Act of Congress Taxation Act

End

End

Owner
Owner
Congressional Staff
Supporter
Construction & Transport Department
Order of Redmont President Trifecta
xEndeavour
xEndeavour
Clerk
Joined
Apr 7, 2020
Messages
3,336
MAR 25 2021

House Vote: 9-0-1
Senate Vote: 4-0-1

A
BILL
To

Provide for taxation

The people of Democracy Craft, through their elected Representatives 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 “Taxation Act”.
(2) This Act shall be enacted immediately upon its signage.

2 - Reasons
To simplify and consolidate taxation laws into one act.

3 - Consolidation
The following will take the form of a reply to this act.
a. https://democracycraft.net/threads/first-wealth-tax-act.2569/
b. https://democracycraft.net/threads/tax-evasion-revaluation-act.2425/
c. https://democracycraft.net/threads/pruning-tax-act.3065/

4 - Taxation Brackets
(1) Taxation brackets shall apply to Corporate and Personal Balance Taxes.
(2) The following bracket amounts are inclusive and shall be taxed at the following rates weekly:
Taxation BracketTaxation Rate (%)
$0.00 to $99,999.990
$100,000.00 to $199,999.991
$200,000.00 to $299,999.991.2
$300,000.00 - $499,999.991.4
$500,000.00+1.8
(3) The net time tax rate is calculated over the time between a player’s log-in and their previous log-in. The player’s Corporate and Personal Balance upon log-in is then subject to this tax rate.

5 - Financial Institution Taxation Exemptions
(1) Deposit-taking financial institutions will be exempt from all balance taxes, as defined in the Banking Act (or succeeding acts).
(a) Exemption takes effect from the point of acceptance and registration from the Department of Commerce.
(b) Exemption may be repealed by the Commerce Secretary or delegate if the institution does not meet the requirements of this Act.

The BITA amends this (what used to be section 8, would have been renumbered to section 6) in a very stupid way. To interpret this section please see the relevant post.

(2) Historical events have proven that strong regulatory powers are necessary for the adequate protection of the depositors of deposit-taking institutions.
(3) These powers are vested in the Department of Commerce to uphold the integrity of financial institution taxation, ensure compliance with regulations, and protect the interests of depositors and the broader financial system.

(a) Audit and Inspection Authority. The Department shall have the authority to conduct regular audits and inspections of the financial records of deposit-taking financial institutions. This includes verifying the accuracy of reported profits and confirming legal compliance.
(b) Exemption Verification. The Department may verify the eligibility of deposit-taking financial institutions for taxation exemptions as outlined in Section 5. This includes assessing whether institutions meet the necessary requirements and, if necessary, revoking exemptions for non-compliance.
The Department is empowered to enforce the provisions outlined in the Banking Income Tax Act.
(c) Investigation of Misrepresentation. In cases where misrepresentation of profits is suspected, the Department has the authority to conduct thorough investigations into the financial records of deposit-taking financial institutions. If intentional misrepresentation is confirmed, the Department may take legal action, including prosecution.

(4) The Department of Commerce will have the following non-exhaustive general powers in relation to regulating financial institutions:

(a) Registration: The Department of Commerce will have the power to assess an institution's eligibility, financial viability, and compliance with regulatory requirements prior to registration as a financial institution.
(b) Deregistration: The Department of Commerce will have the power to deregister financial institutions. This authority is granted to address instances of persistent non-compliance with regulations and or laws. Investigatory and legal due diligence, the best interests of the depositors, and restraint must be considered and applied in exercising deregistration.
(c) Commandeer: In extraordinary situations, the Department of Commerce has the power to commandeer and take temporary control of a financial institution. This authority is reserved for exceptional circumstances, such as insolvency, near insolvency, financial crises, or situations where the institution's continued operation poses a systemic risk to the financial system or depositors.
(i) The DOC reserves the right to refuse to declare any seized, commandeered, or nationalised institution as bankrupt under the Business Structuring Act or any subsequent acts. The DOC may retroactively declare the bankruptcy status of any seized, commandeered, or nationalised institution as void.
(d) Seizure and Sale. The Department of Commerce may consider commercial remedies such as selling a collapsed financial institution (or parts of a collapsed financial institution) to other interested financial institutions/parties. This may only take place when it is in the best interests of the depositors. Additionally, the Department may seize the assets of Directors of the Financial Institutions (with the least required disturbance to their estate) to recover debts.

