SB 108-08: Funding a Greater Society Act (Passed)

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AN ACT
To provide for tax increases on high incomes

Be it enacted by the Senate of the Republic of Atlasia assembled

Section 1. Title

1. This act may be cited as the Funding a Greater Society Act.

Section 2. Tax Changes

Changes to tax brackets:

                     
 by tax bracket:
 0-13K      100% $0 ($0)
 13K-50k    15%: $99,079,925,000 ($99.07 billion)             
 50K-130K  205%: $650,319,950,000 ($650.32 billion) 
 130K-210K  29%  31% : $452,282,000,000.00 ($452.29 Billon)     
 210K-413K  34%  38%: $317,099,000,000.00 ($317.10 Billon)                       
 413K+  45%: $244,141,000,000.00 ($244.14 Billon)

The Wealth Tax Act is amended as follows:

1. Households of a net worth greater than $50 million shall have a 24 %  annual tax imposed on their net worth.
2. A 2% 4% annual surcharge shall be imposed on net worth greater than $1 billion.
3. A 1% 2% annual surcharge shall be imposed on net worth greater than $5 billion.
4. A 1% 2% annual surcharge shall be imposed on net worth greater than $10 billion.

Revenue: $576.00 202.55 Billion

My apologies for submitting an amendment this late but I hope nobody objects.

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Objection from the de facto comptroller, as Ishan's amendment has nonsensical numbers. That figure of $576 billion referred specifically to the wealth tax so it can't possibly become lower if the wealth tax is untouched. The income tax changes are also inconsistent with the way I formatted the revenue.

I’ll withdraw and introduce another amendment in a few hours.

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Objection from the de facto comptroller, as Ishan's amendment has nonsensical numbers. That figure of $576 billion referred specifically to the wealth tax so it can't possibly become lower if the wealth tax is untouched. The income tax changes are also inconsistent with the way I formatted the revenue.

I’ll withdraw and introduce another amendment in a few hours.

What kind of amendment do you want introduce? The same principle but better formatted?

Yes.

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As promised with some changes:

AN ACT
To provide for tax increases on high incomes

Be it enacted by the Senate of the Republic of Atlasia assembled

Section 1. Title

1. This act may be cited as the Funding a Greater Society Act.

Section 2. Tax Changes

Changes to income tax brackets:

by tax bracket:
 0-13K      100% $0 ($0)
 13K-50k    15%: $99,079,925,000 ($99.07 billion)             
 50K-130K  205%: $650,319,950,000 ($650.32 billion) 
 130K-210K  29%  31%: $452,282,000,000.00 ($452.29 Billon)     
 210K-413K  34%  38%: $317,099,000,000.00 ($317.10 Billon)
 413K+  45%: $244,141,000,000.00 ($244.14 Billon)

Total Revenue: $1,762,921,875,000 ($1,762.92 Billion)

The Wealth Tax Act is amended as follows:

1. Households of a net worth greater than $50 million shall have a 2% 4% annual tax imposed on their net worth.
2. A 2% 4% annual surcharge shall be imposed on net worth greater than $1 billion.
3. A 1% 2% annual surcharge shall be imposed on net worth greater than $5 billion.
4. A 1% 2% annual surcharge shall be imposed on net worth greater than $10 billion.

Revenue: $576.00 Billion

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Aye

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Nay

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Nay