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October 19, 2020, 10:34:50 AM
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  Talk Elections
  Atlas Fantasy Elections
  Atlas Fantasy Government (Moderators: Southern Senator North Carolina Yankee, Lumine)
  SB 26.17 Middle Class Tax Break and Business Assistance Act
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Author Topic: SB 26.17 Middle Class Tax Break and Business Assistance Act  (Read 61 times)
MB
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« on: October 15, 2020, 12:58:06 AM »

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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Senator tack50 (Lab-Lincoln)
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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Ted Bessell
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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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