MA: Mideast Budget 2012 (Statute)

[Talleyrand]

Here is another proposal, removing one bracket, and changing the income tax rates slightly.

Income Tax Rate:
2%    $0 - $50,000
4.25%    $50,001 - $180,000
5.5%    $180,001 - $999,999
7%   $1,000,000+
1.5%   Employer contributions to pensions

Corporate Tax Rate:

0.5%    $0 - $75,000  
1.5%    $75,001 - $350,000
3%    $350,001 - $10,000,000
3.5%    $10,000,001 - $20,000,000
4%    $20,000,001-$70,000,000
5%   $70,000,001+

Thoughts? Ideas? Proposed changes?

What's clear is that neither a flat tax (supported by the Speaker, Governor, and Assemblyman 20RP12) or progressive system with more than four/five brackets (supported by Assemblyman Gass3268, Assemblyman Mr. X, and myself) can be enacted, so I hope this proposal, or the one I suggested earlier can be a sort of foundation for a middle ground.

Income Tax Rate:
1.5%    $0 - $50,000
3%    $50,001 - $180,000
4%    $180,001 - $750,000
5%    $750,001 - $2,750,000
6%   $2,750,001+
1.5%   Employer contributions to pensions

Corporate Tax Rate:

0.5%    $0 - $75,000  
1.5%    $75,001 - $350,000
3%    $350,001 - $10,000,000
3.5%    $10,000,001 - $20,000,000
4%    $20,000,001-$70,000,000
5%   $70,000,001+

[Chancellor Tanterterg]

Here is another proposal, removing one bracket, and changing the income tax rates slightly.

Income Tax Rate:
2%    $0 - $50,000
4.25%    $50,001 - $180,000
5.5%    $180,001 - $999,999
7%   $1,000,000+
1.5%   Employer contributions to pensions

Corporate Tax Rate:

0.5%    $0 - $75,000  
1.5%    $75,001 - $350,000
3%    $350,001 - $10,000,000
3.5%    $10,000,001 - $20,000,000
4%    $20,000,001-$70,000,000
5%   $70,000,001+

Thoughts? Ideas? Proposed changes?

What's clear is that neither a flat tax (supported by the Speaker, Governor, and Assemblyman 20RP12) or progressive system with more than four/five brackets (supported by Assemblyman Gass3268, Assemblyman Mr. X, and myself) can be enacted, so I hope this proposal, or the one I suggested earlier can be a sort of foundation for a middle ground.

Income Tax Rate:
1.5%    $0 - $50,000
3%    $50,001 - $180,000
4%    $180,001 - $750,000
5%    $750,001 - $2,750,000
6%   $2,750,001+
1.5%   Employer contributions to pensions

Corporate Tax Rate:

0.5%    $0 - $75,000  
1.5%    $75,001 - $350,000
3%    $350,001 - $10,000,000
3.5%    $10,000,001 - $20,000,000
4%    $20,000,001-$70,000,000
5%   $70,000,001+

I can live with this.

[Queen Mum Inks.LWC]

I cannot.  At most, I'll accept 3 tax brackets.

[Grumpier Than Thou]

I cannot.  At most, I'll accept 3 tax brackets.

Eeeeeeeeeeeyup.

[tmthforu94]

I'm going to introduce my proposal, which originally had bi-partisan support until someone backtracked. Hopefully we can try and work with it, making small changes to find something acceptable to both sides.

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $1,000,000
7%    $1,000,001+

I'd personally rather do the income tax, see how much that cuts the deficit, then do the corporate tax instead of doing both at the same time.

[Gass3268]

Here is another proposal, removing one bracket, and changing the income tax rates slightly.

Income Tax Rate:
2%    $0 - $50,000
4.25%    $50,001 - $180,000
5.5%    $180,001 - $999,999
7%   $1,000,000+
1.5%   Employer contributions to pensions

Corporate Tax Rate:

0.5%    $0 - $75,000  
1.5%    $75,001 - $350,000
3%    $350,001 - $10,000,000
3.5%    $10,000,001 - $20,000,000
4%    $20,000,001-$70,000,000
5%   $70,000,001+

Thoughts? Ideas? Proposed changes?

What's clear is that neither a flat tax (supported by the Speaker, Governor, and Assemblyman 20RP12) or progressive system with more than four/five brackets (supported by Assemblyman Gass3268, Assemblyman Mr. X, and myself) can be enacted, so I hope this proposal, or the one I suggested earlier can be a sort of foundation for a middle ground.

