Pacific Legislature Official Thread

[Antonio the Sixth]

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.

[Antonio the Sixth]

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.

[Antonio the Sixth]

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%.

[Antonio the Sixth]

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 ?

[Antonio the Sixth]

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.

[Antonio the Sixth]

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%.

[Antonio the Sixth]

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.

[Antonio the Sixth]

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.

[Antonio the Sixth]

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

[Antonio the Sixth]

Aye

[Antonio the Sixth]

Good.

[Antonio the Sixth]

I'm still alive, FTR.