Pacific Legislature Official Thread

[Californian Tony]

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.

[Californian Tony]

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.

[Californian Tony]

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 ?

[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.

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.

[shua]

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.

[Californian Tony]

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.

[Jackson]

Would you like to offer an amendment to raise the effective rate, Antonio?

[Californian Tony]

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%.

[Ebowed]

I support this amendment and wish to modify my proposal to incorporate it.

[Jackson]

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?

[shua]

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.

[Californian Tony]

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. And I doubt they represent a big burden for people who make more than 50,000,000 a year.

[shua]

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%.

[Californian Tony]

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.

[Ebowed]

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.

[Californian Tony]

Can we put the tax bill on vote or do people need to sign it again ?

[Jackson]

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.

[Fuzzy]

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. 

[Governor NVGonzalez]

In that case I vote yay!

[bgwah]

If voting is indeed open, I vote aye.

[Fuzzy]

Aye!

[Jackson]

Voting is open for a week, btw.

[Grad Students are the Worst]

aye

[ModerateCoward]

aye