7 - Deposit Guarantee
(1) The Federal Government will guarantee deposits of up to $100,000 per person, per authorised financial institution.
(2) All registered Financial Institutions are automatically covered under the terms of this deposit guarantee as authorised institutions.
(a) Institutions not compliant with this Act will be deregistered as a financial institution.
(b) Deposits will be covered by the Deposit guarantee for 30 days post-deregistration.
(c) The DOC is able to seize Financial Institution and Director assets to recover the costs to depositors. This process must be done with the least practicable disruption to the estate targeted.
(3) The Deposit Guarantee is Financial Institution Depositor Insurance (FIDI) and is compulsory for the stability of the financial system.
(4) The contributions of Financial Institutions serve to offset past and future payouts, but does not imply the existence of an exhaustive fund.
(5) Once s9(2)(c) has been exhausted, the DOC is pre-authorised to use unappropriated Government funds to satisfy the payment of the Deposit Guarantee to impacted depositors.

8 - Financial Institution Rights
(1) Information shared with regulatory bodies must satisfy a 'need-to-know' principle. For example:
(a) The Department of Commerce does not always need to know the identity of account holders.
(b) The Department of Commerce needs to have a reasonable justification for accessing the data it is requesting (this justification does not have to be shared with the Financial Institution).
(2) The Department of Commerce can only compel a Financial Institution to produce information in the course of its official duties.
(3) The Department of Commerce must treat the data of Financial Institutions as commercial-in-confidence, with the sole exception to this being the usage of strictly necessary data in a public report, and only to the extent required to describe and justify the reasoning behind any regulatory or enforcement action performed by the Department, including those listed in §8 of this Act.

9 - Chestshop Sales Tax
(1) Chestshop Tax percentage: 0%
(2) All Chestshop Tax revenue will be directed to the DCGovernment account.

10 - Pruning Tax
(1) All players who have been inactive for at least 3 consecutive months will have the entirety of their personal balance transferred to the DCGovernment balance.
(2) Upon request, the total of personal funds, excluding taxes, shall be returned to the citizen if they become active once again.
(a) DCGovernment shall be responsible for repaying the citizen these funds.
(3) Pruning Taxation will incur a 10% tax on any returned funds.
(4) No notification shall be required for the disbandment of a sole proprietorship where the owner has been pruned under subsection (1).

11 - Property Tax
(1) Where x is the amount of plots a player owns, and y is the amount taxed per day, property taxes shall be calculated as follows: y = 2.7(x - 2) + 2.87(x - 2)^2 + 0.0462(x - 2)^3
(2) Players shall not be taxed for property tax if they own 2 or fewer plots.

Number of PlotsTaxation Rate ($ per day)Amount per week ($)
000
10.000.00
20.000.00
35.6039.20
417.08119.56
534.61242.27
658.32408.24
788.38618.66
8124.92874.44
9168.101176.70
10218.081526.56
11275.001925.00
12339.002373.00
13410.252871.75
14488.883422.16
15575.054025.35
16668.924682.44
17770.625394.34
18880.326162.24
19998.166987.12
201124.287869.96
211258.848811.88
221402.009814.00
231553.9010877.30
241714.6812002.76
251884.5013191.50
262063.5214444.64
272251.8815763.16
282449.7217148.04
292657.2018600.40
302874.4820121.36
Continues...

12 - Terms of Property Taxation:
(1) Merged plots shall be counted as several plots and will be taxed as such.
(2) Plot taxes apply to all plots, unless otherwise provided by Local Governments where the plot is located.
(a) Only Governments which are recognized by the Commonwealth of Redmont can be considered a Local Government.
(3) Towns may request for the Federal Government to conduct plot taxation, where the Federal Government will then provide the taxed amount to the Town on the first day of every month.

13 - New Player Starting Balance

(1) The President, acting with the advice of the Secretary of Commerce, shall have the authority to set the starting balance provided to players joining DemocracyCraft for the first time, and the source from which that balance is drawn.

(2) Prior to any change to the starting balance taking effect, the President must publish a public announcement setting out:

(a) The new starting balance amount;

(b) The source of funds from which it will be drawn; and

(c) The date on which the change will take effect.

