SB 8610: GAIN Act

[Pericles]

This bill is based on the rl Brown-Khanna GAIN Act, except this is funded(due to Paygo and also because that bill was quite expensive and this will hopefully make up the cost). This is a much-needed tax break for workers, while being done fairly and effectively so that it benefits those who most need our help and better rewards hard work. It substantially exapnds the Earned Income Tax Credit(EITC), which has proven to be one of the most effective mechanisms for boosting the incomes of low-income workers. This bill doubles the EITC for working families and rectifies the previous problem of childless workers not getting enough of the benefit from the EITC by increasing their credit sixfold. This bill is a much needed boost to millions of Atlasians and will create a fairer and more prosperous nation, so I urge the Senate to strongly support it.

[Pericles]

Given there is no further debate on this bill, I motion for a final vote.

[Pericles]

I respect Yankee's point about the difference between real life and Atlasia context-wise. Yet, while there are differences there are also similarities and I think the similarities are broad enough here to make this bill a good idea, and I'm unconvinced that the context is so radically different that what I believe is a great idea irl is now a bad idea. I think that in this context the EITC expansion is a good idea and worthwhile, and I believe that boosting incomes for lower-income Atlasians is better done as a package of measures-which we seem to be in effect heading for-rather than stand-alone policies. I think the tax increases in this bill are appropriate and are placed so that they are fair and reduce the impact on the economy, as I think cuts to programs benefiting middle-class or low-income Atlasians or tax increases on those groups would be more harmful as they have a greater Marginal Propensity to Consume. If the funding situation ultimately emerges that this bill cannot be properly funded without truly entering the territory of unreasonable and economically dangerous tax increases or spending cuts, then we should look at amending the bill and the extent of the credit expansion, but if that is not the case I believe we should go ahead with this as is. I'd like to note these are changes to the marginal rate of income tax. And furthermore, personally I find that when I'm looking for how to meet the Paygo requirements my judgement is that a revenue increase taken primarily from upper-incomes is less harmful than spending cuts. I do want to see if there are cuts that can be made but they have to be good on their merits and given that there is far more talk of wasted spending in the budget than there is proof of said wasted spending existing, let alone it being addressed(especially when there was previously a lot of opportunity for this to occur), so I'm hesitant to make cuts that I am unsure about the ramifications of. I recognize that in the Senate we have a range of different worldviews and ideologies, and how I see things is different to how someone else may see things, so some of the differences in viewpoint may be very difficult to resolve. So I'm saying things as I see it(and as I hope a majority of the Senate will see it too), and I can't satisfy everyone all the time(though we do want to get consensus where possible), and representing as best I can what I think is in the best interests of my constituents.

[Pericles]

Reiterating the final vote motion.

[Pericles]

An amendment is being planned for this.

[Pericles]

This will be done. And I don't get your bizarre hatred for low-income tax cuts YE, especially as it supposedly stops some magical non-existent bill that you claim to prefer. There is absolutely no way I will let this be scrapped. I have already had to rebut your tired and dumb arguments repeatedly. This bill is worthwhile and beneficial to millions of Atlasians. Furthermore, I want to wait until the presidential results as how we proceed would be different depending on if you, tmthforu, or someone else somehow get elected.

[Pericles]

Oh, you misunderstood my comment. I’m not against, based on what the rough outline that I’ve been told is in the works, the potential modified version of this bill but I don’t want bills to become stale on the Senate floor. It sets a bad precedent for just procrastinating on unfinished bills and discourages debate.

Ok, well that's more justifiable but I was concerned by your comments previously and on Discord when I do strongly feel this bill will be beneficial. I have also shown the amendment proposal to Senator DevoutCentrist and have contact with the original proposer.

[Pericles]

I can still help write the amendment as a citizen, by the time Atlasia settled down rl was very busy.