SENATE BILL: Anti-Plutocracy Act of 2013 (Presidential Redraft Signed)

[windjammer]

I m not oposed raising estate tax but senators have forgotten local estate tax...

[windjammer]

The midwest has indeed an estate tax. So with this bill, the midwest would be forced to cut his budget. So of you limit this tax at 90% It would be appreciated. Thanks!

[TNF]

The midwest has indeed an estate tax. So with this bill, the midwest would be forced to cut his budget. So of you limit this tax at 90% It would be appreciated. Thanks!

How would the Midwest be forced to cut it's budget? The Midwest can have an estate tax that coexists with the federal estate tax, as far as I know.

[Fmr. Pres. Duke]

Before I redraft, what kind of concerns do the regions have about this? I plan to look at the rates in the former Nix budget and go from there, but I don't want to cause regions to have to make budget cuts in the process.

[PPT Spiral]

I encourage the President to veto this legislation.

[🐒Gods of Prosperity🔱🐲💸]

Before I redraft, what kind of concerns do the regions have about this? I plan to look at the rates in the former Nix budget and go from there, but I don't want to cause regions to have to make budget cuts in the process.

I can think of two major issues:
1) Making sure the combined tax rate for federal and regional inheritance tax isn't over 100%.  I'm not sure what regions have an inheritance tax or what the rates are.  One possibility would be to deduct regional inheritance taxes from the federal tax, but I'd rather we not make the tax high enough that we need to do that.

2) If the federal tax is increased, people will increasingly divert their inheritance in ways they wouldn't otherwise to avoid the tax.  This means that the regions will not be able to tax this wealth either, and so will lose money on their current collections.

[Fmr. Pres. Duke]

I'm not a fan of inheritance taxes in general because I feel they are inefficient at their job. They encourage people to divert money, sometimes offshore, to avoid the tax. But I know we can't eliminate it entirely, so I am going to post some sort of redraft so debate can continue for now..

Taxing something at 100% never yields 100% compliance or revenue. In fact, it sometimes have the inverse effect.

[Fmr. Pres. Duke]

You must be logged in to read this quote.

It's important to keep in mind that the wealthy can simply "gift" all of their property and assets to someone before they die, completely avoiding the inheritance tax.

Some on the left may not like these rates, but I favor the rates Adam and Nix prepared in the last budget, and raising them substantially will only encourage the wealthy to find ways around them, not increase revenues or lessen our income inequality. Something like 0.5% of people in the USA pay the inheritance tax as it stands.

[windjammer]

You must be logged in to read this quote.

The MW Estate Tax for the last MW Budget. So if the "anti ploutocracy bill" could not exceed a 90% rate, it would be great. I hope you understand! Thanks

[Southern Senator North Carolina Yankee]

Sponsor, you are to either accept the redaft or motion to withdraw the legislation.

[TNF]

Redraft is friendly.

[Southern Senator North Carolina Yankee]

You must be logged in to read this quote.

A vote is now open on the above Presidential Redraft, Senators please vote Aye, Nay or Abstain.

[Chancellor Tanterterg]

Aye

[President Tyrion]

Aye

[🐒Gods of Prosperity🔱🐲💸]

Aye

[Goldwater]

AYE

[tmthforu94]

Abstain

[Talleyrand]

AYE

[TNF]

Aye

[bore]

Aye

[DC Al Fine]

Abstain

[Southern Senator North Carolina Yankee]

I would prefer 35% for the top number.

AYE

[Southern Senator North Carolina Yankee]

Vote on Presidential Redraft:

Aye (: bore, Goldwater, Mr. X, NC Yankee, shua, Talleyrand, TNF and TyriontheImperialist
Nay (0):
Abstain (2): DC al Fine and Tmthforu94

Didn't Vote (0):

The redraft has passed and is presented to the President for executive action.

[🐒Gods of Prosperity🔱🐲💸]

bumping so this doesn't get forgotten.

[Southern Senator North Carolina Yankee]

I think the President has two days to act or this becomes law.