(3) A change to the starting balance announced under subsection (2) may be vetoed by a simple majority vote in both chambers of Congress before the change takes effect. A vetoed change shall not take effect.

(4) Where no starting balance has been set under this section, the most recently set policy shall remain in force.

14 - Eviction Tax
(1) Eviction Tax is levied whenever the Department of Construction & Transport successfully auctions off an evicted plot in a public auction, or sells back an evicted plot to the government at 90% of its nominal value.
(2) The tax amount is calculated as 15% of the revenue generated for the evicted owner of the plot through the auction or sellback, rounded to the nearest whole Redmont dollar.
(3) The tax is collected by the Department of Construction & Transport:
(a) If it concerns a public auction, the Department withholds the tax amount from the payout of the auction revenue to the evicted owner.
(b) If it concerns a sellback, the Department fines the tax amount from the evicted owner immediately after the sellback.
(4) This tax is not levied on evictions conducted by Town governments. Towns are free to make their own arrangements in local law. Existing local arrangements will remain in full force."
 
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16 DEC 2020

House Vote: 4-1-2
Senate Vote: 4-0-0
A
BILL
To

Reason for Bill

The people of Democracy Craft, through their elected Representatives 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 “Tax Evasion Revaluation Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by Representative hugebob23456

2 - Reasons
(1) As it currently stands tax evasion is practically legal.

3 - Terms
(1) The existing law on Tax Evasion is hereby repealed.
(2) A new law “Tax Evasion” shall be created and defined as: “Any means by which an individual or company manages monetary assets with the intent to avoid taxation.”
(3) No entity shall be charged with “Tax Evasion” unless found guilty of such crime in Court.
(4) No registered company shall be deregistered on the basis of Tax Evasion unless found guilty of such in Court.
(5) The punishment for “Tax Evasion” shall be not less than $100 and not more than $10,000. The Court may also recommend that the DEC deregister companies on the basis of a guilty verdict.
(6) Any lawyer or the Attorney General may sue any individual or company whom they suspect has committed Tax Evasion.
 
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House Vote: 5-0-1
Senate Vote: 3-0-0
A
BILL
To

Formalize Tax Rates​

The people of Democracy Craft, through their elected Representatives 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 “First Wealth Tax Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by Representative hugebob23456

2 - Reasons
(1) To codify existing tax rates in law.

3 - Terms
(1) Personal balances between $0.00 and $2,499.99 (inclusive) shall be taxed at a rate between 0.00% and 0.10% daily, at the discretion of the DEC.
(2) Personal balances between $2,500.00 and $4,999.99 (inclusive) shall be taxed at a rate between 0.10% and 0.15% daily, at the discretion of the DEC.
(3) Personal balances between $5,000.00 and $9,999.99 (inclusive) shall be taxed at a rate between 0.15% and 0.20% daily, at the discretion of the DEC.
(4) Personal balances between $10,000.00 and $24,999.99 (inclusive) shall be taxed at a rate between 0.20% and 0.40% daily, at the discretion of the DEC.
(5) Personal balances between $25,000.00 and $49,999.99 (inclusive) shall be taxed at a rate between 0.40% and 0.50% daily, at the discretion of the DEC.
(6) Personal balances between $50,000.00 and $99,999.99 (inclusive) shall be taxed at a rate between 0.50% and 0.60% daily, at the discretion of the DEC.
(7) Personal balances of at least $100,000.00 shall be taxed at a rate of 0.60% daily.
(8) The set rate must be consistent for all individuals of the same wealth bracket and may not vary by person.
 
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presidential-seal-png.2452

This amendment has received presidential assent and is hereby signed into law.​
 
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House Vote: 7-0-1
Senate Vote: 5-1-0
A
BILL
To

Tax Inactive Players​

The people of Democracy Craft, through their elected Representatives 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 “Pruning Tax Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by Representative hugebob23456

2 - Reasons
(1) There are millions of dollars floating around inactive balances that go unused. If we were to tax this money, we could dramatically reduce the tax burden on active players and fund bold new programs.

3 - Terms
(1) All players who have been inactive for at least 4 consecutive months will have the entirety of their personal balance transferred to the DCGovernment balance.
 
