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

[Battista Minola 1616]

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.

[Battista Minola 1616]

For the record, here is an amendment where I transfer the revenue levels for the unaltered brackets from the budget and add the total revenue in the income tax section, for clarity.

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      10%    $ 12,700,800,000.00 ($ 12.70 billion)
 13K-50k    15%    $ 297,239,775,000.00 ($ 297.24 billion)
 50K-130K   25%     $ 812,899,937,500.00 ($ 812.90 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: $2,136,362,512,500.00 ($2,136.36 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

[Battista Minola 1616]

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?