SB 111-03: Tax The Woke Act (Passed)
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  SB 111-03: Tax The Woke Act (Passed)
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Author Topic: SB 111-03: Tax The Woke Act (Passed)  (Read 3045 times)
The world will shine with light in our nightmare
Just Passion Through
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« Reply #25 on: September 11, 2022, 12:53:12 PM »

Just chiming in to say we haven't had a big education bill in years. I actually like the idea of forcing (at least public) colleges to better budget their money rather than pass on the extraneous cost to students in the form of long-term debt, which in my memory hasn't even been touched in this game.
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FT-02 Senator A.F.E. 🇵🇸🤝🇺🇸🤝🇺🇦
AverageFoodEnthusiast
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« Reply #26 on: September 11, 2022, 08:12:10 PM »

Aye on the amendment, abstain on the motion to table
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WD
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« Reply #27 on: September 12, 2022, 10:59:21 PM »

By a vote of 8-2-2-6, the amendment is adopted.

By a vote of 5-4-3-6, the motion to table is rejected.

Debate resumes.
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S019
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« Reply #28 on: September 13, 2022, 11:28:05 PM »

Realistically, all that is going to happen here is funding is going to be pulled from things other than the Chancellor's salary. This includes stuff like research, student activities, etc. Also this tax does nothing to actually help with student debt or tuition, I will note. Quite frankly, the bill's title speaks for itself, it's a transparent attempt to attack higher education, which again, we should not be surprised by given the extreme anti-intellectualism of the Atlasian right.
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rpryor03
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« Reply #29 on: September 13, 2022, 11:33:19 PM »

I plan to offer an amendment on this in the next day.
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Deep Dixieland Senator, Muad'dib (OSR MSR)
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« Reply #30 on: September 15, 2022, 03:04:13 AM »

Realistically, all that is going to happen here is funding is going to be pulled from things other than the Chancellor's salary. This includes stuff like research, student activities, etc. Also this tax does nothing to actually help with student debt or tuition, I will note. Quite frankly, the bill's title speaks for itself, it's a transparent attempt to attack higher education, which again, we should not be surprised by given the extreme anti-intellectualism of the Atlasian right.

How predictable to see Captain Neolib defending SALT again.
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Southern Senator North Carolina Yankee
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« Reply #31 on: September 15, 2022, 11:44:28 AM »

Just chiming in to say we haven't had a big education bill in years. I actually like the idea of forcing (at least public) colleges to better budget their money rather than pass on the extraneous cost to students in the form of long-term debt, which in my memory hasn't even been touched in this game.

I agree with this, this is the root of a great deal of the tuition inflation. Colleges have very little incentive to economize or budget when their are no limiting factors that make price increases (in this case tuition, but also fees) undesirable.
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SevenEleven
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« Reply #32 on: September 16, 2022, 08:57:53 PM »

Just chiming in to say we haven't had a big education bill in years. I actually like the idea of forcing (at least public) colleges to better budget their money rather than pass on the extraneous cost to students in the form of long-term debt, which in my memory hasn't even been touched in this game.

I agree with this, this is the root of a great deal of the tuition inflation. Colleges have very little incentive to economize or budget when their are no limiting factors that make price increases (in this case tuition, but also fees) undesirable.

This is one factor but certainly not the greatest. I planned to do a huge education overhaul but circumstances made that a bit more difficult unfortunately. The predatory student loan industry is a major issue, as well as growing demand and stagnant supply.
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Saint Milei
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« Reply #33 on: September 18, 2022, 08:53:55 PM »

We could always add an amendment where the 2% tax goes to students
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« Reply #34 on: September 19, 2022, 10:47:34 AM »

We could always add an amendment where the 2% tax goes to students
Maybe something where they reduce tuition a % or get the tax?
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Southern Senator North Carolina Yankee
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« Reply #35 on: September 19, 2022, 12:07:30 PM »

We could always add an amendment where the 2% tax goes to students
Maybe something where they reduce tuition a % or get the tax?

I had some thoughts of a tuition reduction back to a certain year combined with a cap on the rate of increase.

I would just stress though that it is important to incorporate fees as well because otherwise they will just juice the fees to compensate for the tuition rate of increase caps/tuition reductions.
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Saint Milei
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« Reply #36 on: September 19, 2022, 03:32:40 PM »

We could always add an amendment where the 2% tax goes to students
Maybe something where they reduce tuition a % or get the tax?
No, I would rather the tax just go directly to the students so they can't raise costs. Dont give them the option. Take it away.
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WD
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« Reply #37 on: September 19, 2022, 11:47:22 PM »

I plan to offer an amendment on this in the next day.