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This bill has received presidential assent and is hereby signed into law.​
 
A
BILL
To

Amend the Taxation Act

1 - Short Title and Enactment
(1) This Act may be cited as the “August Taxation Amendment Act”.
(2) This Act shall be enacted immediately upon signage if and only if the Corporate Balance Regulation Act is also signed into law.
(3) This Act was initially proposed by Representative xEndeavour but has been significantly modified by Speaker 218218Consumer. Initial proposal may be found here: Vetoed - Taxation Amendment Act
(4) This Act was co-sponsored by Senator tekkovvs.

2 - Reasons
(1) A reduction in balance tax rates would be fair considering the implementation of several other forms of taxation.
(2) Property taxes will eliminate tax evasion loopholes, mitigate plot hoarding, and provide greater revenue for the government.

3 - Tax Cut

The Taxation Act shall be amended as follows:

(1) Personal balances between $0.00 and $2,499.99 (inclusive) shall be taxed at a rate between 0.00% and 0.10% of 0.05% daily, at the discretion of the DEC.
(2) Personal balances between $2,500.00 and $4,999.99 (inclusive) shall be taxed at a rate between 0.10% and 0.15% of 0.10% daily, at the discretion of the DEC.
(3) Personal balances between $5,000.00 and $9,999.99 (inclusive) shall be taxed at a rate between 0.15% and 0.20% of 0.15% daily, at the discretion of the DEC.
(4) Personal balances between $10,000.00 and $24,999.99 (inclusive) shall be taxed at a rate between 0.20% and 0.40% of 0.20% daily, at the discretion of the DEC.
(5) Personal balances between $25,000.00 and $49,999.99 (inclusive) shall be taxed at a rate between 0.40% and 0.50% of 0.30% daily, at the discretion of the DEC.
(6) Personal balances between $50,000.00 and $99,999.99 (inclusive) shall be taxed at a rate between 0.50% and 0.60% of 0.40% daily, at the discretion of the DEC.
(7) Personal balances of at least $100,000.00 shall be taxed at a rate of 0.60% 0.50% daily.

4 - Property Tax

The following shall be added to the Taxation Act:

Property Tax Brackets
(1) Tier 1 commercial plots shall be taxed at a rate of $7 daily.
(2) Tier 2 commercial plots shall be taxed at a rate of $12 daily.
(3) Tier 3 commercial plots shall be taxed at a rate of $30 daily.
(4) Residential plots shall be taxed at a rate of $10 daily.
(5) Industrial plots shall be taxed at a rate of $20 daily.

Terms of Property Taxation:
(1) Merged plots shall be counted as several plots and will be taxed as such.
(2) The executive and its appropriate departments shall be responsible for the designation of commercial plots into tiers. The executive is encouraged yet not required to use the guide below for the designation of tiers.
(3) Plot taxes only apply to the City of Hamilton, unless otherwise provided by Local Governments.
(4) Towns may request for the Federal Government to conduct plot taxation, where the Federal Government will then provide the taxed amount to the Town on the first day of every month.
(5) Assigning a higher bracket punitively or lowering a bracket for personal benefit is considered corruption.

v_60mK-j4dSUdigbsLwhNcks_UxHH-OmWTm9FokEJNffIfNyEPgsTpRQGwKvA8MzZhcJ59ST8UXLmEGrV7BkWVdWJS_FVed-GHDCA1EfjkKjLX9B3Br6E9a53a4d9Ig-CVJ8m-na=s0
 
A
BILL
To

Fix My Bill and Amend the August Taxation Amendment

The people of Democracy Craft, through their elected Representatives 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 “Amendment to the August Taxation Amendment ”.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act was authored by Speaker of the House 218218Consumer.
(4) This Act has been co-sponsored by Representative xlayzur.

2 - Reason
(1) I pasted in the wrong bill format and accidentally put a clause limiting the implementation of the August Taxation Amendment. My mistake should not inhibit our Congress's commitment to socioeconomic equality and plot accessibility on this server, and as a result, it is imperative that we fix it as soon as possible.
(2) This bill was rejected a few days ago, not because a majority disapproved of it, but because it failed to meet caretaker requirements.

3 - Terms
The implementation of the August Taxation Amendment shall no longer be dependent on the passage of the Corporate Balance Regulation Act.
 
A
BILL
To

Amend the Taxation Act

1 - Short Title and Enactment
(1) This Act may be cited as the “Fair Taxes Act”.
(2) This Act shall be enacted immediately upon signage.
(3) This Act was authored by Representative xlayzur with approval from President 218218Consumer and DEC Secretary Thritystone.
(4) This Act was co-sponsored by Senator tekkovvs.

