SENATE BILL: Wealth Tax Act (Passed)

[Devout Centrist]

I motion for a final vote

[Southern Senator North Carolina Yankee]

The amendment is adopted, Senators have 24 hours to object to the final vote.

[Southern Senator North Carolina Yankee]

A final vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.

[Devout Centrist]

Aye

[Southern Senator North Carolina Yankee]

Really? One damn vote!

[Devout Centrist]

Really? One damn vote!

I'll send a message to the others to vote soon

[ON Progressive]

Aye

[Former President tack50]

Well, requiring someone to pay 1 million $ as a wealth tax is a lot of money. On the other hand, 50 million is even more money. Still support it overall, but I regret not paying attention.

Aye

[Pyro]

Aye

[Southern Senator North Carolina Yankee]

NAY ftr

[Southern Senator North Carolina Yankee]

Vote on Final Passage of the Wealth Tax Act:

Aye (4): Devout Centrist, OntarioProgressive, Pyro, and Tack50
Nay (1): NC Yankee (technically late, perils of seeking to be last)
Abstain (0):

Didn't Vote (0):
Vacant Seats (1): Vern1988. (Reminds me I need to see what the situation is with this vacancy).


The bill has passed the Senate and is sent to the VP.

[Southern Senator North Carolina Yankee]

A SENATE BILL
To create a fairer Atlasia and maximize government revenue

Be it enacted in both Houses of Congress

Section 1; Title
1. This legislation may be cited as the "Wealth Tax Act".
Section 2; Substance
1. Households of a net worth greater than $50 million shall have a 2% annual tax imposed on their net worth.
2. A 2% annual surcharge shall be imposed on net worth greater than $1 billion.
3. A 1% annual surcharge shall be imposed on net worth greater than $5 billion.
4. A 1% annual surcharge shall be imposed on net worth greater than $10 billion.
5. All household assets shall be included in the calculation of household net worth, regardless of whether those assets are held in Atlasia.
a) Household assets shall include-residences, closely held businesses, assets held in trust, retirement assets, assets held by minors, and personal property with a value of $50,000 or more.
b) 'Closely held business' shall be defined as any sole proprietorship or partnership that any individual in a household legally owns or co-owns.
b) Individuals shall be allowed a closely held business exemption of $10 million from the taxes levied in this act.
6. Illiquid assets shall be defined as-penny stocks or similar stocks, ownership in private firms, fine art, antiques, or any tangible good, partnership shares in hedge funds, alternative investments, long term options, futures, and forward contracts and long term bonds and other debt instruments.
a) 'Long term' shall be defined as a period greater than one fiscal year.
b) Households shall be allowed a total illiliquid asset exemption of $30 million from the taxes levied in this act.
7. Funded by the tax changes in this legislation, the IRS's enforcement budget shall be doubled.
8. Any Atlasian citizen with a net worth of greater than $50 million shall pay a 40% tax on their net worth if they renounce their citizenship.
9. Any Atlasian citizen with a net worth of greater than $1 billion shall pay a 45% tax on their net worth if they renounce their citizenship.
10. Any Atlasian citizen with a net worth of greater than $5 billion shall pay a 50% tax on their net worth if they renounce their citizenship.
11. Nothing in this legislation shall be construed to increase the tax burden on any Atlasian households with a net worth of less than $50 million.
Section 3; Implementation
1. All changes in this legislation shall take effect in FY 2020.

People's Regional Senate
Passed 4-1 in the Atlasian Senate Assembled,

[Wisconsin+17]

Wow, this is total garbage legislation.