Any update on this?
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Mr. Reactionary
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« Reply #38 on: September 27, 2022, 02:06:58 PM »

Is there any legitimate reason colleges should get to park billions in the stock market tax free?
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Joseph Cao
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« Reply #39 on: October 01, 2022, 01:52:30 PM »

I plan to offer an amendment on this in the next day.

Ah…

I get that pryor's probably busy but it's been nearly three weeks.
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Saint Milei
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« Reply #40 on: October 07, 2022, 02:30:07 AM »

Is there any legitimate reason colleges should get to park billions in the stock market tax free?
Is anyone willing to answer this?
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Devout Centrist
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« Reply #41 on: October 11, 2022, 10:08:50 AM »
« Edited: October 11, 2022, 10:12:31 AM by Devout Centrist »

Presenting an amendment:

Quote
TAX THE WOKE ACT
SECTION I: NAME
a. This act shall be referred to as Tax the Woke Act

SECTION II: Taxes
1. Beginning in fiscal year 2023 there shall be levied a minimum tax of 1% 2% tax on the investment earnings of any private college or university in the Southern Region that has at least 500 tuition-paying students and net endowment assets of at least $1500,000,000 per student.
2. The investment tax shall increase by 1 percentage point per each additional $1,000,000,000 in total investments held by a university endowment fund.
2. Beginning in fiscal year 2023 the ability of tax filers to deduct Regional taxes or State and Local taxes (SALT) is hereby eliminated.
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« Reply #42 on: October 11, 2022, 11:29:21 AM »

Objecting for the SALT deduction part. Do y'all really need s019's support that bad?
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Devout Centrist
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« Reply #43 on: October 11, 2022, 12:01:31 PM »

Upon further review, it looks like the standard deduction for Atlasians is set at about $13k. Therefore, I think we can eliminate the SALT deduction.

Rewording my amendment:

Quote
TAX THE WOKE ACT
SECTION I: NAME
a. This act shall be referred to as Tax the Woke Act

SECTION II: Taxes
1. Beginning in fiscal year 2023 there shall be levied a minimum tax of 1% 2% tax on the investment earnings of any private college or university in the Southern Region that has at least 500 tuition-paying students and net endowment assets of at least $1500,000,000 per student.
2. The investment tax shall increase by 1 percentage point per each additional $1,000,000,000 in total investments held by a university endowment fund.
3. Beginning in fiscal year 2023 the ability of tax filers to deduct Regional taxes or State and Local taxes (SALT) is hereby eliminated.
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weatherboy1102
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« Reply #44 on: October 11, 2022, 02:50:50 PM »

no objections to this one
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S019
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« Reply #45 on: October 11, 2022, 07:10:50 PM »

Yet again, this money is just going to come from research funding, etc. (For the record, I'd oppose the version that kept the SALT deduction for this reason too)
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Saint Milei
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« Reply #46 on: October 15, 2022, 10:07:17 AM »

Upon further review, it looks like the standard deduction for Atlasians is set at about $13k. Therefore, I think we can eliminate the SALT deduction.

Rewording my amendment:

Quote
TAX THE WOKE ACT
SECTION I: NAME
a. This act shall be referred to as Tax the Woke Act

SECTION II: Taxes
1. Beginning in fiscal year 2023 there shall be levied a minimum tax of 1% 2% tax on the investment earnings of any private college or university in the Southern Region that has at least 500 tuition-paying students and net endowment assets of at least $1500,000,000 per student.
2. The investment tax shall increase by 1 percentage point per each additional $1,000,000,000 in total investments held by a university endowment fund.
3. Beginning in fiscal year 2023 the ability of tax filers to deduct Regional taxes or State and Local taxes (SALT) is hereby eliminated.

Before I decide if I will object, this new amendment removes the salt deduction?
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Devout Centrist
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« Reply #47 on: October 15, 2022, 11:24:56 AM »

No?
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Saint Milei
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« Reply #48 on: October 15, 2022, 12:56:25 PM »

Object
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WD
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« Reply #49 on: October 16, 2022, 02:33:44 AM »

A vote is now open on the DC amendment. Please vote Aye, Nay, or Abstain.
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