Pacific Legislature Official Thread

[🐒Gods of Prosperity🔱🐲💸]

So is that income tax bill law already?   I can't quite grasp the procedure of your assembly. 

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.

[🐒Gods of Prosperity🔱🐲💸]

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.

[🐒Gods of Prosperity🔱🐲💸]

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.

[🐒Gods of Prosperity🔱🐲💸]

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%.