Revenue Act 2009 (MP's Voting Only)
PostPosted:30 May 2009 06:20
The following bill is being put forth by the members of SN-RF for consideration by the full house of parliament.
Voting shall run for three full days. Polls shall "officially" open at 6:00 am GMT and will close on Tues, June 2, 2009 at the same time. To reiterate, that is May, 30 until June, 2 at 6:00 am GMT.
The appropriate voting parameters are as follows:
Aye: support for the bill.
Nay: Against the bill.
Abstain: Neither for nor against. (Per interim constitution these votes will be thrown out).
No vote at all: Counted as Abstention.
Voting shall run for three full days. Polls shall "officially" open at 6:00 am GMT and will close on Tues, June 2, 2009 at the same time. To reiterate, that is May, 30 until June, 2 at 6:00 am GMT.
The appropriate voting parameters are as follows:
Aye: support for the bill.
Nay: Against the bill.
Abstain: Neither for nor against. (Per interim constitution these votes will be thrown out).
No vote at all: Counted as Abstention.
Revenue Act 2009 wrote:Article 1.
Income Tax
Starting rate: 10%: $10,000 - $20,000
Basic rate: 22%: $20,000 - $40,000
Higher rate: 40%: Over $40.000
Say you earned $50,000 the first $10,000 of earned income would be tax free, the second taxed at 10%, the next $20,000 at 22%, and your last $10,000 at 40%
$50,000 = $1,000 + $4,400 + $4,000 = $9,400 = approx 19% income tax
Article 2.
Corporate tax
Flat 19% rate with all investment and R&D immediately deductible (no depreciation schedule)
Article 3.
Capital gains tax
25% for capital gains realized in less than six months, 20% for those realized in less than one year, 15% for those realized in less than two years, 10% for those realized in less than seven years, and 0% all thereafter.
Article 4.
Tax relief on government bonds
If a portion of your wage is put into government savings bonds you get income tax relief capped at $20,000. This means that on a $50,000 wage if you put 10% of your income into bonds you wouldn't pay tax on the first $15,000, instead of the first $10,000, of that income.
Article 5.
Dividends and Bank interest
A 15% flat rate tax on bank interest and dividends if you allow the government to take tax at source.
Article 6.
Sales Tax
A flat rate of 2.5% on everything except food