HB 20-08: Wealth Tax Act (Final Vote)

[Poirot]

Nay

I find it complex to apply, prefer to increase highest income directly.

[Pericles]

The vote is closed and the result is 3-3-0-3.
Aye; 3 (MB, Wulfric, razze)
Nay; 3 (fhtagn, LouisvilleThunder, Poirot)
Abstentions; 0
Not voting; 3 (YE, SWE, ReaganClinton)

As the vote has tied, I cast the tie-breaking vote;

Aye

This bill has passed into law.

[Pericles]

A 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 FY 2020.

People's Regional Senate
Passed 4-1 in the Atlasian Senate Assembled,

House of Representatives
Passed 3-3-0-3 in the Atlasian House Assembled

[YE]

Aye FTR.