SB 111-03: Tax The Woke Act (Passed)

[Devout Centrist]

Abstain on both

[Devout Centrist]

Presenting an amendment:

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.

[Devout Centrist]

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:

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.

[Devout Centrist]

No?

[Devout Centrist]

Aye