House Legislation Introduction Thread

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I'm sponsoring this in the House

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I strongly Co-Sponsor this sound piece of legislation.

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I will be sponsoring Secretary Truman's sound piece of legislation.

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4 other members will have to sponsor this before it can be brought to the House floor.

I sponsor this article of expulsion.

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4 other members will have to sponsor this before it can be brought to the House floor.

I sponsor this legislation.

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[quote]Corporate Tax Reform Bill of 2016

Introduction:

Atlasia’s system of business taxation is in need of reform. We have a relatively narrow corporate tax base compared to other countries—a tax base reduced by loopholes, tax expenditures, and tax planning. The resulting system distorts choices, such as where to produce, what to invest in, how to finance a business, and what business form to use. And it does too little to encourage job creation and investment in the United States while allowing firms to benefit from incentives to locate production and shift profits overseas. The system is also too complicated, especially for Atlasia’s small businesses.

These five sections will not only help expand our tax base, but also help small businesses (and even large ones) thrive.

Section One: Eliminating Ineffective Loopholes and Subsides

i. We will address current depreciation schedules due to their consistent overstatement of economic assets. In an increasingly global economy, accelerated depreciation may be a less effective way to increase investment and job creation than reinvesting the savings from moving towards economic depreciation into reducing tax rates. We will reduce Accelerated Depreciation Schedules by 33% for Businesses worth over 100M.

ii. Reducing the bias toward debt financing in investment. Our reforms should take additional steps to reduce the tax preference for debt-financed investment, such as “haircutting” corporate interest deductions by about 10%. Limiting interest deductibility would finance
lower tax rates and do more to encourage investment in the United States than many other ways
to pay for rate reductions.

iii. Ending dozens of unfair business tax loopholes and tax expenditures that create a heightened tax rate:

• Ending "Last In First Out Accounting" - Under the “last-in, first out” method of
accounting for inventories, it is assumed that the cost of the items of inventory that are sold is equal to the cost of the items of inventory that were most recently purchased or produced. This assumption overstates the cost of goods sold and understates the value of inventories. Under this reform, we would end this system, bringing us in line with international standards and simplifying the tax system.

• Ending Tax Code Preferences For Oil and Gas Companies - The tax code currently subsidizes oil and gas production through tax expenditures that provide preferences for these industries over others. These reforms would repeal more than a dozen tax preferences available for fossil fuels.

• Reform treatment of insurance industries and their products -  Under this bill, we will reform the treatment of insurance companies and products to improve information reporting, simplify tax treatment, and close loopholes, including one in which corporations shelter income using life insurance contracts on their officers, directors, or employees.

• Reform the treatment of measurement and character of gains - This bill would reform the treatment of capital gains, including modifying rules for like-kind exchanges, which allow investors in certain assets to avoid realizing a capital gain, and thus to defer payment of tax, through a transaction structured as an exchange rather than a sale.


Section Two: Strengthening American Innovation

i. Expand, simplify, and make permanent the Research and Experimentation Tax Credit. The R+E Tax Credit is used for investment in new research and innovation, but is only renewed off-and-on annually. Making this permanent and increasing its range would help idealistic young people and small businesses bring their ideas into reality. We will also expand it for all start-ups and make it entirely refundable.

ii. Consolidate, enhance, and permanently extend key tax incentives to encourage investment clean energy and the tax credits for the production of renewable electricity and investment in renewable energy technologies. These reforms would provide a strong, consistent incentive to encourage investments in renewable energy sources, like wind and solar. The production tax credit and investment tax credit for renewable electricity generation are extended off and on, but permanent tax incentives for clean energy investment are needed to meet the challenge of climate change and address the harmful consequences of pollution. In addition, the structure of the renewable production tax credit has required many firms to invest in inefficient tax planning through tax equity structures so that they can benefit even when they do not have a tax liability in a given year because of a lack of taxable income. This framework would eliminate the need for these strategies by making the production tax credit refundable. In addition to these reforms to support clean energy, we will eliminate tax subsidies for oil and gas as described above.

iii. Effectively cut the top corporate tax rate on manufacturing income to 20 percent by reforming the domestic production activities deduction. The manufacturing sector plays an outsized role in the U.S. economy and is particularly important for future job creation, innovation, and
economic growth. For this reason, this bill will reform the current domestic production activities deduction. It would focus the deduction more on manufacturing activity and expand the deduction to 10.7 percent, effectively cutting the top corporate tax rate for manufacturing income to 20 percent.

