SB 26.17 Middle Class Tax Break and Business Assistance Act (At Final Vote)

[Dr. MB]

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,

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