Income Tax Rate:
1.5%    $0 - $50,000
3%    $50,001 - $180,000
4%    $180,001 - $750,000
5%    $750,001 - $2,750,000
6%   $2,750,001+
1.5%   Employer contributions to pensions

Corporate Tax Rate:

0.5%    $0 - $75,000  
1.5%    $75,001 - $350,000
3%    $350,001 - $10,000,000
3.5%    $10,000,001 - $20,000,000
4%    $20,000,001-$70,000,000
5%   $70,000,001+

I can live with this.

Would like a higher percent for the top bracket, but this is better.

[Chancellor Tanterterg]

I'm going to introduce my proposal, which originally had bi-partisan support until someone backtracked. Hopefully we can try and work with it, making small changes to find something acceptable to both sides.

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $1,000,000
7%    $1,000,001+

I'd personally rather do the income tax, see how much that cuts the deficit, then do the corporate tax instead of doing both at the same time.

 

I'd much prefer the rates and brackets that Assemblyman TexasDem suggested.  But I would be willing to wait on the corporate tax (and probably accept smaller increases there) if you'd agree to TexasDem's proposal for the regional income tax.  Since TexasDem listed two proposals, this is the one I am referring to:

Income Tax Rate:
2%    $0 - $50,000
4.25%    $50,001 - $180,000
5.5%    $180,001 - $999,999
7%   $1,000,000+
1.5%   Employer contributions to pensions

The Governor's proposal is a big step in the right direction, but I still feel I'd be giving up a little more ground than I'm comfortable with by supporting it.

[Talleyrand]

I'm going to introduce my proposal, which originally had bi-partisan support until someone backtracked. Hopefully we can try and work with it, making small changes to find something acceptable to both sides.

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $1,000,000
7%    $1,000,001+

I'd personally rather do the income tax, see how much that cuts the deficit, then do the corporate tax instead of doing both at the same time.

 

I'd much prefer the rates and brackets that Assemblyman TexasDem suggested.  But I would be willing to wait on the corporate tax (and probably accept smaller increases there) if you'd agree to TexasDem's proposal for the regional income tax.  Since TexasDem listed two proposals, this is the one I am referring to:

Income Tax Rate:
2%    $0 - $50,000
4.25%    $50,001 - $180,000
5.5%    $180,001 - $999,999
7%   $1,000,000+
1.5%   Employer contributions to pensions

The Governor's proposal is a big step in the right direction, but I still feel I'd be giving up a little more ground than I'm comfortable with by supporting it.

I'm with Assemblyman Mr. X on this one, but we can reconcile the two proposals to some extent if mine is unacceptable to the Governor.

[Chancellor Tanterterg]

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

As Assemblyman TexasDem wisely noted, neither side has enough votes to pass their ideal regional income tax rates.  The important thing is not to seek the rates we would pick were it up to us alone, but ones that we can live with.  This is a compromise that I can live with and one that I would urge both the Governor and my friends and colleagues in the Assembly to support!  Thoughts?

[Talleyrand]

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

As Assemblyman TexasDem wisely noted, neither side has enough votes to pass their ideal regional income tax rates.  The important thing is not to seek the rates we would pick were it up to us alone, but ones that we can live with.  This is a compromise that I can live with and one that I would urge both the Governor and my friends and colleagues in the Assembly to support!  Thoughts?

Can we change these two brackets to the following?

3%    $13,001 - $175,000
5%    $175,001 - $999,999

[Chancellor Tanterterg]

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

As Assemblyman TexasDem wisely noted, neither side has enough votes to pass their ideal regional income tax rates.  The important thing is not to seek the rates we would pick were it up to us alone, but ones that we can live with.  This is a compromise that I can live with and one that I would urge both the Governor and my friends and colleagues in the Assembly to support!  Thoughts?

Can we change these two brackets to the following?

3%    $13,001 - $175,000
5%    $175,001 - $999,999

I am fine with that if we can get the Governor to support it.

[Talleyrand]

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

As Assemblyman TexasDem wisely noted, neither side has enough votes to pass their ideal regional income tax rates.  The important thing is not to seek the rates we would pick were it up to us alone, but ones that we can live with.  This is a compromise that I can live with and one that I would urge both the Governor and my friends and colleagues in the Assembly to support!  Thoughts?

Can we change these two brackets to the following?

3%    $13,001 - $175,000
5%    $175,001 - $999,999

I am fine with that if we can get the Governor to support it.

I'm pleased to see that we are approaching a compromise.

