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

[Mr. Reactionary]

Is there any legitimate reason colleges should get to park billions in the stock market tax free?

[Mr. Reactionary]

Aye

[Mr. Reactionary]

Id like to offer the following amendment:

4. No corporation, LLC, or business enterprise that is required to file and pay a tax on net business income may deduct the cost of luxury fringe benefits provided to employees as a business expense for purposes of calculating net income. For purposes of this act, luxury fringe benefits shall mean any complimentary tangible benefit exceeding $10 per employee per year that an employer provides to an employee that is not necessary for the employee to perform his or her job. Luxury fringe benefits includes but ate not limited to complimentary towels, alcohol, mixed beverages, meal and snack services, promotional items, tickets to sporting or other entertainment events, entertainment performances, limousine services, private use motor vehicles, vessels, or aircrafts, spas, quiet rooms, cry closets, and crayons and coloring books.

5. For purposes of income taxation, any money received by a person resulting from any online tutorial, video, podcast, song, picture, post, or other content created by such person and uploaded to the internet shall be treated as taxable income, if the cumulative amount of such money exceeds $1,000.00 annually. This includes but is not limited to any advertising revenue earned and any donation, tip, superchat, or subscription fee.

[Mr. Reactionary]

Current text of the bill.

TAX THE WOKE ACT

SECTION I: NAME

1. 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% on the investment earnings of any private college or university that has at least 500 tuition-paying students and net endowment assets of at least $500,000,000.

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.

4. No corporation, LLC, or business enterprise that is required to file and pay a tax on net business income may deduct the cost of luxury fringe benefits provided to employees as a business expense for purposes of calculating net income. For purposes of this act, luxury fringe benefits shall mean any complimentary tangible benefit exceeding $10 per employee per year that an employer provides to an employee that is not necessary for the employee to perform his or her job. Luxury fringe benefits includes but are not limited to complimentary towels, alcohol, mixed beverages, meal and snack services, promotional items, tickets to sporting or other entertainment events, entertainment performances, limousine services, private use motor vehicles, vessels, or aircrafts, spas, quiet rooms, cry closets, and crayons and coloring books.

5. For purposes of income taxation, any money received by a person resulting from any online tutorial, video, podcast, song, picture, post, or other content created by such person and uploaded to the internet shall be treated as taxable income, if the cumulative amount of such money exceeds $1,000.00 annually. This includes but is not limited to any advertising revenue earned and any donation, tip, superchat, or subscription fee.

[Mr. Reactionary]

I have submitted a formal request for cost estimate by the GM team and provided some sources and proposed methodology to hopefully expedite the score.

[Mr. Reactionary]

Good news everyone, looks like even if we repealed the SALT deduction, S019 will still have enough salt to go around.

[Mr. Reactionary]

Any updates on this?

[Mr. Reactionary]

I move for a final vote. 24 hours to object.

Whenever we get the score we can incoporate it as it only grows the surplus.

[Mr. Reactionary]

A vote on cloture is now open lasting until noon on monday eastern or until 12 hours after this has enough votes to tie, fail, or pass whichever occurs soonest. Please vote aye, nay, or abstain.

[Mr. Reactionary]

Aye

[Mr. Reactionary]

By a vote of 8-3-0-7 cloture passes and we shall now proceed to a final vote lasting until noon on thursday eastern or until 12 hours after this has enough votes to pass, fail, or tie, whichever occurs soonest. Please vote aye, nay, or abstain.

TAX THE WOKE ACT

SECTION I: NAME

1. 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% on the investment earnings of any private college or university that has at least 500 tuition-paying students and net endowment assets of at least $500,000,000.

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.

4. No corporation, LLC, or business enterprise that is required to file and pay a tax on net business income may deduct the cost of luxury fringe benefits provided to employees as a business expense for purposes of calculating net income. For purposes of this act, luxury fringe benefits shall mean any complimentary tangible benefit exceeding $10 per employee per year that an employer provides to an employee that is not necessary for the employee to perform his or her job. Luxury fringe benefits includes but are not limited to complimentary towels, alcohol, mixed beverages, meal and snack services, promotional items, tickets to sporting or other entertainment events, entertainment performances, limousine services, private use motor vehicles, vessels, or aircrafts, spas, quiet rooms, cry closets, and crayons and coloring books.

5. For purposes of income taxation, any money received by a person resulting from any online tutorial, video, podcast, song, picture, post, or other content created by such person and uploaded to the internet shall be treated as taxable income, if the cumulative amount of such money exceeds $1,000.00 annually. This includes but is not limited to any advertising revenue earned and any donation, tip, superchat, or subscription fee.

[Mr. Reactionary]

Aye

[Mr. Reactionary]

Bill passes 11-0-0-7.

[Mr. Reactionary]

TAX THE WOKE ACT

SECTION I: NAME

1. 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% on the investment earnings of any private college or university that has at least 500 tuition-paying students and net endowment assets of at least $500,000,000.

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.

4. No corporation, LLC, or business enterprise that is required to file and pay a tax on net business income may deduct the cost of luxury fringe benefits provided to employees as a business expense for purposes of calculating net income. For purposes of this act, luxury fringe benefits shall mean any complimentary tangible benefit exceeding $10 per employee per year that an employer provides to an employee that is not necessary for the employee to perform his or her job. Luxury fringe benefits includes but are not limited to complimentary towels, alcohol, mixed beverages, meal and snack services, promotional items, tickets to sporting or other entertainment events, entertainment performances, limousine services, private use motor vehicles, vessels, or aircrafts, spas, quiet rooms, cry closets, and crayons and coloring books.

5. For purposes of income taxation, any money received by a person resulting from any online tutorial, video, podcast, song, picture, post, or other content created by such person and uploaded to the internet shall be treated as taxable income, if the cumulative amount of such money exceeds $1,000.00 annually. This includes but is not limited to any advertising revenue earned and any donation, tip, superchat, or subscription fee.

Passed 11-0-0-7 in the Atlasian Senate Assembled.

- R, PPT