SENATE BILL: Penalties for Tax Shelter Nations Act (Passed)

[Southern Senator North Carolina Yankee]

AN ACT
To stop parasitic economic behavior by other nations
Be it enacted in both houses of Congress

Section 1; Title
1. This legislation may be cited as the "Penalties for Tax Shelter Nations Act"
Section 2; Good Faith Requirements
1. The following requirement is added to section 3, clause 2 of the "More Fairness to Workers Act"-
"J.) The lack of an effective legal requirement for financial institutions to comply with the Foreign Account Tax Compliance Act (FATCA) or any further equivalent Atlasian legislation, so that the Atlasian government is prevented from accurately assessing the tax liabilities of its citizens."
Section 3; Implementation
1. This legislation shall take effect one year after its passage into law.

Sponsor: Pericles
Senate Bill: SB29:22

[Southern Senator North Carolina Yankee]

The sponsor has 24 hours to commence advocacy and the other members have 48 hours to respond.

[Pericles]

First, can I actually amend the wording so section 2 says "Amendment to More Fairness for Workers Act."

Anyway, this is based off an idea by Thomas Piketty has. We need to make it easier for us to enforce our tax laws, that means stopping other countries from being tax havens. That behavior is not productive for the global economy, it just leeches off the gains of other countries. By authorising the administration to penalise such behavior, we will provide a strong disincentive to it and raise many billions in revenue.

[Southern Senator North Carolina Yankee]

First, can I actually amend the wording so section 2 says "Amendment to Moe re Fairness for Workers Act."

Yes, but I would desire whatever is going in the bold portion above be addressed before it is included.

[SevenEleven]

I support this.

[Pericles]

Yankee?

[Southern Senator North Carolina Yankee]

Yankee?

I am unclear how you want that inserted into Section 2.

Is the quoted bill title merely to have this inserted in its place or the sentence reworked?

[Pericles]

Yeah I just want to change the section 2 title.

[Southern Senator North Carolina Yankee]

So like this?

AN ACT
To stop parasitic economic behavior by other nations
Be it enacted in both houses of Congress

Section 1; Title
1. This legislation may be cited as the "Penalties for Tax Shelter Nations Act"
Section 2; Amendment to More Fairness for Workers Act
1. The following requirement is added to section 3, clause 2 of the "More Fairness to Workers Act"-
"J.) The lack of an effective legal requirement for financial institutions to comply with the Foreign Account Tax Compliance Act (FATCA) or any further equivalent Atlasian legislation, so that the Atlasian government is prevented from accurately assessing the tax liabilities of its citizens."
Section 3; Implementation
1. This legislation shall take effect one year after its passage into law.

[Pericles]

Great.

[Southern Senator North Carolina Yankee]

Seeing no objection, the alterations are adopted.

[Southern Senator North Carolina Yankee]

What is next here?

[SevenEleven]

What is next here?

Final vote?

[Southern Senator North Carolina Yankee]

A final vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.

[Left Wing]

Aye

[Senator-elect Spark]

Aye

[Pericles]

Aye

[SevenEleven]

Aye.

[Blair]

Aye

[Southern Senator North Carolina Yankee]

Aye

[Southern Senator North Carolina Yankee]

Vote on Final Senate Passage of the Penalties for Tax Shelter Nations Act:

Aye (6): Blair, Falterin, NC Yankee, Pericles, SevenEleven and Spark498
Nay (0):
Abstain (0):

Didn't Vote (0):

This bill has passed the Senate and is sent to the VP for House action.

[Southern Senator North Carolina Yankee]

AN ACT
To stop parasitic economic behavior by other nations
Be it enacted in both houses of Congress

Section 1; Title
1. This legislation may be cited as the "Penalties for Tax Shelter Nations Act"
Section 2; Amendment to More Fairness for Workers Act
1. The following requirement is added to section 3, clause 2 of the "More Fairness to Workers Act"-
"J.) The lack of an effective legal requirement for financial institutions to comply with the Foreign Account Tax Compliance Act (FATCA) or any further equivalent Atlasian legislation, so that the Atlasian government is prevented from accurately assessing the tax liabilities of its citizens."
Section 3; Implementation
1. This legislation shall take effect one year after its passage into law.

People's Regional Senate
Passed 6-0 in the Atlasian Senate Assembled,