Section Three: Strengthening the International Tax System

i. Reduce large corporations' ability to move and avoid the Atlasian tax system. A minimum tax on foreign earnings would ensure that no matter what tax planning techniques an Atlasian corporation engages in, and no matter where it reports its profits, it would still face a tax rate of at least 19 percent. Unlike the current system, there would be no “deferral” of tax—the minimum tax would apply to profits in the year they are earned. The minimum tax would stop our tax system from generously rewarding companies for moving profits offshore. In addition, other elements of the plan would make it harder to shift profits overseas by limiting interest stripping, transfer pricing abuses, and inversions.

ii. Reduce the incentive to shift production overseas. The current system encourages companies to shift production overseas to take advantage of indefinite tax deferral on the resulting earnings— and to establish a legal toehold in a foreign country to enable even more earnings to be shifted there on paper. The minimum tax would also reduce these incentives by ensuring that the earnings of Atlas multinationals’ foreign subsidiaries are taxed on a current basis at a rate of at least 19 percent.

iii. Increase the competitiveness of Atlasian Corporations Atlasian multinationals often have legitimate non-tax reasons to locate production overseas, either to serve local markets or because of specific competitive advantages to overseas production. Other countries with territorial systems effectively do not tax firms on their overseas production, and so those firms incur no taxes when earnings are distributed to the parent company in its home country (that is, upon “repatriation”). In addition, foreign resident companies that produce locally face only that country’s corporate tax rate. In contrast, Atlasian companies face relative high explicit or implicit repatriation taxes, and therefore may operate at a tax disadvantage. In order to balance the two goals above with the desire not to disadvantage American multinationals vis-à-vis their competitors, the plan sets the global minimum tax rate lower than the full 28 percent rate proposed for reform—and offers a deduction for income from active business investment.

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Part Two!

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I will sponsor The Criminal Justice Act proposed by the President.

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[quote]The Atlasian Full Employment and Growth, Reconstruction, and Other Works Act of 2016 (The G.R.O.W. Act)

Introduction:

In our nation, every man or woman deserves to be able to live up to his or her own god-given potential, we as a nation, work harder than every other nation on earth! But there are still too many of us who lack the employment they desire, nay deserve. Therefore it is the duty of those of us in government to find a solution for this, and help these hardworking Atlasians find a job.

To do this, we must follow the steps of President Franklin Roosevelt in helping spur the economy by creating new public works and infrastructure projects. We must also look at our unemployment benefits system, and seek to make it work for those that use it. And we must work with the private sector to continue a strong public/private relationship.

This bill will ensure that every Atlasian is able to live up to their potential, with affordable childcare, a good job, and a prosperous economy for all.

Section One: Tax Relief for Working Families and Businesses

i. Cut the payroll tax on all businesses to 3.1% (or in half). This bill will cut in half the taxes paid by businesses on their first $5 million in payroll, providing a tax but targeting the benefit to the 99 percent of firms that have payroll below this threshold. All businesses will pay 3.1%, instead of the current rate of 6.2, on their first 5 million in payroll, which would boost their ability to grow and expand, therefore expanding our economy.

ii. A complete payroll tax holiday for added workers or increased wages. This plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (to ensure that this tax cut is focused on small businesses, the tax relief is capped at $50 million in payroll increases)

iii. Allow 100% business expensing (for businesses with assets under $50M) until 2019. To encourage businesses to grow and prosper we will allow for a full deduction of all businesses expensing, for small businesses, to encourage them to make new investments in our economy. This extension would put an additional $85 billion in the hands of businesses next year.


iv. Cutting payroll taxes in half for 160 million workers next year. Starting in the 2017 Fiscal Year, 160 million workers will see an instant tax cut of 50% for their payroll taxes, with slow growth back to the current rate by 2021. This will give the average Atlasian family a tax cut of $4,000 over the next 4 years.


v. Allowing more Atlasians to refinance their mortgages. Now that our mortgage interest rates are just under 4 percent, we will allow Atlasians, who are stuck at high pre-recession interest rates refinance, which can put more than $2,000 a year in a family’s pocket. This will also decrease government tax expenditures by allowing mortgages to be lowered.



