I cannot support this bill in it's current form in good conscience. The unilateral repeal of corporate income tax, capital gains tax, and the payroll tax, as well as the nullification of federal regulations would not create wealth among most low-income citizens, or even the local businesses you intent to help, it would mostly benefit large corporations who move into these zones. There is no need for these Economic Freedom Zones. We have a surplus here in the Southern Region, why not put it to better use by leaving out the tax cuts and regulation cutback, and instead use it everywhere else in the bill. Therefore i propose some amendments to the bill.
Section 2: Findings
The Chamber of Delegates finds the following
(1) Low-income communities are unable to spur job growth and increase economic output in their communities
(2) Middle class and wealthy communities are able to do this under the current tax system
(3) Many low-income communities would like to rebuild themselves with tax credits from government, due to lack of capital.
(4) Incentives ought to be provided to local businesses in low-income communities and other businesses in the South
(5) Culture is important in these communities and it’s crucial for the communities to hire from within
Short Term:
The best way to spur growth in communities is to provide business owners and individuals from these communities with tax credits to spur growth in said communities.
(1) Repeal the following regional business taxes: Corporate income tax, capital gains tax, and the payroll tax
(1) Adding a tax credit of $250 to each business per new hire of an individual from their home
community
Mid Term:
Reinvestment is crucial to the survival of low-income communities. Tax credits help create this environment. Reinvestment creates the pillar that allows said communities to flourish.
(1) Double the amount of expense of all business costs
(2) Suspend and nullify all federal regulations in areas designated as Economic Freedom Zones
(2) Appoint officials to coordinate with business owners in areas with restricted land to lower restrictions.
Long-Term Reinvestment:
Increasing both economic opportunities and economic mobility in these disadvantaged communities.
(1) Create a voucher program for communities designated as Economic Freedom Zones.
(1) Provide a new $1500 tax credit per child for parents or guardians
(2) Establish a new Business-Academic Tax credit for businesses that provide scholarships or financial aid to employers and residents in their communities.
(3) Increase the number of Southern resident applicants in order to raise the number of entrepreneurs.
