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Author Topic: Pacific Legislature Official Thread  (Read 167028 times)
FBF
Fuzzybigfoot
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« Reply #1750 on: January 10, 2012, 02:57:13 am »
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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.
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Robb the Survivor
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« Reply #1751 on: January 10, 2012, 07:02:58 am »
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I can support reducing it to 30%, but not any lower and only if the lower brackets are reduced accordingly.
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Robb of the House Stark, First of his Name, Lord of Winterfell and King in the North



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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

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Jackson
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« Reply #1752 on: January 10, 2012, 08:54:57 am »
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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.
 
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« Reply #1753 on: January 10, 2012, 02:01:35 pm »
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Yeah, these tax brackets look pretty silly... How is it possible to go from 3% to 48 ? Huh
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Robb of the House Stark, First of his Name, Lord of Winterfell and King in the North



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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

"A reformist is someone who realizes that, when you bang your head on a wall, it's the head that breaks rather than the wall."

Peppino, from the movie Baaria
FBF
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« Reply #1754 on: January 10, 2012, 05:06:13 pm »
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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%)
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Jackson
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« Reply #1755 on: January 10, 2012, 08:34:39 pm »
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Yeah, these tax brackets look pretty silly... How is it possible to go from 3% to 48 ? Huh

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.
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« Reply #1756 on: January 10, 2012, 11:06:44 pm »
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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)
« Last Edit: January 10, 2012, 11:08:33 pm by Ebowed »Logged

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« Reply #1757 on: January 11, 2012, 12:35:43 am »
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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%)
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« Reply #1758 on: January 11, 2012, 12:57:56 am »
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While we're on the subject of revenue, is there any support here to restrict and/or tax commercial gambling? Wink
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Robb the Survivor
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« Reply #1759 on: January 11, 2012, 06:57:57 am »
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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.
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Robb of the House Stark, First of his Name, Lord of Winterfell and King in the North



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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

"A reformist is someone who realizes that, when you bang your head on a wall, it's the head that breaks rather than the wall."

Peppino, from the movie Baaria
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« Reply #1760 on: January 11, 2012, 08:08:50 pm »
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While we're on the subject of revenue, is there any support here to restrict and/or tax commercial gambling? Wink

Maybe.  Any particular ideas?  Wink
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Jackson
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« Reply #1761 on: January 11, 2012, 11:04:29 pm »
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I would be fine with taxing gambling, but not necessarily restricting it.
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FBF
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« Reply #1762 on: January 11, 2012, 11:23:40 pm »
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I would be fine with taxing gambling, but not necessarily restricting it.

^^^Me too. 
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Jackson
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« Reply #1763 on: January 13, 2012, 10:49:51 pm »
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Is someone going to draft a bill for the new tax law so I can sign it into law?
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« Reply #1764 on: January 14, 2012, 07:43:17 pm »
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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
« Last Edit: January 14, 2012, 07:45:48 pm by Ebowed »Logged

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« Reply #1765 on: January 14, 2012, 11:09:07 pm »
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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
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FBF
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« Reply #1766 on: January 16, 2012, 08:34:52 pm »
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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.  Sad
« Last Edit: January 16, 2012, 08:36:24 pm by Fuzzy »Logged
Jackson
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« Reply #1767 on: January 17, 2012, 12:52:12 am »
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no don't

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bgwah
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« Reply #1768 on: January 17, 2012, 01:08:23 am »
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I sign anything that needs a signature,  like Ebowed's bill:

x bgwah Grin
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tmthforu94
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« Reply #1769 on: January 18, 2012, 03:55:14 pm »
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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. Wink

Jackson, expect some nice donations from wealthy Pacificans (Huh) coming your way, now that they can actually afford to make political donations. Wink
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« Reply #1770 on: January 19, 2012, 12:36:04 am »
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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.
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FBF
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« Reply #1771 on: January 19, 2012, 12:43:56 am »
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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.  Smiley
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Robb the Survivor
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« Reply #1772 on: January 19, 2012, 07:31:09 am »
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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.
« Last Edit: January 20, 2012, 01:36:16 pm by Antonio V »Logged



Robb of the House Stark, First of his Name, Lord of Winterfell and King in the North



Quote from: IRC
22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

"A reformist is someone who realizes that, when you bang your head on a wall, it's the head that breaks rather than the wall."

Peppino, from the movie Baaria
Robb the Survivor
Antonio V
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« Reply #1773 on: January 19, 2012, 07:32:01 am »
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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%.
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Robb of the House Stark, First of his Name, Lord of Winterfell and King in the North



Quote from: IRC
22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

"A reformist is someone who realizes that, when you bang your head on a wall, it's the head that breaks rather than the wall."

Peppino, from the movie Baaria
Ebowed
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« Reply #1774 on: January 19, 2012, 07:37:45 am »
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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.
« Last Edit: January 19, 2012, 07:42:40 am by Ebowed »Logged

A tidal wave of healthcare has swept across coal country. 
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