Atlasian Tax Reform Bill of 2005

[Emsworth]

Atlasian Tax Reform Bill of 2005

Section I
The Alternative Minimum Tax is now altered in which the minimum base to be qualified increases proportionally to inflation annually.  The minimum base is now set at $80,000.

Section II
Corporate Income Tax deductions and subsidies not pertaining to discouraging a negative externality or encouraging scientific research and development or any other positive externality shall be cut 25%.

Section III
The Earned Income Tax Credit (ETIC) is increased by 10%

Section IV
For all married couples filling jointly, the income will be taxed at the rate average of the rates of the two individuals should they have filled seperately

Section V
The Federal Estate Tax is renewed to 1999 levels for all estates of valued over $5,000,000. 

Section VI
The current FY 2005 tax cuts for those in the top 1% tax bracket are eliminated and the tax cuts for the top 2-5% are cut in half.

Section VII
The income tax rate for small businesses is decreased 5%.  A small business in this case will be defined as any business whose gross revenue is between $50,000 and $5,000,000.

Section VIII
Taxes for all making less than $75,000 annually are cut 1%.

Sponsor: Sen. Cosmo Kramer

[King]

So basically we are raising taxes by returning to old rates.  How is this reform?

[Emsworth]

As the sponsor has now left the Senate, the bill is deemed to be withdrawn. I hope that no Senator has an objection.