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Author Topic: Northeast Assembly Thread  (Read 377401 times)
Antonio the Sixth
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« Reply #325 on: October 18, 2009, 02:26:10 PM »

Certain things, I believe, require immediate attention, such as the Constitutional Amendment to limit the number of Reps., proposed by Hamilton. Which will probably be the first or second Bill considered in the next Assembly.

Don't. I'm working with him on a better version right now, and Hamilton will probably renounce to his Amendment as soon as we'll reach an agreement.
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cinyc
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« Reply #326 on: October 18, 2009, 02:40:45 PM »

I've been crunching the numbers.  Yeah - $1,000 seems a bit high.  According to the GM, our budget was balanced at $780 million.  Our population is 77 million.  Assume half of our citizens would be eligible for this credit.  (Assume the others aren't because they are minors who don't work, citizens who earn too little to take full advantage of it, or only have investment income which isn't eligible for the credit).  A $1,000 credit would cost about $38.5 billion - or 5% of expected tax revenues.  That's too high, even though we're likely to get $7 billion in stimulus funding.

A $250 credit seems about right - under my assumptions, it would cost about $9.6 billion, or 1.2% of expected  tax revenues - and would be partially offset by stimulus funds.  

I doubt the investment tax credit will cost a ton - maybe a billion - and we might get some sales taxes revenue on increased purchases and increased corporate taxes in the future.   Plus, it will put people to work making and buying stuff.  

The cost of exempting the first $25,000 in unemployment benefits from tax will depend on the unemployment rate.   As of right now, with 7.5% unemployment, it might cost us $4 billion in lost tax revenue (assuming half of our citizens are in the workforce) - IF all unemployed citizens collect $25,000 in the first place.  Hopefully, most get jobs and never come close.

The GM said we'd probably have to go into temporary deficit with our stimulus efforts - and if we don't, sales tax revenues would fall next year anyway, putting us into deficit.

I'd appreciate other input before further amending the bill.
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Alexander Hamilton
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« Reply #327 on: October 18, 2009, 03:59:07 PM »

Certain things, I believe, require immediate attention, such as the Constitutional Amendment to limit the number of Reps., proposed by Hamilton. Which will probably be the first or second Bill considered in the next Assembly.

Don't. I'm working with him on a better version right now, and Hamilton will probably renounce to his Amendment as soon as we'll reach an agreement.

Yeah Antonio and I already agreed on a final version to introduce
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Alexander Hamilton
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« Reply #328 on: October 18, 2009, 04:00:26 PM »

I am completely content with this bill and so far see nothing I'd like to change.
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Barnes
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« Reply #329 on: October 18, 2009, 04:36:57 PM »

Certain things, I believe, require immediate attention, such as the Constitutional Amendment to limit the number of Reps., proposed by Hamilton. Which will probably be the first or second Bill considered in the next Assembly.

Don't. I'm working with him on a better version right now, and Hamilton will probably renounce to his Amendment as soon as we'll reach an agreement.

Yeah Antonio and I already agreed on a final version to introduce

Alright then. Smiley
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Antonio the Sixth
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« Reply #330 on: October 18, 2009, 04:46:10 PM »

As for the tax credit, I'm pretty torn : on the one hand, this could be very helpful to restore growth, but on the other one, this will consistently reduce our breathing space, especially about helping the most disadvantaged. This was my priority during my campaign, and I don't want to be obliged to explain people that I can't keep my promises because government hasn't money anymore.
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Small Business Owner of Any Repute
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« Reply #331 on: October 18, 2009, 06:22:46 PM »

I can't vote for $1,000, but I think I would vote for a more reasonable $400.  I'd like enough to provide a stimulus, but not too much so we break the bank.  Fiscal responsibility and prudency is one of the strengths of this region—I'd like to keep it that way.
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Alexander Hamilton
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« Reply #332 on: October 18, 2009, 06:23:44 PM »

I can't vote for $1,000, but I think I would vote for a more reasonable $400.  I'd like enough to provide a stimulus, but not too much so we break the bank.  Fiscal responsibility and prudency is one of the strengths of this region—I'd like to keep it that way.


Maybe instead of all taxpayers we can direct the tax credit to whatever brackets are considered upper middle class and down from there.
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cinyc
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« Reply #333 on: October 18, 2009, 07:30:47 PM »

I can't vote for $1,000, but I think I would vote for a more reasonable $400.  I'd like enough to provide a stimulus, but not too much so we break the bank.  Fiscal responsibility and prudency is one of the strengths of this region—I'd like to keep it that way.


Maybe instead of all taxpayers we can direct the tax credit to whatever brackets are considered upper middle class and down from there.

That won't save much and would run contrary to the traditional flat tax we have in this region.  People shouldn't be penalized for making a good living - remember, this credit is only on earned, not investment income.
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Alexander Hamilton
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« Reply #334 on: October 18, 2009, 07:31:27 PM »

I can't vote for $1,000, but I think I would vote for a more reasonable $400.  I'd like enough to provide a stimulus, but not too much so we break the bank.  Fiscal responsibility and prudency is one of the strengths of this region—I'd like to keep it that way.


Maybe instead of all taxpayers we can direct the tax credit to whatever brackets are considered upper middle class and down from there.

