Modifications to Federal Personal Income Tax Rates for FY2006 (WITHDRAWN)
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Author Topic: Modifications to Federal Personal Income Tax Rates for FY2006 (WITHDRAWN)  (Read 1217 times)
Gabu
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« on: June 04, 2005, 08:32:32 PM »
« edited: June 05, 2005, 08:05:30 PM by Senator Gabu, PPT »
As introduced by Sen. King:

Modifications to Federal Personal Income Tax Rates for FY2006

Section 1
All rate changes specified below shall be valid for personal income tax collection in the fiscal year of 2006 (FY2006) only.

Section 2
(a).  FY2006 Personal Income Tax rates for the top earnings bracket shall be raised by 3 percent to 38 percent.

(b).  FY2006 Personal Income Tax rates for the second-to-top earnings bracket shall be raised by 2 percent to 35 percent.

(c).  FY2006 Personal Income Tax rates for the third-to-top earnings bracket shall be raised by 1 percent to 29 percent.

(d).  FY2006 Personal Income Tax rates for the third-to-bottom earnings bracket shall remain at 25 percent.

(e).  FY2006 Personal Income Tax rates for the second-to-bottom earnings bracket shall be lowered by 1 percent to 14 percent.

(f).  FY2006 Personal Income Tax rates for the bottom earnings bracket shall be abolished.
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DanielX
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« Reply #1 on: June 04, 2005, 08:42:53 PM »
Meh. We need a flat tax, or a sales tax, or somesuch. Tweaking tax rates is not what is needed... Tongue
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Gabu
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« Reply #2 on: June 04, 2005, 08:43:43 PM »
Quote from: Senator DanielX on June 04, 2005, 08:42:53 PM
Meh. We need a flat tax, or a sales tax, or somesuch. Tweaking tax rates is not what is needed... Tongue

I know, how about we abolish taxes. Tongue
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King
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« Reply #3 on: June 04, 2005, 08:44:33 PM »
Quote from: Senator Gabu, PPT on June 04, 2005, 08:43:43 PM
Quote from: Senator DanielX on June 04, 2005, 08:42:53 PM
Meh. We need a flat tax, or a sales tax, or somesuch. Tweaking tax rates is not what is needed... Tongue

I know, how about we abolish taxes. Tongue

Ayn Rand for President! Wink
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King
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« Reply #4 on: June 04, 2005, 08:45:40 PM »
Quote from: Senator DanielX on June 04, 2005, 08:42:53 PM
We need a flat tax, or a sales tax, or somesuch.

I proposed a Sales Tax and it was defeated 10-0...I see now it will be defeated 9-1. Wink
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A18
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« Reply #5 on: June 04, 2005, 09:02:16 PM »
Quote from: Senator "Pedro" King on June 04, 2005, 08:45:40 PM
Quote from: Senator DanielX on June 04, 2005, 08:42:53 PM
We need a flat tax, or a sales tax, or somesuch.

I proposed a Sales Tax and it was defeated 10-0...I see now it will be defeated 9-1. Wink

Wouldn't that be 8-2? How about a flat tax of 20% on earned income, with a personal exemption of about $13,000 plus some for a dependent? Then repeal the withholding of the Social Security payroll tax, and have the individual pay the entire thing.

Let each person file his taxes on a single sheet of paper, and next to the Social Security section, it should show you your total accumulated Social Security payments so far.

Abolish capital gains taxes, estate taxes, etc., so all income is taxed equally per use.
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Sam Spade
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« Reply #6 on: June 04, 2005, 09:02:58 PM »
What is the projected savings/expense projected on this legislation to the federal government?

An answer from either King or the GM would be sufficient, fyi...
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Bono
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« Reply #7 on: June 05, 2005, 04:27:25 AM »
I hope this transvesty fails big time.
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DanielX
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« Reply #8 on: June 05, 2005, 06:20:08 AM »
Quote from: Senator "Pedro" King on June 04, 2005, 08:44:33 PM
Quote from: Senator Gabu, PPT on June 04, 2005, 08:43:43 PM
Quote from: Senator DanielX on June 04, 2005, 08:42:53 PM
Meh. We need a flat tax, or a sales tax, or somesuch. Tweaking tax rates is not what is needed... Tongue

I know, how about we abolish taxes. Tongue

Ayn Rand for President! Wink

You know, I might actually vote for her... Cheesy
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King
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« Reply #9 on: June 05, 2005, 02:59:51 PM »
I withdraw this bill so we can move on to better tax legislation such as Jedi's Tax Equity Act which I co-sponsored.
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MasterJedi
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« Reply #10 on: June 05, 2005, 03:03:51 PM »
And there goes another bill.
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Bono
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« Reply #11 on: June 05, 2005, 03:34:48 PM »
Hurah!
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Gabu
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« Reply #12 on: June 05, 2005, 08:05:19 PM »
Okay, this is now withdrawn.
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