SENATE BILL: Independent Educational Institution Relief Act (Redraft Passed)

[🐒Gods of Prosperity🔱🐲💸]

Thank you.  I would consider accepting an amendment to address the facilities issue.  I just think in general we should treat revenue used to build up the academics and programs for students differently than shareholder profits or the like, and I want the language to be clear and comprehensive on that point. 

To demonstrate the problem we have right now, consider two for-profit colleges.  One is a complete diploma mill without any real classes and makes a 75% corporate profit on tuition, the other invests more in its students and makes 15%, and some of that is reinvested in succeeding years.  With an across the board 50% tax on revenue, the former will be the one that can still operate as it is because it is still making a profit .

[🐒Gods of Prosperity🔱🐲💸]

Aye

[🐒Gods of Prosperity🔱🐲💸]

Aye

But considering the voting pattern, I'm worried I might be missing something

As far as I can tell, the other leftists are just trying to scuttle this compromise amendment because they don't want any bill to pass. It has nothing to do with the particulars of the amendment, which compared to the previous versions of this bill increases the taxes and accountability of for-profits, as well as invests more in vocational education.

[🐒Gods of Prosperity🔱🐲💸]

So if you are quite through pandering to the swing voters in the 2016 Elections, may we continue with this bill, please?

Where are we?

Unless another Senator has something to add, I think we can move to a final vote.

[🐒Gods of Prosperity🔱🐲💸]

IS the 50% tax in addition to the 25% corporate tax the parent company of the school will pay? I think we said it was but I wasn't sure if we needed to include it in the bill.

As written I think it would be a replacement rather than an addition for that income. 

[🐒Gods of Prosperity🔱🐲💸]

AYE

[🐒Gods of Prosperity🔱🐲💸]

Would we be open to a redraft making the 50% tax an additional tax on top of the 25% corporate tax? The companies would still be able to invest in the students/facilities, and we could still put in this additional tax to limit for-profit education in the process. That way, it would give these companies incentive to invest in their students to lessen their tax burden.

That's fine, but can we then make it a 40% tax plus the corporate tax rates?

[🐒Gods of Prosperity🔱🐲💸]

Did you mean to say that profit is subject to a tax on its net profits?

[🐒Gods of Prosperity🔱🐲💸]

I motion for a vote on the redraft.

[🐒Gods of Prosperity🔱🐲💸]

Aye (though it looks like we will need to fix the formatting)

[🐒Gods of Prosperity🔱🐲💸]

AYE


Shua you mentioned the need for formatting changes, what are those before I declare this as having passed?

Just that there is a [/b] hanging out at the end of 2, and now that it has passed, incorporating the redrafted portion as a normal part of the text instead of the strikethough and bold .

[🐒Gods of Prosperity🔱🐲💸]

Yep, looks right.

[🐒Gods of Prosperity🔱🐲💸]

I appreciate the President's willingness to work with me on this issue. Thanks for passing this, Senators.