2 - Reasons
(1) Property and balance tax rates were recently modified by staff to ensure compatibility between tax codes and plugin limitations. Congress must readjust these rates to preserve progressive taxation, reduce middle-class property taxes, disincentivize plot hoarding by the wealthy, and improve government revenue.

3 - Tax Cut

The Taxation Act shall be amended as follows:

(1) Personal balances between $0.00 and $2,499.99 (inclusive) shall be taxed at a rate of 0% 1% weekly.
(2) Personal balances between $2,500.00 and $4,999.99 (inclusive) shall be taxed at a rate of 1% 1.1% weekly.
(3) Personal balances between $5,000.00 and $9,999.99 (inclusive) shall be taxed at a rate of 1% 1.2% weekly.
(4) Personal balances between $10,000.00 and $24,999.99 (inclusive) shall be taxed at a rate of 1% 1.4% weekly.
(5) Personal balances between $25,000.00 and $49,999.99 (inclusive) shall be taxed at a rate of 1% 1.6% weekly.
(6) Personal balances between $50,000.00 and $99,999.99 (inclusive) shall be taxed at a rate of 1% 1.8% weekly.
(7) Personal balances of at least $100,000.00 shall be taxed at a rate of 1% 2% weekly.

4 - Property Tax

Property ownership of residential, commercial, and industrial plots shall be taxed at the following daily rates:

1 plot: $0 $2
2 plots: $0 $4
3 plots: $3 $6
4 plots: $7 $8
5 plots: $12 $10
6 plots: $18 $12
7 plots: $25 $14
8 plots: $33 $16
9 plots: $42 $18
10 plots: $52 $20
11 plots: $63 $22
12 plots: $75 $24
13 plots: $88 $26
14 plots: $102 $28
15 plots: $117 $30
16 plots: $133 $32
17 plots: $150 $34
18 plots: $168 $36
19 plots: $187 $38
20 plots: $207 $40
21 plots: $228
22 plots: $250
23 plots: $283
24 plots: $307
25 plots: $332
26 plots: $358
27 plots: $385
28 plots: $413
29 plots: $442
30 plots: $472
 
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The reason for me to nay this bill is basically because I think the bracket between $0.00 and $2499.99 shouldn't get taxed. They already have enough struggle with their balance to have to pay taxes. For the rest, I see as a good thing to raise taxes on the riches more than on the poor and working class.
 
House Vote: 8-0-0
Senate Vote: 5-0-0

A
BILL
To

Amend the Taxation Act

1 - Short Title and Enactment
(1) This Act may be cited as the “Fair Taxes Act”.
(2) This Act shall be enacted immediately upon signage.
(3) This Act was authored by Representative xlayzur with approval from President 218218Consumer and DEC Secretary Thritystone.
(4) This Act was co-sponsored by Senator tekkovvs.

2 - Reasons
(1) Property and balance tax rates were recently modified by staff to ensure compatibility between tax codes and plugin limitations. Congress must readjust these rates to preserve progressive taxation, reduce middle-class property taxes, disincentivize plot hoarding by the wealthy, and improve government revenue.

3 - Tax Cut

The Taxation Act shall be amended as follows:

(1) Personal balances between $0.00 and $2,499.99 (inclusive) shall be taxed at a rate of 0% 1% weekly.

to

(1) Personal balances between $0.00 and $2,499.99 (inclusive) shall be taxed at a rate of 0% weekly
 
A
BILL
To

Reduce Tax Evasion​

The people of Democracy Craft, through their elected Representatives 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 “December 2021 Tax Cuts and Loopholes Act”.
(2) This Act shall be enacted on the 1st of January.
(3) Authored by hugebob23456.
(4) Co-Sponsored by Bubba_Tea_.

2 - Reasons
(1) Currently many players stash their wealth away in corporate balances to avoid taxation indefinitely.
(2) With Corporate Taxes, we will be able to decrease the regular Personal Balance Tax across the board, which is a positive for the working class.
(3) Decreasing the tax rate in the 2nd bracket by 36% and the 3rd bracket by 25% will allow our citizens to keep a greater portion of their hard earned money.

