Pacific Legislature Official Thread

[Fuzzybigfoot]

Not that I am necessarily opposed to a maximum income cap (which the 45.5% rate effectively creates), but it is quite possible that a bracket of 20% on incomes exceeding $50 million would be lower than brackets beneath it.  I am unable to find anything in the Pacific law code which would suggest what the next tax rate is, however, so perhaps the best solution would be to abolish present rates and start from scratch.

I'd be fine with that.

[Antonio the Sixth]

I can support reducing it to 30%, but not any lower and only if the lower brackets are reduced accordingly.

[Jackson]

That is an acceptable compromise, except we apparently only have three tax brackets,

0-300,000 ( 0%)

300-50,000,000 ( 3%)

50,000,000 (48.5%)

I think we should do a total re-write of the tax code if we are going to lower the tax rates on the wealthiest Pacificans.
 

[Antonio the Sixth]

Yeah, these tax brackets look pretty silly... How is it possible to go from 3% to 48 ?

[Fuzzybigfoot]

How about this?:


0-30,000 (0%)

30,000-100,000 (3%)

100,000-1,000,000 (5%)

1,000,000-10,000,000 (10%)

10,000,000-49,999,999 (15%)

50,000,000+ (30%)

[Jackson]

Yeah, these tax brackets look pretty silly... How is it possible to go from 3% to 48 ?

The legislature never bothered to create a tax code, but passed laws creating a tax bracket on 50,000,000+ at 40%, and then raised that to 48.5 percent, and also raised taxes 3% on a previously uncreated tax bracket of 300,000+, thus causing the current dilemma.

How about this?:


0-30,000 (0%)

30,000-100,000 (3%)

100,000-1,000,000 (5%)

1,000,000-10,000,000 (10%)

10,000,000-49,999,999 (15%)

50,000,000+ (30%)

I think I can support these tax brackets, but I need to see if the rest of the legislature agrees first.

[Ebowed]

That looks good, I would prefer if the beginning threshold were increased to 50k and there was a lower rate from 30k-50k (like 1%), but it's not a deal breaker.  (Mainly due to the existing federal income tax)

[Fuzzybigfoot]

That looks good, I would prefer if the beginning threshold were increased to 50k and there was a lower rate from 30k-50k (like 1%), but it's not a deal breaker.  (Mainly due to the existing federal income tax)

Sure:


0-29,999 (0%)

30,000-49,999 (1%)

50,000-99,999 (3%)

100,000-999,999 (5%)

1,000,000-9,999,999 (10%)

10,000,000-49,999,999 (15%)

50,000,000+ (30%)

[Ebowed]

While we're on the subject of revenue, is there any support here to restrict and/or tax commercial gambling?

[Antonio the Sixth]

That looks good, I would prefer if the beginning threshold were increased to 50k and there was a lower rate from 30k-50k (like 1%), but it's not a deal breaker.  (Mainly due to the existing federal income tax)

Sure:


0-29,999 (0%)

30,000-49,999 (1%)

50,000-99,999 (3%)

100,000-999,999 (5%)

1,000,000-9,999,999 (10%)

10,000,000-49,999,999 (15%)

50,000,000+ (30%)

That seems pretty nice.

[Fuzzybigfoot]

While we're on the subject of revenue, is there any support here to restrict and/or tax commercial gambling?

Maybe.  Any particular ideas? 

[Jackson]

I would be fine with taxing gambling, but not necessarily restricting it.

[Fuzzybigfoot]

I would be fine with taxing gambling, but not necessarily restricting it.

^^^Me too. 

[Jackson]

Is someone going to draft a bill for the new tax law so I can sign it into law?

[Ebowed]

Income Tax Reform Bill

1. Effective FY 2013, all regional income taxes shall be abolished and replaced with the following brackets:
a. 0% on all income earned from 0-29,999
b. 1% on all income earned from 30,000-49,999
c. 3% on all income earned from 50,000-99,999
d. 5% on all income earned from 100,000-999,999
e. 10% on all income earned from 1,000,000-9,999,999
f. 15% on all income earned from 10,000,000-49,999,999
g. 30% on all income earned past 49,999,999

[Fuzzybigfoot]

Income Tax Reform Bill

1. Effective FY 2013, all regional income taxes shall be abolished and replaced with the following brackets:
a. 0% on all income earned from 0-29,999
b. 1% on all income earned from 30,000-49,999
c. 3% on all income earned from 50,000-99,999
d. 5% on all income earned from 100,000-999,999
e. 10% on all income earned from 1,000,000-9,999,999
f. 15% on all income earned from 10,000,000-49,999,999
g. 30% on all income earned past 49,999,999

x  Fuzzy

[Fuzzybigfoot]

Seeing as though everyone here has been killed off again, I declare myself king and head pimp of the Pacific Region.  


ALL HAIL THE HONORABLE FUZZY!!!1!!1!






Oh wait, since everyone is dead, no one can worship me. 

[Jackson]

no don't

[bgwah]

I sign anything that needs a signature,  like Ebowed's bill:

x bgwah

[tmthforu94]

Good catch on the Income Tax Bill - Should have written a story on it back in December to get you guys acting on it, only, I didn't know about it until I saw it in this thread.

Jackson, expect some nice donations from wealthy Pacificans () coming your way, now that they can actually afford to make political donations.

[🐒Gods of Prosperity🔱🐲💸]

So is that income tax bill law already?   I can't quite grasp the procedure of your assembly. 

New highest effective income tax rate (regional and federal) under this bill is 72%, figuring in the federal deduction for regional taxes, in case anyone was wondering.

[Fuzzybigfoot]

So is that income tax bill law already?   I can't quite grasp the procedure of your assembly. 

New highest effective income tax rate (regional and federal) under this bill is 72%, figuring in the federal deduction for regional taxes, in case anyone was wondering.

No, we need more signatures first, than we have a vote and so on. 



Thanks for the heads up on the net tax rate. 

[Antonio the Sixth]

Income Tax Reform Bill

1. Effective FY 2013, all regional income taxes shall be abolished and replaced with the following brackets:
a. 0% on all income earned from 0-29,999
b. 1% on all income earned from 30,000-49,999
c. 3% on all income earned from 50,000-99,999
d. 5% on all income earned from 100,000-999,999
e. 10% on all income earned from 1,000,000-9,999,999
f. 15% on all income earned from 10,000,000-49,999,999
g. 30% on all income earned past 49,999,999

x  Fuzzy

X Antonio V

Edit : If possible, I'd like to retract my signature and offer an amendment.

[Antonio the Sixth]

New highest effective income tax rate (regional and federal) under this bill is 72%, figuring in the federal deduction for regional taxes, in case anyone was wondering.

I'm pretty sure it's 90%, isn't it ? Highest federal rate is 60%.

[Ebowed]

Just gonna throw this out there in case there is support ....

Maximum Income Cap Bill

1. No business operating in any capacity within the Pacific Region may provide an annual income to any employee that is to exceed $70 million, including bonus benefits.


I also believe that it is imperative, if we are to reform our income tax code, that we look at methods of increasing our revenue stream from areas such as the estate tax and the capital gains tax.