Bill: Rejected HugeLDV Tax Amendment Act

[BlogWorldExpo]

A
BILL
To

Create Progressive Corporate Taxes

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 “HugeLDV Tax Amendment Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by Fmr. President hugebob23456, Rep. BlogWorldExpo, and Sen. LilDigiVert
(4) Co-Sponsored by Sen. LilDigiVert

2 - Reasons
(1) Small businesses are paying too much in taxes and large multi-million dollar companies are not paying anywhere near enough.
(2) Lower corporate tax rates result in a situation where corporations are a mini tax haven for the wealthy to stash their personal assets.
(3) Everyone must pay their fair share to ensure a stable and functioning society.

3 - Terms
(1) No person shall own more than 5 in-game companies simultaneously. Any person found with more than this number of in-game companies after the passage of this Act shall be found guilty of and charged with Tax Evasion. There shall be no exceptions for companies created before the passage of this Act. Every week that this is not resolved shall count as a separate and independent act of Tax Evasion for purposes of double jeopardy protections.

(2) Section 3 subsection 1 of the December 2021 Tax Cuts and Loopholes Act shall be amended as follows:
(1) Corporate Balances shall be taxed at a rate of 1% per week the following tax rates:
1. Corporate balances between $0.00 and $49,999.99 (inclusive) shall be taxed at a rate of 1% weekly.
2. Corporate balances between $50,000 and $149,999.99 (inclusive) shall be taxed at a rate of 1.25% weekly.
3. Corporate balances between $150,000.00 and $299,999.99 (inclusive) shall be taxed at a rate of 1.5% weekly.
4. Corporate balances between $300,000.00 and $499,999.99 (inclusive) shall be taxed at a rate of 1.75% weekly.
5. Corporate balances above $500,000.00 shall be taxed at a rate of 2% weekly.

(3) All tax exemptions granted before this act’s passage shall be revoked.

(4) Official balances for Federal and Town Governments shall be granted tax exemption.

(5) The AE Build Back Stronger Act (Act of Congress - AE Build Back Stronger Act) shall be repealed.

(6) Section 3 of the December 2021 Tax Cuts and Loopholes Act (Act of Congress - Taxation Act) shall be amended as follows:
(2) The DEC may decide to grant or deny exemptions to non-profits and/or financial institutions on a case by case basis.The DEC may decide to grant or deny exemptions to stock exchanges who display a necessity for a tax exemption on a case by case basis.
(3) All official Towns treasury balances are exempt from this tax rate, so long as the Town balance is used strictly for Town related purposes. Misuse of tax exempt Town accounts qualifies as Corruption.

 

[xLayzur]

VOTE CHANGE: AYE
After a lovely discussion among my fellow Redmontians, I had a change of heart. Thank you <3

 

[End]

VOTE CHANGE
Nay - error in brackets, we can't tax balances of $500,000.00

5. Corporate balances above $500,000.00 shall be taxed at a rate of 2% weekly.