3 - Terms
(1) Corporate Balances shall be taxed at a rate of 1% per week.
(2) The DEC may decide to grant or deny exemptions to non-profits and/or financial institutions on a case by case basis.
(3) All Towns 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.
(4) The Taxation Act shall be amended as follows:

(1) Personal balances between $0.00 and $2,499.99 (inclusive) shall be taxed at a rate of 0% weekly.
(2) Personal balances between $2,500.00 and $4,999.99 (inclusive) shall be taxed at a rate of 1.1% 0.7% weekly.
(3) Personal balances between $5,000.00 and $9,999.99 (inclusive) shall be taxed at a rate of 1.2% 0.9% weekly.
(4) Personal balances between $10,000.00 and $24,999.99 (inclusive) shall be taxed at a rate of 1.4% weekly.
(5) Personal balances between $25,000.00 and $49,999.99 (inclusive) shall be taxed at a rate of 1.6% weekly.
(6) Personal balances between $50,000.00 and $99,999.99 (inclusive) shall be taxed at a rate of 1.8% weekly.
(7) Personal balances of at least $100,000.00 shall be taxed at a rate of 2% weekly.
 
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House Vote: 9-1-1
Senate Vote: 5-0-0



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 “Pruning Taxation Amendment Act”.
(2) This Act shall be enacted immediately after it has been signed into law.
(3) Authored by Rep. Reaperay and Rep. xEndeavour
(4) Co-Sponsored by Rep. xEndeavour

2 - Reasons
(1) Currently prune taxation avoids 4+ months of regular taxation at reimbursement. This bill ensures that Government pruning does not act as a long-term savings account.
(2) A flat rate is easily calculable and a fair rate to encourage returning players to stay.

3 - Additions
(1) Subsection a will be amended to subsection b:
a. (2) The total of personal funds shall be returned to the citizen if they become active once again.
b. (2) The total of personal funds, excluding taxes, shall be returned to the citizen if they become active once again.
(2) Pruning Taxation will incur a 10% tax on any returned funds.




















A​
 
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House Vote: 10-0-1
Senate Vote: 4-0-3

A
BILL
To

Amend the Taxation Act

The people of Democracy Craft, through their elected Representatives 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 ' XL Taxation Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act was authored by xlayzur, tagline: XL
(4) The Act has been co-sponsored by: Sen. Overlordofpeonys

2 - Reasons
Slight increase in taxes to further support the government's upkeep.

3 - Terms
(1) Personal balances between $0.00 and $2,499.99 (inclusive) shall be taxed at a rate of 0.0% weekly.
(2) Personal balances between $2,500.00 and $4,999.99 (inclusive) shall be taxed at a rate of 1.1% 1.2% weekly.
(3) Personal balances between $5,000.00 and $9,999.99 (inclusive) shall be taxed at a rate of 1.2% 1.3% weekly.
(4) Personal balances between $10,000.00 and $24,999.99 (inclusive) shall be taxed at a rate of 1.4% 1.5% weekly.
(5) Personal balances between $25,000.00 and $49,999.99 (inclusive) shall be taxed at a rate of 1.6% 1.7% weekly.
(6) Personal balances between $50,000.00 and $99,999.99 (inclusive) shall be taxed at a rate of 1.8% 1.9% weekly.
(7) Personal balances of at least $100,000.00 shall be taxed at a rate of 2% 2.1% weekly.
 
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A
BILL
To

Amend the Taxation Act

The people of Democracy Craft, through their elected Representatives 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 'Reveille Taxation Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: Speaker xEndeavour
(4) This Act has been co-sponsored by: Sen. Derpy_Bird

2 - Reasons
(1) The wording of the Act under a literal interpretation would imply that taxation collected on Reveille plots is and has been illegal.

3 - Amendments
(1) Plot taxes only apply to the City of Reveille, unless otherwise provided by Local Governments

4 - Terms
(1) The taxation collected in the City of Reveille prior to this amendment, under the Taxation Act, will be lawful under the provision of this Act.
(2) Taxes continue to apply in the City of Hamilton until it is decommissioned.
 
Dusty_3 said:
I wish the change my vote from an aye to a nay.
Reasons: I believe this bill goes against ex post facto. I won't support bills that do that.
Click to expand...
The ex post facto deals with criminal offence charges.

This bill is to correct what is an administrative error in law. It is a pragmatic and reasonable resolution to a complex problem. What's the government going to do? Refund 4 months of tax which isn't tracked and logged?

