HB 29-03: Poirot's No Tax Accounts Act (FAILED)

[Dr. MB]

Poirot's No Tax Accounts Act

Section 1. Title
1. This legislation may be titled: Poirot's No Tax Accounts Act.

Section 2. Basic
1. No Tax Accounts can be offered by financial institutions operating in the region starting in June 2021.
2. All citizens aged 18 years old or older who are Atlasian residents for fiscal purposes are eligible to open a No Tax Account.
 
 
Section 3. Contribution and Investment
1. Investments allowed in No Tax Accounts are cash, certificate of deposits, bonds, mutual funds and shares in companies listed on a stock exchange.
2. Income generated inside the account (interest, capital gain or dividend) is not taxed.
3. The maximum contribution allowed every fiscal period is $5,000 for everyone 18 years old or older.
4. An individual can own any number of accounts, although the contribution limit per fiscal period is $5,000 total into all accounts (not each account).
5. The amount of contribution allowed in one period not used by a person is added to the contribution allowed of the following period.

Section 4. Withdrawal
1. A withdrawal from the account is considered non taxable income.
2. A withdrawal is allowed at any time (subject to the liquidity of the type of investment held) and a sum equal to the withdrawal can be put back in the account only in the next fiscal period and in addition to the regular contribution allowed in the period.
3. The death of an account holder is considered a withdrawal.

Designation: HB 29-03
Sponsor: Ishan

[Harvey Updyke Jr🌹]

Let's go ahead and become a libertarian dystopia while we're at it...

[Continential]

First of all, I'd like to thank Poirot for originally introducing a version of this bill in the Northeast, back in 2013, and that bill was inspired off the Canadian tax-free savings account program.

If you don't understand the bill, the bill establishes federal savings accounts for people to save money, and I believe this will help people, because people have poor savings and financial habits and this will make people save more, in case of an emergency or something bad happens. In the forum game known as America or that real life thing, most Americans can't afford a $1000 dollar emergency, and while in Atlasia, that might not be that high, it still shows that many Atlasians can barely save day by day, and I believe that this bill will help people as saving a little bit, can help you a lot in emergencies.

I have made some minor changes to Poirot's original bill, and I increased the limit to $5,000 dollars.

Let's go ahead and become a libertarian dystopia while we're at it...

If this will result in a libertarian dystopia, Canada is a libertarian dystopia. (if I seemed annoyed, I don't mean too)

[Harvey Updyke Jr🌹]

The problem is this is going to open up a lot of loopholes for the wealthy to exploit.  We need to be making it harder to avoid paying taxes, not easier.

[Saint Milei]

Fully support. Would love to cosponsor

[Dr. MB]

Fully support. Would love to cosponsor

24 hours to object

[Dr. MB]

Any other feedback or should we move toward a final vote?

[Continential]

I motion for a final vote given the lack of debate on this bill.

[Dr. MB]

I motion for a final vote given the lack of debate on this bill.

24 hours for objections

[Dr. MB]

Final vote has started. Representatives have 72 hours to vote aye, nay, or abstain.

[Continential]

Aye

[Harvey Updyke Jr🌹]

NAY

[P. Clodius Pulcher did nothing wrong]

Nay

[Dr. MB]

Nay. Too many loopholes as it stands.

[Saint Milei]

aye

[Dr. MB]

This bill fails to pass, 2-3-0-4.

Yes (2): Ishan, Deadprez
No (3): Harvey, Razze, MB
Did not vote (4): Cao, KaiserDave, Lfromnj, Ninja