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Author Topic: Pacific Legislature Official Thread  (Read 170332 times)
Antonio V
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« Reply #1775 on: January 19, 2012, 07:39:11 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.

Employees only ? Why don't we include shareholder's dividends too ?
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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

It really is.



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« Reply #1776 on: January 19, 2012, 07:44:29 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.

Employees only ? Why don't we include shareholder's dividends too ?

Well I doubt any shareholder is making $70 million annually from these dividends, but I definitely think we need a steep capital gains tax, which I would be happy to address in a separate piece of legislation.

The point of this one is to effectively establish a maximum income, which I personally feel is extremely generous and quite accommodating of the capitalist system with which we are required to work with.
« Last Edit: January 19, 2012, 07:50:12 am by Ebowed »Logged

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« Reply #1777 on: January 20, 2012, 01:03:15 pm »
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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%.

The federal tax code has a deduction for regional taxes.  So, it's 60% of what's left after regional taxes have been paid.
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Antonio V
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« Reply #1778 on: January 20, 2012, 01:35:16 pm »
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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%.

The federal tax code has a deduction for regional taxes.  So, it's 60% of what's left after regional taxes have been paid.

Well, in this case I actually think 30% is a bit low... I had signed the bill thinking this would result in a 90% effective rate, but 72% is too low to me.
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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

It really is.



"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."

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« Reply #1779 on: January 20, 2012, 04:53:05 pm »
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Would you like to offer an amendment to raise the effective rate, Antonio?
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Antonio V
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« Reply #1780 on: January 20, 2012, 05:20:03 pm »
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If possible, I offer the following Amendment.


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 from 50,000,000-99,999,999
h. 50% on all income earned past 99,999,999



Changes in bold. This way, the highest effective rate is 80%.
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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

It really is.



"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."

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« Reply #1781 on: January 20, 2012, 07:26:15 pm »
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I support this amendment and wish to modify my proposal to incorporate it.
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« Reply #1782 on: January 21, 2012, 10:12:29 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 from 50,000,000-99,999,999
h. 50% on all income earned past 99,999,999
                                -------------------------------------------------------
Here is the new bill.

Does anyone have any further comments/concerns on the proposed legislation?
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« Reply #1783 on: January 21, 2012, 08:43:21 pm »
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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%.

The federal tax code has a deduction for regional taxes.  So, it's 60% of what's left after regional taxes have been paid.

Well, in this case I actually think 30% is a bit low... I had signed the bill thinking this would result in a 90% effective rate, but 72% is too low to me.
Though, come to think of it, that's not counting all those new payroll taxes from the Social Security bill.
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Antonio V
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« Reply #1784 on: January 22, 2012, 07:06:39 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%.

The federal tax code has a deduction for regional taxes.  So, it's 60% of what's left after regional taxes have been paid.

Well, in this case I actually think 30% is a bit low... I had signed the bill thinking this would result in a 90% effective rate, but 72% is too low to me.
Though, come to think of it, that's not counting all those new payroll taxes from the Social Security bill.

Payroll taxes aren't income taxes. Wink And I doubt they represent a big burden for people who make more than 50,000,000 a year.
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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

It really is.



"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
shua
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« Reply #1785 on: January 22, 2012, 11:48:57 am »
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Under a 50% regional tax rate, plus federal income tax and taxes under the CSSRA, it's easily approaching 100% if not going over. Considering all the other deductions and exemptions in the federal tax code it might end up anywhere from 85-95%.
« Last Edit: January 22, 2012, 11:51:48 am by shua, gm »Logged

Antonio V
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« Reply #1786 on: January 24, 2012, 02:17:17 pm »
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Under a 50% regional tax rate, plus federal income tax and taxes under the CSSRA, it's easily approaching 100% if not going over. Considering all the other deductions and exemptions in the federal tax code it might end up anywhere from 85-95%.

No, because the payroll tax comes before the income tax and the income it taxes isn't taken into account into the income tax. It's certainly not aproaching 100% and probably is even lower than 90%. And anyways, if you make 100,000,000 a year you're probably not making all your money through salary. Capital gains (not subject to payroll taxation) probably make up for the bulk of it.
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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

It really is.



"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 #1787 on: January 25, 2012, 03:26:35 am »
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Some ideas I've got:
- Banning slot machines.
- Casino tax.
- Prohibition of drive-through liquor sales.  (Also, liquor sales at gas stations)
- Classifying refusal to accept unemployed applicants as a form of illegal discrimination.
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Antonio V
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« Reply #1788 on: January 25, 2012, 04:52:47 am »
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Can we put the tax bill on vote or do people need to sign it again ?
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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

It really is.



"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 #1789 on: January 25, 2012, 05:01:46 pm »
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I think it would be okay for you to vote on the legislation, as no particular length of time was specified for debate when the bill was put forward.
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« Reply #1790 on: January 26, 2012, 05:53:19 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 from 50,000,000-99,999,999
h. 50% on all income earned past 99,999,999

I call for a vote on this bill.  Cheesy
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NVGonzalez
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« Reply #1791 on: January 26, 2012, 07:19:31 pm »
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In that case I vote yay! Smiley
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« Reply #1792 on: January 26, 2012, 07:25:39 pm »
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If voting is indeed open, I vote aye.
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Fuzzybigfoot
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« Reply #1793 on: January 26, 2012, 07:27:16 pm »
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Aye!
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Jackson
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« Reply #1794 on: January 26, 2012, 07:44:24 pm »
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Voting is open for a week, btw.
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« Reply #1795 on: January 26, 2012, 08:18:13 pm »
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aye
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LastVoter
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« Reply #1796 on: January 26, 2012, 10:37:48 pm »
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aye
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Ebowed
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« Reply #1797 on: January 27, 2012, 03:09:35 am »
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Aye
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Antonio V
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« Reply #1798 on: January 27, 2012, 04:31:29 am »
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Aye
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22:15   ComradeSibboleth   this is all extremely terrible and in all respects absolutely fycking dire.

It really is.



"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
Sbane
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« Reply #1799 on: January 27, 2012, 03:43:54 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 from 50,000,000-99,999,999
h. 50% on all income earned past 99,999,999                           

Sorry for commenting so late but that last bracket is completely unacceptable. It makes no sense if your goal is to get more money from the richers. A 50% tax rate would mean a 110% tax rate on those making $100 million or above. Even accounting for tax breaks I doubt it would get below 100%, or much below it. So basically we are motivating them to move to another region or country to make their money and we lose out on all of their tax receipts. That is just dumb, and as someone who wants more tax receipts to help the poor in our region I must oppose it.

Nay!

Edit: I see with deductions the tax rate actually drops to 80%, if that has been calculated correctly. It makes it more tolerable but a 40% top rate would be preferable. My vote remains the same.
« Last Edit: January 27, 2012, 03:48:29 pm by sbane »Logged
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