[Chancellor Tanterterg]

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

As Assemblyman TexasDem wisely noted, neither side has enough votes to pass their ideal regional income tax rates.  The important thing is not to seek the rates we would pick were it up to us alone, but ones that we can live with.  This is a compromise that I can live with and one that I would urge both the Governor and my friends and colleagues in the Assembly to support!  Thoughts?

Can we change these two brackets to the following?

3%    $13,001 - $175,000
5%    $175,001 - $999,999

I am fine with that if we can get the Governor to support it.

I'm pleased to see that we are approaching a compromise.

Indeed.  If that change were made would you support this?

[Talleyrand]

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

As Assemblyman TexasDem wisely noted, neither side has enough votes to pass their ideal regional income tax rates.  The important thing is not to seek the rates we would pick were it up to us alone, but ones that we can live with.  This is a compromise that I can live with and one that I would urge both the Governor and my friends and colleagues in the Assembly to support!  Thoughts?

Can we change these two brackets to the following?

3%    $13,001 - $175,000
5%    $175,001 - $999,999

I am fine with that if we can get the Governor to support it.

I'm pleased to see that we are approaching a compromise.

Indeed.  If that change were made would you support this?

Yes, while it's not perfect, I would satisfied with the compromise.

[tmthforu94]

The original compromise was enough of a stretch for me - I can't support the proposed amendment to it.

[Gass3268]

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

As Assemblyman TexasDem wisely noted, neither side has enough votes to pass their ideal regional income tax rates.  The important thing is not to seek the rates we would pick were it up to us alone, but ones that we can live with.  This is a compromise that I can live with and one that I would urge both the Governor and my friends and colleagues in the Assembly to support!  Thoughts?

Can we change these two brackets to the following?

3%    $13,001 - $175,000
5%    $175,001 - $999,999

I like this a lot!

[Talleyrand]

The original compromise was enough of a stretch for me - I can't support the proposed amendment to it.

If I changed the proposed cutoff to $200,000, would you be willing to support it?

[Chancellor Tanterterg]

The original compromise was enough of a stretch for me - I can't support the proposed amendment to it.

If I changed the proposed cutoff to $200,000, would you be willing to support it?

Again, I'm fine with this, but I don't think we should let this become a give an-inch-take-a-yard situation (or at least feel like one to the Governor).  The original compromise may be about the only thing that can both get through the legislature and get Governor Tmthforu94's support (remember, he could always veto the budget).  Better to have 50% of something than 100% of nothing.  Maybe Governor Tmthforu94 might consider $225,000 as a cut-off, but if not, I think this is about as good as we'll get.

[Talleyrand]

The original compromise was enough of a stretch for me - I can't support the proposed amendment to it.

If I changed the proposed cutoff to $200,000, would you be willing to support it?

Again, I'm fine with this, but I don't think we should let this become a give an-inch-take-a-yard situation (or at least feel like one to the Governor).  The original compromise may be about the only thing that can both get through the legislature and get Governor Tmthforu94's support (remember, he could always veto the budget).  Better to have 50% of something than 100% of nothing.  Maybe Governor Tmthforu94 might consider $225,000 as a cut-off, but if not, I think this is about as good as we'll get.

After speaking with the Governor, I have decided to go ahead and support the original compromise at this time. I do not believe this change is big enough for me to vote against the bill, and our region deserves a budget passed. Nevertheless, I am not displeased with this compromise, and remain glad that we have been able to finally form a clear path for the most important duty of the assembly- passing the budget.

[tmthforu94]

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

Mr. X, could you please clarify that this is a proposed amendment, not just a suggestion, so the Speaker will know that a vote will need to be brought on it?

[Chancellor Tanterterg]

Proposed Amendment:


The income tax rate section of the budget shall be amended to read the following:

Income Tax Rate:
0%    $0 - $13,000
3%    $13,001 - $250,000
5%    $250,001 - $999,999
7%    $1,000,000-$10,000,000
9%    $10,000,001+

[Queen Mum Inks.LWC]

Do we want a GM analysis of the amendment before or after the vote?

[tmthforu94]

One has been requested.

[🐒Gods of Prosperity🔱🐲💸]

What do people think about basing the income tax rates on a real life state from the region? If you want to be able to see estimates from me without a very long wait, that'd be the way to do it.

[Queen Mum Inks.LWC]

What do people think about basing the income tax rates on a real life state from the region? If you want to be able to see estimates from me without a very long wait, that'd be the way to do it.

Oh hey - like a flat tax rate?  Just like I've been saying.