HB 29-44: Penalties for Tax Shelter Nations Act (DEBATING)

[OBD]

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,

[/quote]
Sponsor: Talleyrand
Status: Debating

[OBD]

Bump

[Talleyrand]

I can sponsor this if no one else wants to.

[OBD]

24 hours but I honestly doubt anyone's gonna object

[Joseph Cao]

You would be correct, as far as I am concerned at least.

In any case I am in full support of this bill. My only regret, if you can call it a regret, is that the bill referred to in section 2 was not named FATCAT.

[Joseph Cao]

This seems uncontroversial, and apparently nobody wants to debate it, but we would be better served if the sponsor could advocate for the bill before we proceed any further.

[Joseph Cao]

Oh. Well then.

Motion for this to be voted on, anyone? Or would the sponsor like to add a few words?

[Saint Milei]

Can someone explain the intention of this?

[Joseph Cao]

Jeez Louise.

Can someone explain the intention of this?

My basic understanding is that the original bill levies an additional tariff against foreign nations that tick any of the boxes set out in its Section 3, and this bill simply adds another box to that checklist signifying whether the relevant foreign nation is a tax haven. But I'm sure the sponsor could clear our concerns more effectively.

[Talleyrand]

Jeez Louise.

Can someone explain the intention of this?

My basic understanding is that the original bill levies an additional tariff against foreign nations that tick any of the boxes set out in its Section 3, and this bill simply adds another box to that checklist signifying whether the relevant foreign nation is a tax haven. But I'm sure the sponsor could clear our concerns more effectively.

Yes, this is broadly correct. My apologies for the delayed advocacy on this.

[Joseph Cao]

Final vote, anyone?

[Esteemed Jimmy]

Final vote, anyone?

I motion for a final vote.

[Left Wing]

24 hours to object

[Left Wing]

Final Vote is now open.

[Esteemed Jimmy]

Aye

[Joseph Cao]

Aye!

[Continential]

Aye

[Saint Milei]

nay

[Talleyrand]

Aye

[lfromnj]

Nay

[Starry Eyed Jagaloon]

Nay

[P. Clodius Pulcher did nothing wrong]

Aye

[Left Wing]

This passes 5-3-0-1.

Aye: Jimmy, Cao, Ishan, Talleyrand, razze
Nay: DeadPrez, lfromnj, Blairite
Abstain:
Didn't Vote: Harvey

[Left Wing]

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,

People's House of Representatives
Passed 5-3-0-1 in the People's House of Representatives