S-18.3-16: Southern Tax Relief Act (Statute)

[President Punxsutawney Phil]

The objection is heard; the motion fails.

[thumb21]

I can't find any exact figures for the amounts the bill proposes, however, this information should give us an idea of how much this will cost.

In 2015, the bottom 50% of tax payers (those earning less than $39,275) contributed $41 billion in revenue to the federal government (after tax credits ect.). https://taxfoundation.org/summary-federal-income-tax-data-2017/

The Atlasian federal income taxes are the same as US federal income taxes in 2016, which are also the same as those in 2015. https://en.wikipedia.org/wiki/Income_tax_in_the_United_States#Marginal_tax_rates_since_2008

The South makes up 41% of the Atlasian Population and 37% of its GDP. For arguments sake, lets say 40% of this revenue is from the South.

40% of 41 is 16.4. That means that if we were to subsidize the federal income taxes of every Southerner earning $39,275 or less, it would cost us $16.4 billion.

As the bill currently stands, it subsidizes all of the federal income taxes of those earning less than $13k and half of the taxes of those earning up to $20k meaning that it would cost much less than $16 billion. Our current surplus is $42 billion.

Thoughts?

[Filinovich]

Looks good to me, as that doesn't even factor in the potential growth that could come from lowering these taxes.

[Unconditional Surrender Truman]

I can't find any exact figures for the amounts the bill proposes, however, this information should give us an idea of how much this will cost.

In 2015, the bottom 50% of tax payers (those earning less than $39,275) contributed $41 billion in revenue to the federal government (after tax credits ect.). https://taxfoundation.org/summary-federal-income-tax-data-2017/

The Atlasian federal income taxes are the same as US federal income taxes in 2016, which are also the same as those in 2015. https://en.wikipedia.org/wiki/Income_tax_in_the_United_States#Marginal_tax_rates_since_2008

The South makes up 41% of the Atlasian Population and 37% of its GDP. For arguments sake, lets say 40% of this revenue is from the South.

40% of 41 is 16.4. That means that if we were to subsidize the federal income taxes of every Southerner earning $39,275 or less, it would cost us $16.4 billion.

As the bill currently stands, it subsidizes all of the federal income taxes of those earning less than $13k and half of the taxes of those earning up to $20k meaning that it would cost much less than $16 billion. Our current surplus is $42 billion.

Thoughts?

In the absence of a deputy GM to run an official estimate, I can certify this as a reasonably accurate projection, given available information.

[Filinovich]

In the absence of a deputy GM to run an official estimate, I can certify this as a reasonably accurate projection, given available information.

In that case, I motion for a final vote.

[thumb21]

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The idea of increasing the limit half refunds from $20k to $25k was originally considered. Given the cost of the bill, I don't think it would hurt to do that.

[Filinovich]

In that case, I motion for a final vote.

Move this motion to the new amended version

[President Punxsutawney Phil]

I second the motion for a final vote.
Delegates have 24 hours to object.

[thumb21]

I third, if thats a thing.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

A final vote has started. Members have until the end of the term to vote.

AYE

[President Punxsutawney Phil]

aye

[thumb21]

Aye

[President Punxsutawney Phil]

Aye

I was expecting you to vote Nay.

[thumb21]

Aye

I was expecting you to vote Nay.

It was a tough call

[CatoMinor]

aye

[Filinovich]

Aye.

[courts]

nay

[President Punxsutawney Phil]

5 ayes, 1 nay. This bill passes.

[tmthforu94]

I will be announcing a decision on this bill tonight.

[tmthforu94]

X Tmthforu94