SENATE BILL: WHITE HOUSE BUDGET PROPOSAL (On the President's Desk)

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IIRC we have a very robust social security net passed under the social security act. We can try and change eligibilities or payment amounts to save money.

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Aye

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Aye on the gasoline tax.

I will not be supporting the higher tax on corporations. Those taxes are passed on to the consumers or it leads to lower hiring. Income taxes are already high as well, so I don't see the need to raise rates there as well.

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Aye

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I would like to submit an amendment that changes the healthcare costs in the proposed budget to those forecast by the GM due to the passage of the new healthcare bill.

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[Sbane]

So with the passage of Amendments 49:30 and 49:31 we reduced the proposed top rate from 55% to 50% and then raised it back up to 60%?

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Nay. I like the other amendment.

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Nay. I like the other amendment.

Seriously? I proposed a very moderate amendment, the one that only taxes the harmful activities by the rich. It's really unfair for Atlasians to lose services when the rich are getting a tax cut.

I have nothing against the financial transaction tax. I support your second amendment basically. We will vote on it in due time.

[Sbane]

Nay. I like the other amendment.

Seriously? I proposed a very moderate amendment, the one that only taxes the harmful activities by the rich. It's really unfair for Atlasians to lose services when the rich are getting a tax cut.

You're characterizing financial transactions as "harmful activities"?

Speculation is  a harmful activity.

So your solution is to drive the little guy out of the stock market?

It's a % tax not a flat tax... The idea is to curb Wall Street.

It's still another tax on top of the fees already charged by private services. Also, trying to "curb" the stock exchange probably isn't the best solution to economic growth.

At that low rate I don't expect there to be a big reduction in activity. I favor this because it hits the idle rich who only pay capital gains taxes and not income taxes which in America is much lower than the income tax rate.

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Looks like we don't have a capital gains tax or an estate tax. I would be willing to lower income tax rates further and enact these new taxes.

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Why don't we pass the amendent proposed with a top rate of 50% and rate cuts for lower income people as well? And add in some payroll tax cuts on top of that? We would need to see how much we could cut while still maintaining a surplus.

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Does the current budge(without :36) have the Financial transaction tax?

Yes, Amendment 49:34 does include the financial transaction tax with a top tax rate of 50% and the rate reductions on the bottom two brackets. That is what I support.

Nay on Amendment 49:36.

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Aye

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Huh, looks like that huge budget surplus wasn't so huge after all.

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Aye