SB 110-22: Atlasian Tax Reduction and Economic Incentivization Act (Final vote)

[Senator-elect Spark]

Atlasian Tax Reduction and Economic Incentivization Act

Section 1. Title, purpose, restructuring of tax code

1. An act to amend the tax code of the Republic of Atlasia to ensure a fairer and easier standard of living for all of our citizens, to incentivize business to be conducted in our nation, and to uplift the downtrodden.

a. The federal tax code shall be amended as follows:

By tax bracket:
 0-13K      5% (cut by 5%)
 13K-50k    10% (cut by 5%)          
 50K-130K   20% (cut by 5%)              
 130K-210K  36% : $452,282,000,000.00 ($452.29 Billon)   (raise by 5%)
 210K-413K  43%: $317,099,000,000.00 ($317.10 Billon)    (raise by 5%)
 413K+  50%: $244,141,000,000.00 ($244.14 Billon)  (raise by 5%)          

Part 2. Updates to federal budget

$123.58 Billion... Military personnel            
$184.51 Billion... Operation and maintenance            
$106.01 Billion... Procurement            
$61.52 Billion ... Research, development, test and evaluation            
$8.47 Billion..... Military Construction, Family Housing and Other            
$12.148 Billion.... Atomic Energy Defense Activities
$8.11 Billion..... Defense Related activities    
$0.00 Billion..... Fiscal Responsibility in our Military Act
$-15.25 Billion… F-35 Procurement Halt

$18.88 Billion ... International development and humanitarian assistance            
$5 Billion..... International military aid     (cut by $3.5 billion)        
$9 Billion.... Conduct of foreign affairs  (cut by $2.9 billion)          
$1.30 Billion..... Foreign information and exchange activities
$-8.79 Billion.... International Financial Programs

Part 3. Purpose for Relocation benefits/credits

1. Whereas, a company of 50-100 employees or a small business that decides to relocate to the Republic of Atlasia shall receive a relocation tax incentive of $500,000.

2. Whereas, to hereby establish an employee relocation fund of $1,050,000, provided by taxation on individuals in the $413k+ bracket, for each new worker hired by a company who decides to relocate in the Republic of Atlasia, the company shall receive a tax credit of $5,000.

a. Small businesses are the engine of the Atlasia economy, comprising 99 percent of all business ventures in Atlasia and accounting for half of Atlasia’s economy.
 
b. These small businesses need incentives to relocate to do business.
 
c. Due to the fiscal strain of pandemic-related losses on these small businesses, they cannot and should not bear the financial burden of operations such as supply chain disruptions and paying worker wages.
 
d. Providing relief through a tax credit will directly support small businesses returning to and exceeding pre-COVID-19 pandemic production levels.

Sponsor: Spark498
Status: Debating

[Senator-elect Spark]

This bill seeks to restructure the Atlasian tax code as we know it. It provides about a 15% tax cut to the middle and lower classes and raises taxes on the top brackets. The economy is built from the bottom up and we need to help our Atlasian families who are hurting due to inflation at this time. The bill puts more money into the pockets of citizens and increases disposable income.

In addition, this legislation provides for economic tax credit incentives for businesses to relocate to Atlasia. It has a provision that allots businesses a $5,000 bonus for hiring a new employee. We want more businesses to come to our nation and this is the way to accomplish that. Anyone who is not in favor of tax breaks for our people during this time cares solely about their own self-interest. We need to put Atlasia first right now and this bill does just that.

[Senator-elect Spark]

Cutting foreign aid is a nonstarter for me

Perhaps this is negotiable, but I think a slash to funding here is most acceptable. We don't want to cut any funding for the Great Society or other necessities.

[Senator-elect Spark]

24 hours to object to rpryor's amendment.

[Senator-elect Spark]

I don't support this. No income taxes should be raised, and giving benefits to companies whose employee counts fall into a certain range is arbitrary.

In your view, what should be changed?

[Senator-elect Spark]

This bill is open for a final vote for 96 hours

[Senator-elect Spark]

Enthusiastic aye

[Senator-elect Spark]

DAVE BLESS ATLASIA.