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.
Passed
7-1-1-9 in the Atlasian Senate assembled,
Western Democrat, President Pro Tempore