Section Two: Programs for the Currently Uninsured

i. Extend benefits for 6 million long-term beneficiaries. This bill will extend those that are currently within a year of losing their benefits and allow them to stay on these benefits through 2020. This will allow 6 million people to seek employment, while not worrying about how to feed their families, and be forced to dip into (if they have any) retirement.

ii. Give unemployment insurance for workers whose employers choose work-sharing over layoffs to cover those lost hours for employees. Work sharing allows employers, who are considering downsizing to, instead of laying off workers, to decrease their hours for their employees and then their employees will be covered for lost hours by unemployment insurance.

iii. Improve reemployment services for the long-term unemployed through counseling, and eligibility assessments. For those that are currently uninsured, we must secure their ability to seek a job. To do this, we will expand counseling programs and eligibility assessments to see what job fits each person. This will expand and diversify the workforce, and allow employers to have a stronger relationship with their employees.

iv. Improve reemployment services for the long-term unemployed through counseling, and eligibility assessments. For those that are currently uninsured, we must secure their ability to seek a job. To do this, we will expand counseling programs and eligibility assessments to see what job fits each person. This will expand and diversify the workforce, and allow employers to have a stronger relationship with their employees.

v. A new “Bridge to Work” program. This program builds on and improves innovative regional programs where those displaced take temporary, voluntary work or pursue on-the-job training. This allows the regions to get a larger federal block grant (at about $2 Billion per region) for those that are displaced and to allow them to experiment to take these programs to the next level, and give them assistance to expand job opportunities for low-income youth and adults by investing in promising and proven strategies and programs like summer jobs and sector-based training programs.

vi. Innovative entrepreneurship and wage insurance programs. Regions will now be empowered to implement wage insurance to help reemploy older workers, employ younger workers (especially new college grads), and create programs that make it easier for unemployed workers to start their own businesses. This will ensure that the regions are able to control rising unemployment in their own ways (through the block grant, and this program).

vii. Mandate the EEOC investigate cases of discrimination in hiring against persons who have been or are unemployed. Discrimination must be fought in all forms, especially against those seeking employment. This bill will force and encourage the EEOC to investigate any claims of discrimination against those out of work. This will attempt to end the stigma of employers against the unemployed.

vii. Mandate the EEOC investigate cases of discrimination in hiring against persons who have been or are unemployed. Discrimination must be fought in all forms, especially against those seeking employment. This bill will force and encourage the EEOC to investigate any claims of discrimination against those out of work. This will attempt to end the stigma of employers against the unemployed.

viii. Create a $4,000 tax credit to employers for hiring long-term unemployed workers. This tax credit will help incentivize employers to hire those that have been out of work for over 6 months and give them the work experience they deserve. For every long-term (as defined by over 6 months unemployed) unemployed employee hired, the company will receive $4,000 in tax credits.

ix. Offer tax credits to encourage businesses to hire unemployed veterans. Servicemen and women deserve out highest respect, and therefore they should be able to live up to the American dream, just like all of us, and that includes employment. Businesses that hire veterans who have been unemployed six months or longer would receive a tax credit up to $5,600, and that credit rises to $9,600 for veterans who also have service-connected disabilities.
 
x. Enact a high-speed rail system from Boston to Miami. If we are to fully grow our economy and our infrastructure, then we must use new and progressing technology to adequately keep up with the global economy. To do this, we must tap into the system of high-speed rails. This will allow for quick commuter access, growth in tourism and commerce between regions, and help with our unemployment crisis.

PART 1

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PART TWO

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Sponsor: NeverAgain

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I'll sponsor the Clean Coasts and Seas Act.

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This is a great bill, that I am stealing from our great Secretary of Interior, Truman.

This will be known as The Reconstruction of Fremont Act of 2017

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PART 2:

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PART 3:

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In the pursuit of Tax, and Healthcare Reform of which my proposals are in the works, I decided this could be a comprehensive thing we could first sink our teeth into.

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I would enjoy a Representative sponsoring this for me.

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END OF PART I