SB 105-16: Capital Gains Inflation Deduction Act (Passed)

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AN ACT
To reform the taxation system

Be it enacted by the Senate of the Republic of Atlasia assembled

Section I. Title

This act may be cited as the Capital Gains Inflation Deduction Act.

Section II. Definition

CPI is the Consumer Price Index as published by the Bureau of Labor Statistics for any particular moment in time.

Section III. Capital Gains Inflation Deduction

A. As explained in Section II B, the portion of any capital gain that can be attributed to inflation is exempt from taxation.

B. For each capital gain derived from the sale of an asset, the product of the percentage change in CPI from the purchase of said asset to its sale and the purchase price is added to an individual's capital gains inflation deduction.

C. The total amount of an individual's capital gains inflation deduction is deductible from said individual's total capital gains tax liability for any given year. This deduction shall not be deductible from any other form of taxable income.

Section IV. Effective Date

This act shall be incorporated into to the tax code immediately.

Section V. Cost

This act is estimated to lower tax revenue by $15 billion annually.

Sponsor: AGA

The gentleman from New York is recognized.

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Would I be correct in assuming this is meant as a competing alternative to the Financial Transaction Tax Act?

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I would like to know if the sponsor would support an amendment to this bill raising the general capital gains rate in exchange for allowing this deduction.

If I'm not mistaken, the income tax (and corporate?) are what we are focusing to cut for this budget?

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I can definitely see myself supporting this bill, especially if we can expand capital gains ownership to workers. (This is something simple in theory but would be complicated in practice, but an idea that should be considered regardless.)

My understanding was that certain individuals pay 100% of their income in taxes, which I don't know if we can verify is true or not given that even a high income tax rate is usually compensated for with generous deductions.

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Senators have 24 hours to object to the amendment.

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Hearing no objection, the amendment is adopted.

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This still has my support and I will sign the bill in its current form. Since we don't have to do any number-crunching for this year, we might as well vote.

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Please sign this, Ishan.

Also 9 non-votes? WTF guys.

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Please sign this, Ishan.

Also 9 non-votes? WTF guys.

I did?

i'm a dumb-dumb

[The world will shine with light in our nightmare]

For the record, I edited the bill that I signed to include the amendment.