That won't save much and would run contrary to the traditional flat tax we have in this region.  People shouldn't be penalized for making a good living - remember, this credit is only on earned, not investment income.

Okay, you're right. I don't support a change in this bill at all. It's perfect.
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Antonio the Sixth
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« Reply #335 on: October 19, 2009, 12:29:59 AM »

Wait... we use a flat income tax in the Northeast ?? This absolutely needs to be changed.
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Alexander Hamilton
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« Reply #336 on: October 19, 2009, 12:30:38 AM »

Wait... we use a flat income tax in the Northeast ?? This absolutely needs to be changed.

No. It's worked for us so far. We have a balanced budget.
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Antonio the Sixth
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« Reply #337 on: October 19, 2009, 05:27:58 AM »

Wait... we use a flat income tax in the Northeast ?? This absolutely needs to be changed.

No. It's worked for us so far. We have a balanced budget.

That's not the point. Flat tax is horribly unfair.
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cinyc
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« Reply #338 on: October 19, 2009, 01:10:49 PM »
« Edited: October 19, 2009, 01:13:15 PM by cinyc »

Wait... we use a flat income tax in the Northeast ?? This absolutely needs to be changed.

As best I can tell, we do - but the Wiki for Northeast legislation hasn't been updated since 2007.

I will accept Mr. Moderate's amendment to lower the Making Work Pay tax credit to $400 as friendly.

The bill on the floor, as amended:
1. Investment Tax Credit
(a) All individual and corporate taxpayers shall be entitled to a tax credit equal to the full amount of any capital expenditure made during the 2009 tax year that would otherwise have been required to be depreciated over time under the Northeast Tax Code.
(b) This tax credit shall be subject to recapture if a taxpayer sells or otherwise disposes of the capital asset subject to this credit before the end of the period during which such capital asset would have been required to be depreciated under the Northeast Tax Code but for the provisions of Section 1(a).
(c) The Northeast Tax Commissioner shall have the power to issue regulations preventing the abuse of Section 1(a).

2. Making Work Pay Tax Credit
(a) All individual taxpayers shall be entitled to a $400 tax credit against earned income in the 2009 tax year.
(b) The availability of this credit shall not be subject to any income limitations otherwise provided in the Northeast Tax Code.
(c) This credit shall not be refundable.

3. Taxation of Unemployment Benefits
The first $25,000 of unemployment benefits received during each of the 2009 and 2010 tax years shall not be subject to tax under the Northeast Tax Code.

Effective Date
This Act shall be effective for income received during the 2009 and, where specified, 2010 tax years, regardless of whether earned before the date hereof.
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Small Business Owner of Any Repute
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« Reply #339 on: October 19, 2009, 01:18:32 PM »

Terrific.  The bill has my full support, then.
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Antonio the Sixth
Antonio V
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« Reply #340 on: October 19, 2009, 01:32:20 PM »

This is also fine with me.
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MASHED POTATOES. VOTE!
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« Reply #341 on: October 19, 2009, 01:42:09 PM »


Ok then
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Barnes
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« Reply #342 on: October 19, 2009, 03:12:46 PM »

I know we start a new session tomorrow, but we will continue working on the Tax Bill.
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Alexander Hamilton
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« Reply #343 on: October 19, 2009, 03:13:47 PM »

Seems like this has the support to pass. I hope we can vote on this before the next session begins.
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Alexander Hamilton
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« Reply #344 on: October 19, 2009, 03:16:08 PM »

I'd like to see an emergency vote take place to limit the amount of Reps. to 6. 6 is a good number.
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Small Business Owner of Any Repute
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« Reply #345 on: October 19, 2009, 03:18:30 PM »

Since I'll be leaving office tomorrow, I'll leave it up to one of you good folk to pick up my sponsored legislation on the floor.
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Alexander Hamilton
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« Reply #346 on: October 19, 2009, 03:20:28 PM »

Since I'll be leaving office tomorrow, I'll leave it up to one of you good folk to pick up my sponsored legislation on the floor.

I'll take up sponsorship of the Cape Wind Resolution. Thanks for all the help getting us newer member acquainted with procedural matters. You've been a great asset to the new Assembly.
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cinyc
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« Reply #347 on: October 19, 2009, 03:23:09 PM »

Since I'll be leaving office tomorrow, I'll leave it up to one of you good folk to pick up my sponsored legislation on the floor.

I wouldn't be so sure about that if the Assembly expands to 8 members...
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Alexander Hamilton
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« Reply #348 on: October 19, 2009, 03:25:32 PM »

Since I'll be leaving office tomorrow, I'll leave it up to one of you good folk to pick up my sponsored legislation on the floor.

I wouldn't be so sure about that if the Assembly expands to 8 members...

He didn't accept write-ins.
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Barnes
Roy Barnes 2010
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« Reply #349 on: October 19, 2009, 03:25:59 PM »

Since I'll be leaving office tomorrow, I'll leave it up to one of you good folk to pick up my sponsored legislation on the floor.

I wouldn't be so sure about that if the Assembly expands to 8 members...

Well, that's why a Constitutional Amendment will be near the top of our Agenda. Hopefully, the coming Assembly is the biggest it will ever get.  And, either five or six is a good number for me. Smiley
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