HB 24-01: Small Business Tax Cut Act (Failed)

[Fmr. Representative Encke]

It's probable that OSR took the tax brackets from RL as a guide (where the bottom rate is 10%), and agree that this should probably be amended to better reflect the current situation in Atlasia. Will wait for the sponsor to advocate first.

[Fmr. Representative Encke]

Another thing: obviously the carried interest loophole is not referred to in legislation as 'the carried interest loophole,' so an amendment is needed to make clear what specific changes are occuring in the tax code to eliminate said loophole.

[Fmr. Representative Encke]

Capping deductions is a bad idea, many hardworking families rely on these deductions, especially here in the Northeast, I will be very disappointed if this is passed, as written.

30,000 is a pretty large threshold though

The average deduction is above that in much of Northern New Jersey: https://patch.com/new-jersey/manasquan/report-says-trump-tax-cut-hurt-nj-heres-how

This bill is basically a declaration of economic warfare on much of the Northeast

The $30,000 cap in this bill is far more generous than the $10,000 cap implemented as part of the TCJA, and far above the average pre-TCJA SALT-deduction in New Jersey (~$17,000).

[Fmr. Representative Encke]

One thing I'm interested in regarding SALT is whether the in-game SALT includes regional taxes implicitly.

This was an issue I brought up a lot last year while I was DGM and encouraged some form of 'regionalization' of taxes so we wouldn't have to worry about the question of triple taxation and whatnot. Otherwise you have the situation where regions are assumed to be the in-game analog of states, yet the NPC states are assumed to still be operating largely as if the regions didn't exist.

The reason I bring this up is that if Lincoln's taxes are 'regionalized' (can't remember if they are or not) then the matter of high state taxes in NJ leading to high deductions might not apply here (although iirc Lincoln's taxes are pretty high rn because they tried to balance the budget last year after two years of having no budget whatsoever).

[Fmr. Representative Encke]

Nay

[Fmr. Representative Encke]

Aye.