Midwest 2014 Budget (Vote)

[GAworth]

I would like to leave around $25 Billion or so in surplus, I would like to have a cushion for new bills.
I would like to exempt income tax for people under $50,000 heck maybe even up to $100,000. That is my suggestion.

[GAworth]

I would like to leave around $25 Billion or so in surplus, I would like to have a cushion for new bills.
I would like to exempt income tax for people under $50,000 heck maybe even up to $100,000. That is my suggestion.

I no longer have a say in all this, but I think the Midwest has helped the poor in a large way, and I think we should start using tactics in our tax code that will help employment in the other direction. The nation as a whole has a much more competitive tax code than we did before in terms of the corporate rate, and I think the Midwest needs to follow suit.

True, but maybe we could see the exemption raised for companies under $500,000 and raise the income tax exemption up to $50,000. I think that could be a good idea.

[GAworth]

I would like to leave around $25 Billion or so in surplus, I would like to have a cushion for new bills.
I would like to exempt income tax for people under $50,000 heck maybe even up to $100,000. That is my suggestion.

I no longer have a say in all this, but I think the Midwest has helped the poor in a large way, and I think we should start using tactics in our tax code that will help employment in the other direction. The nation as a whole has a much more competitive tax code than we did before in terms of the corporate rate, and I think the Midwest needs to follow suit.

True, but maybe we could see the exemption raised for companies under $500,000 and raise the income tax exemption up to $50,000. I think that could be a good idea.

How about the income tax exemption for up to the poverty line for a family of 5, which is about $30,000? I'm not sure we should cut out the base entirely, but this is a good negotiation to have.

As for companies, that's a good idea, but again, $500,000 may not be the best. I will make something up right here:

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If some kind Althinger wants to endorse these, that would be great.

I am not sure. I for one don't know even about lowering taxes to terribly much. But I do see the excellent points you are making. I will mull the idea over.

[GAworth]

I would like to hear what the other members of the legislature have to say about this before I finally make my mind up.

[GAworth]

I think we can maybe cut corporate tax at a later time, the first I would like to do is change the income tax to $0.00-$50,000 0%. However, I am not against extending the corporate tax exemption to $250,000 because those are mostly small businesses. Although I would like a cost analysis, because I want to leave ideally $20 Billion for spending increases and other programs to come. I can also possibly get behind a sales tax reduction, but again I would like a cost estimate.

[GAworth]

Cutting the corporate hardly costs a lot, and would have more benefit than not in terms of who comes into the Midwest. Regardless, I think maybe a slighter cut then the one I have is fine, and I would be happy with raising the exemption so that smaller businesses can work. Combined with cutting sales taxes and income taxes, I think we can get a good piece of work done, and still have enough revenue for increasing spending in certain areas.

I agree it will not cost that much, hopefully. However, I would like to see a cost analysis of all of the proposals, that way we can see what we are working with.

[GAworth]

As the Althing is not very receptive about the idea of ending with the Regional Corporate Tax, I may suggest you to use part of this enormous surplus on useful things that could create opportunities for the poor and for the Middle Class. Here it's a list of suggestions that I could make:

• Create a Micro-Credit Bank to promote the Creation of Small Business
• Create a school aid program to support those with outstanding results on school
• Reduce the Income Tax
• Create an Investment Bank like those they have in North Dakota
• Create incentives for companies that are open for apprenticeships and to help students on getting their first jobs.

We have done something similar to the 1st proposal.
I am looking into the other proposals, I know we are debating the income tax, and increasing school aid. I'll take a look at the others and very well could propose legislation for it.

[GAworth]

Those are quite interesting ideas, Superique, and while GAworth already addressed the Bank issue with his new bill, we could consider the income tax idea. If we are going to lower the taxes after all, it would be a lot better to lower them on lower and middle class citizens than corporations.

I agree, my original proposal brought the exemption up to $50,000 on income tax

[GAworth]

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So I am not sure how much the corporate tax reduction will cost but the extension of the exemption to $50,000 for Income Tax will leave us with a surplus of around $29.2 Billion. If the Extension of the exemption to $100,000 for Corporate tax is under $10 Billion I will be pushing for this plan. I asked the GM for specific bracket amounts for each Corporate Tax bracket.

[GAworth]

I asked the GM for analysis but I don't know when is coming back with an estimate.

[GAworth]

Sure, I withdraw. Although I will be bringing an amendment forward as soon as I get an estimate.

[GAworth]

Aye