SENATE BILL: Wealth Tax Act (Passed)

[Devout Centrist]

This Act, based on an IRL version, will help Atlasia make great strides in reducing economic inequality. This Wealth Tax focuses on 70,000 households that hold a great deal of this country's wealth. It also contains exemptions for investment, illiquid assets, and collectibles. This bill would reduce the deficit substantially as well.

I urge my colleagues to support this bill and vote Aye when it comes to a final vote.

[Devout Centrist]

How much does this generate in revenue?

The original proposal generates $275 Billion in revenue annually. However, I tweaked some of the rates and added some exemptions. It would be helpful if the GM team could score this.

[Devout Centrist]

How much does this generate in revenue?

The original proposal generates $275 Billion in revenue annually. However, I tweaked some of the rates and added some exemptions. It would be helpful if the GM team could score this.

Is there time frame for how long that will take?

My guess is, anywhere from a couple days to 2 weeks

[Devout Centrist]

How much does this generate in revenue?

The original proposal generates $275 Billion in revenue annually. However, I tweaked some of the rates and added some exemptions. It would be helpful if the GM team could score this.

Is there time frame for how long that will take?

My guess is, anywhere from a couple days to 2 weeks

I did a wealth tax estimate for Lincoln so generating some numbers should be easy. However, the big question (and the part that makes this more difficult) is how each new tax affects all of the other taxes and their revenues, especially with so many changes being discussed at once.

Also, has anyone been keeping, like, a spreadsheet or something on new spending/revenue for this session for easy reference? Don't think anyone has asked for an analysis of the Buffett rule one yet but I assume I'll have to cost that one as well.

Could we get a progress report on this?

As to the spreadsheet question, most likely answer is no.

Yes, a report would be much appreciated. I thank Senator Yankee for taking the initiative on this.

[Devout Centrist]

Federal Wealth Tax Estimate

How does the mortality assumption come into play?

[Devout Centrist]

So you're applying the wealth tax to the estate of the deceased? Does the estimate include folks from living households?

[Devout Centrist]

So the minimum amount raised by this is $29 billion annually correct?

It would appear so

[Devout Centrist]

I motion for a final vote

[Devout Centrist]

Since someone has objected to the final vote, I am proposing an amendment:

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 the second full fiscal year following its passage into law. FY 2020.

[Devout Centrist]

I motion for a final vote

[Devout Centrist]

Aye

[Devout Centrist]

Really? One damn vote!

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