End
Owner
Owner
Senator
Construction & Transport Department
Supporter
Oakridge Resident
xEndeavour
Senator
- Joined
- Apr 7, 2020
- Messages
- 2,406
- Thread Author
- #1
A
BILL
TO
Amend the Taxation Act
The people of the Commonwealth of Redmont, through their elected Representatives and Senators in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Corporate Taxation Amendment Act”.
(2) This Act shall be enacted immediately after it has been signed into law.
(3) Authored by Rep. xEndeavour
(4) Co-Sponsored by Sen. Derpy Bird
2 - Reasons
(1) Currently corporations pay a flat 1% taxation rate.
(2) To support small businesses, taxation should be progressive and lower than personal balance taxation.
(3) Large businesses with over $100,000 will have a minor taxation increase of 0.2%. This would be 1.2% with the equivalent personal balance tax being at 2%.
3 - Corporate Tax
(1) Subsection a changes to subsection b.
a. (1) Corporate Balances shall be taxed at a rate of 1% per week.
b. (2) Corporate Taxation Brackets
Bracket amounts are inclusive and shall be taxed at the following rates (daily):
BILL
TO
Amend the Taxation Act
The people of the Commonwealth of Redmont, through their elected Representatives and Senators in the Congress and the force of law ordained to that Congress by the people through the constitution, do hereby enact the following provisions into law:
1 - Short Title and Enactment
(1) This Act may be cited as the “Corporate Taxation Amendment Act”.
(2) This Act shall be enacted immediately after it has been signed into law.
(3) Authored by Rep. xEndeavour
(4) Co-Sponsored by Sen. Derpy Bird
2 - Reasons
(1) Currently corporations pay a flat 1% taxation rate.
(2) To support small businesses, taxation should be progressive and lower than personal balance taxation.
(3) Large businesses with over $100,000 will have a minor taxation increase of 0.2%. This would be 1.2% with the equivalent personal balance tax being at 2%.
3 - Corporate Tax
(1) Subsection a changes to subsection b.
a. (1) Corporate Balances shall be taxed at a rate of 1% per week.
b. (2) Corporate Taxation Brackets
Bracket amounts are inclusive and shall be taxed at the following rates (daily):
Bracket | Taxation Rate (% per week) | Maximum Amount per week ($) |
$0.00 - $2,499.99 | 0.0% | 0 |
$2,500.00 and $4,999.9 | 0.4% | 99.99 |
$5,000.00 and $9,999.99 | 0.6% | 349.99 |
$10,000.00 and $24,999.99 | 0.8% | 399.99 |
$25,000.00 and $49,999.99 | 1.0% | 999.99 |
$50,000.00 and $99,999.99 | 1.2% | 1,199.99 |
$100,000.00 | 1.4% | - |
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