SB 26.17 Middle Class Tax Break and Business Assistance Act (At Final Vote)
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  SB 26.17 Middle Class Tax Break and Business Assistance Act (At Final Vote)
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Author Topic: SB 26.17 Middle Class Tax Break and Business Assistance Act (At Final Vote)  (Read 876 times)
Dr. MB
MB
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« on: October 15, 2020, 12:58:06 AM »
« edited: November 05, 2020, 12:15:14 PM by Southern Senator North Carolina Yankee »

Quote from: Final House Text
An Act
Middle class tax break and business assistance act of 2020
Be it enacted by the Senate and House of Representatives of the Republic of Atlasia in Congress assembled,

Quote
Section I. Title

i. The long title of this bill shall be the "Middle Class Tax Break and Business Assistance Act of 2020"

Section II. Who's included?
i. All people making under $100,000 per year or
ii. Small businesses making equal or less than $750,000 per year

Section III. Tax cut
i. People making equal to less then $100,000 per year shall see an 3% reduction in income  taxes starting in 2021 onwards.
   ia. 3% reduction for each of the tax brackets that pay income taxes.
        What will happen:
        0-13K:    7% to 4%
        13K-50k:    12% to 9%
        50K-100K:    23% to 20%
ii. Small businesses with a net income equaling or less than $750,000 shall see an reduction in business related taxes of 2% from 2021 forward.

Section III. Federal Small Business Start-up Loans and Assistance Enhancement
i. $10,000,000,000 shall be added to the 2021-2022 federal loans and assistance budget to rebuild from the pandemic for small businesses that make a profit of less then or equal to $5,000,000/year.
   ia. The federal government goal is to save our businesses and to help new ones as we emerge from the deep recession.

People’s House of Representatives
Passed 4-3-1-2 in the House of Representatives



Sponsor needed
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Southern Senator North Carolina Yankee
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« Reply #1 on: October 17, 2020, 04:40:59 PM »

I guess I will motion to sponsor. Senators have 24 hours to object.
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Former President tack50
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« Reply #2 on: October 18, 2020, 06:00:11 AM »

Given the current economic situation, as well as the fact that we do not even have a budget ready yet (go help on that one if you can!) I think a tax cut, even if well-intentioned; would be very misguided
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Mike Thick
tedbessell
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« Reply #3 on: October 18, 2020, 12:15:19 PM »

Given the current economic situation, as well as the fact that we do not even have a budget ready yet (go help on that one if you can!) I think a tax cut, even if well-intentioned; would be very misguided

Same here. Can't support this.
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Southern Senator North Carolina Yankee
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« Reply #4 on: November 02, 2020, 11:07:26 AM »

I motion for a Final vote then, Senators have 24 hours to object.

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Southern Senator North Carolina Yankee
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« Reply #5 on: November 05, 2020, 12:15:03 PM »

A Final vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.
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Former President tack50
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« Reply #6 on: November 05, 2020, 12:25:25 PM »

Nay
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Devout Centrist
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« Reply #7 on: November 05, 2020, 01:40:53 PM »

Nay
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At-Large Senator LouisvilleThunder
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« Reply #8 on: November 05, 2020, 02:46:11 PM »

Aye
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Mike Thick
tedbessell
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« Reply #9 on: November 05, 2020, 07:45:00 PM »

Nay
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Esteemed Jimmy
Jimmy7812
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« Reply #10 on: November 05, 2020, 11:49:15 PM »

Aye
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Southern Senator North Carolina Yankee
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« Reply #11 on: November 07, 2020, 04:22:26 AM »

Abstain

This has enough votes to fail, Senators have 24 hours to change their votes.
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Mike Thick
tedbessell
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« Reply #12 on: November 08, 2020, 11:31:42 PM »

Gonna close this.

With three nays, two ayes, and one abstention, this bill does not pass.
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