013 (Amendment at Vote)

[Sopranos Republican]

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Sponsor: NC Yankee for the President

Senator Yankee, President Duke please begin advocating for this.

[Southern Senator North Carolina Yankee]

I'll let Duke go first on this. 1) Because it is his idea adn 2) his computer is cooperating more with him and then mine is with me.

[Maxwell]

Unless the Senate is willing to go for further reduction to corporate taxes, I propose eliminating section 1.

[Fmr. Pres. Duke]

I actually think our rates have been lowered. My objective here is to modernize our corporate tax system, to make us more competitive worldwide, and to allow us to recoup tax revenues that current sit offshore, to encourage companies to invest in their domestic operations as opposed to overseas in more favorable jurisdictions.

Today, corporations do not repatriate their overseas income. Most chose to outright leave the income idle in tax havens because they fear paying our higher tax, which hurts our budge and hurts domestic operations in Atlasia. We want Atlasian companies to INVEST in Atlasia and not overseas. Long term, this bill will help grow our economy and encourage these corporations to bring operations back to our shores. We are a friend to business here - not an enemy.

Many of you may have reservations about the tax exemption on investments made here, but consider this: if we did not include this provision, companies will likely chose to not invest in our country, so we would not get those tax revenues anyway. If this is what is needed to bring in new jobs, increase domestic activity and upgrade or expand domestic operations, it is something we can and should do.

Debate away. I will do my best to participate despite my exam schedule.

[Fmr. Pres. Duke]

Also, this isn't even the right draft. Here is my proposal:

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[Sopranos Republican]

Sorry, gentlemen, it has been rectified.

[President Tyrion]

Hm, do we have a GM analysis?

I'm not a fan of cutting corporate taxation, but there are perfectly reasonable times to cut taxes. Especially with the BIG, I'm not incredibly worried that workers will be disadvantaged.

In other words, if we can afford it, then I'd consider it.

[Fmr. Pres. Duke]

I would like to see GM stats on this, but these brackets for the most part were proposed under Nix's administration. I added the provision for tax exemption for domestic investments. My line of thinking is if we don't go with it, companies will simply not invest domestically as they are not doing now.

This bill will finally allow us to reach offshore income, albeit at a lower rate, which should make up for lowering rates. Ideally, we will see more tax revenue in the future, but we cannot predict the long run because, yes, we are all dead, but humor me, I have been studying for weeks on end and have had 6 cups of coffee today.

[TNF]

I'll probably be proposing an amendment to this tomorrow.

[Maxwell]

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Here's an amendment I am offering. Noting the change in the tax rate is irrelevant, since we have passed the White House budget with the tax rates like that. The second is jobs. I don't think we should be exclusively rewarding returning manufacturing jobs to Atlasia, and instead rewarding companies who plan to invest here period, regardless of the type of work.

[Fmr. Pres. Duke]

I'm fine with those changes, ftr

[Southern Senator North Carolina Yankee]

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Status: Senators have 24 hours to object.

[TNF]

Nevermind, I don't think I have anything to add after all.

[President Tyrion]

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Forgive me if I'm misunderstanding this, but I think this is a HUGE problem. Essentially, any income earned anywhere is taxable by the Atlasian government, but there's no check on the time period. Does that mean that immigrants would owe back taxes for the time before they immigrated?

[Fmr. Pres. Duke]

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Forgive me if I'm misunderstanding this, but I think this is a HUGE problem. Essentially, any income earned anywhere is taxable by the Atlasian government, but there's no check on the time period. Does that mean that immigrants would owe back taxes for the time before they immigrated?

This is only for corporate income. Immigrants pay personal income taxes. This bill only concerns corporate taxation.

[President Tyrion]

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Forgive me if I'm misunderstanding this, but I think this is a HUGE problem. Essentially, any income earned anywhere is taxable by the Atlasian government, but there's no check on the time period. Does that mean that immigrants would owe back taxes for the time before they immigrated?

This is only for corporate income. Immigrants pay personal income taxes. This bill only concerns corporate taxation.

Well, I'll introduce an amendment to clarify that.

The problem still kind of stands, though. This essentially means that ALL corporations worldwide would owe taxes to the Atlasian government. Let's say a corporation repatriates some services; in doing so, the corporation would owe back taxes for the services while they were expatriated. That's a major issue.

[Fmr. Pres. Duke]

We need to just clarify that only corporations incorporated in Atlasia are subject to it. To clarify.

[President Tyrion]

We need to just clarify that only corporations incorporated in Atlasia are subject to it. To clarify.

I'll introduce the amendment once Maxwell's is through.

[Southern Senator North Carolina Yankee]

58:34 has been adopted.


Yes that needs to be rewritten and carefully so at that. Remember, that the chance for counterproductive consequences from a poorly thoughrout or worded approach to profits earned overseas by companies and such could lead to more of what is sought to be reduced or eliminated.

[President Tyrion]

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Is this amendment acceptable? I'm not entirely sure about the language.

[Fmr. Pres. Duke]

I accept that amendment as my friend.

[Southern Senator North Carolina Yankee]

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Status: Senators have 24 hours to object.

[President Tyrion]

Are there any good synonyms for the words corporation, corporate, or incorporated? Section 1, Clause 2 now has 8 mentions of those "corp" words in some form, and it's annoying the crap out of me (even though it's my fault to begin with).

[TNF]

Corporate entity?

[President Tyrion]

Corporate entity?

I guess, but it still has corporate in it.

Whatever, I'd rather have a good bill with silly language than a silly bill with good language.