HB 24-10: Atlasian Economic Security Act (Passed)

[thumb21]

I object to this amendment and call for a vote. Universal should mean universal. Otherwise, stop, using that term.

The amendment doesn't interfere with the universality of the program.

I'm withdrawing the amendment for now because I'm more interested in hearing the thoughts of the sponsor and others rather than holding constant votes.

[PPT Spiral]

That latest amendment is actually perfectly fine with me. It keeps the basic income for everyone while addressing the revenue question. I shall be voting in favor for it.

[thumb21]

Slightly expanded version of the amendment I proposed the other day, makes the UBI payment exempt from income tax, increases income taxes on people making over a million, increases the financial transaction tax, treats carried interest as normal income and increases capital gains tax.

Atlasian Economic Security Act

An Act to implement a permanent universal basic income to Atlasian citizens.

Be it enacted by the Congress of the Republic of Atlasia assembled:

SECTION I: UNIVERSAL BASIC INCOME.

1. Every citizen of Atlasia shall receive $1000 per month beginning at the age of 18.

2. Payments of $1000 shall be disbursed at the first of each calendar month.

3. An annual review of this Act shall be conducted at the beginning of each calendar year to revise the payment amount in accordance with measurements from the Consumer Price Index.

4. Implementation of this Act shall effectively begin following the expiration of terms set forth in the Emergency Economic Stimulus Act of 2020.

SECTION II: FUNDING MECHANISMS.

1. For the purpose of this Section, "X" shall refer to the total amount to be disbursed as determined under the process set out in Section I subsection (3) for the year for which the income is being taxed.

2. Effective FY2021, the income tax brackets shall be as follows:

0-X              0%
X-13K          7%
13K-50k      12%
50K-130K    23%
130K-210K  29%
210K-413K  34%
413K-441K  36%
441K+        40.6%

3. For FY2023, the income tax brackets shall be as follows:

0-X              0%
X-13K          7%
13K-50k      12%
50K-130K    23%
130K-210K  29%
210K-413K  34%
413K-441K  36%
441K-1M     40.6%
1M-10M      41%
10M+         41.4%

4. For FY2024, the income tax brackets shall be as follows:

0-X              0%
X-13K          7%
13K-50k      12%
50K-130K    23%
130K-210K  29%
210K-413K  34%
413K-441K  36%
441K-1M     40.6%
1M-10M      42%
10M+         43.4%

5. For FY2025, the income tax brackets shall be as follows:

0-X              0%
X-13K          7%
13K-50k      12%
50K-130K    23%
130K-210K  29%
210K-413K  34%
413K-441K  36%
441K-1M     40.6%
1M-10M      43%
10M+         45.4%

6. For FY2026, the income tax brackets shall be as follows:

0-X              0%
X-13K          7%
13K-50k      12%
50K-130K    23%
130K-210K  29%
210K-413K  34%
413K-441K  36%
441K-1M     40.6%
1M-10M      44%
10M+         47.4%

7. For FY2027, the income tax brackets shall be as follows:

0-X              0%
X-13K          7%
13K-50k      12%
50K-130K    23%
130K-210K  29%
210K-413K  34%
413K-441K  36%
441K-1M     40.6%
1M-10M      45%
10M+         49.4%

8. For FY2028 and subsequent years, the income tax brackets shall be as follows:

0-X              0%
X-13K          7%
13K-50k      12%
50K-130K    23%
130K-210K  29%
210K-413K  34%
413K-441K  36%
441K-1M     40.6%
1M-10M      46%
10M+         51.4%

9. Effective from the 1st of January 2021, Section 6 subsection (2) paragraph (a) of the Higher Education Low-Income Opportunity Subsidy Act shall be amended as follows:

a. There is hereby imposed a 0.02% 0.2% tax on each covered transaction of the specified base amount with respect to such covered transaction.

10. Effective from the 1st of January 2022, carried interest shall be taxed as ordinary income.

11. From the 1st of January 2022, the top rate of tax paid on long-term capital gains and qualified dividends shall be increased by 1%.
 a. On the 1st of January for every subsequent year, the top rate of tax paid on long-term capital gains and qualified dividends shall be increased by 3%.
 b. The process set out in paragraph (a) shall continue until the top rate of tax paid on long-term capital gains and qualified dividends reaches 30%.

[PPT Spiral]

This amendment is friendly.

[Elcaspar]

I am supportive of the amendment as well. I will certainly vote for it when it comes to a vote.

[OSR stands with Israel]

I object to the amendment

[thumb21]

Amendment vote

72 hours

[OSR stands with Israel]

Nay

[cinyc]

Nay

[Elcaspar]

Aye

[Fmr. Representative Encke]

Dear Lord, does Atlasia really have a financial transactions tax? When did this pass and who thought this was a good idea? (Edit: apparently in 2018, when I wasn't around)

Not to mention that this amendment aims to increase it!

A very emphatic Nay.

[PPT Spiral]

Aye

[thumb21]

Aye

[RC (a la Frémont)]

Nay

[P. Clodius Pulcher did nothing wrong]

Aye

[thumb21]

Vote tied

4-4-0-1

[thumb21]

With no VP tie breaking vote, the vote goes in favour of the nays and the amendment is defeated.

[RC (a la Frémont)]

With no VP tie breaking vote, the vote goes in favour of the nays and the amendment is defeated.

We need an active Veep ASAP

[thumb21]

With no VP tie breaking vote, the vote goes in favour of the nays and the amendment is defeated.

We need an active Veep ASAP

Peanut and Leinad appear to have disapeared off the face of the earth, I hope they are okay.

[thumb21]

Its best to move forward on this, hopefully the Senate can pass some funding mechanisms, or they can go into a seperate bill.

Motion for a final vote

[Elcaspar]

I second the motion for a final vote

[PPT Spiral]

I likewise am supportive of a final vote.

[thumb21]

Final Vote

72 hours

[thumb21]

Aye

[P. Clodius Pulcher did nothing wrong]

Aye