The mischief this is correcting is a change in the City's name. The intent of the law is to charge tax on city properties.
 
xEndeavour said:
The ex post facto deals with criminal offence charges.

This bill is to correct what is an administrative error in law. It is a pragmatic and reasonable resolution to a complex problem. What's the government going to do? Refund 4 months of tax which isn't tracked and logged?

The mischief this is correcting is a change in the City's name. The intent of the law is to charge tax on city properties.
Click to expand...
If we want to debate this bill more, you are free to re propose it and we can have a proper discussion. But another point to make is that this acts as a pardon on the Government for a mistake we made, and only the president can pardon. While its not ideal, what precedent are we setting if we make a mistake as congress by not changing the city title, and just cover it up with another bill 4 months later.
 
Dusty_3 said:
If we want to debate this bill more, you are free to re propose it and we can have a proper discussion. But another point to make is that this acts as a pardon on the Government for a mistake we made, and only the president can pardon. While its not ideal, what precedent are we setting if we make a mistake as congress by not changing the city title, and just cover it up with another bill 4 months later.
Click to expand...
This was pushed on the government by staff. The government was slow, but the intent hasn't changed - the city is taxable.

This is not a coverup, its a pragmatic solution. If this bill does not pass then we will continue to have this issue. The government cannot a. afford to pay everyone back and b. it has no logs.
 
House Vote: 6-1-1
Senate Vote: 4-0-2


A
BILL
To​

Amend the Taxation Act to include wild regions in the property taxes.

The people of the Commonwealth of Redmont, through their elected Representatives 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 ‘Wild Region Tax Act'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: Rep. RandomIntruder
(4) This Act has been co-sponsored by: Dep. Sec. HiPerb

2 - Reasons
(1) The plugin right now does not easily allow region taxes to exclude wild regions.
(2) It is impossible to adjust the system to exclude them.
(3) Taxes are currently including the wild regions right now, so you won’t see your taxes change, this will just make it so that the government doesn’t get in trouble for something that is plugin based.
(4) Also removes a redundant part of the act.

3 - Amending the Taxation Act
(1) Section 8 of the Taxation Act shall now read:

8 - Terms of Property Taxation:
(1) Merged plots shall be counted as several plots and will be taxed as such.
(2) Plot taxes only apply to the City of Reveille and the wild, unless otherwise provided by Local Governments.
(3) Towns may request for the Federal Government to conduct plot taxation, where the Federal Government will then provide the taxed amount to the Town on the first day of every month.

(2) Section 4 of the Taxation Act shall be removed since it is redundant with the White Collar Crackdown Act.
 
Last edited by a moderator:
A
BILL
To

Amend the Taxation Act

The people of Democracy Craft, through their elected Representatives 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 “Fair Property Tax Relief Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) Authored by the Speaker of House. xLayzur
(4) This Act is sponsored by: Rep. Vernicia

2 - Reasons
(1) Currently Wild regions are taken into account for property taxation, expanding exempt property tax to 3 plots will give breathing room for those with only a few regions.

3 - Terms
(1) 15% tax deduction from previous rates.
(2) Property Tax starts at 4 plots instead of 3.
Number of PlotsTaxation Rate ($ per day)Amount per week ($)
100
200
3321
4749
51284
618126
725175
833231
942294
1052364
1163441
1275525
1388616
14102714
15117819
16133931
171501050
181681176
191871309
202071449
212281596
222501750
232831981
243072149
253322324
263582506
273852695
284132891
294423094
304723304

TO

Number of PlotsTaxation Rate ($ per day)Amount per week ($)
100
200
300
45.9541.65
510.2071.40
615.30107.10
721.25148.75
828.05196.35
935.70249.90
1044.20309.40
1153.55374.85
1263.75446.25
1374.80523.60
1486.70606.90
1599.45696.15
16113.05791.35
17127.50892.50
18142.80999.60
19158.951112.65
20175.951231.65
21193.801356.60
22212.501487.50
23248.551739.85
24261.451830.15
25282.201975.40
26304.302130.10
27327.752294.25
28352.552467.85
29378.202650.90
30
406.20​
2843.40
 
Last edited:
A
BILL
To

Amend the Taxation Act

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Taxation Adjustment Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: Sen. xLayzur
(4) This Act has been co-sponsored by: Sen. xLayzur

2 - Reasons
(1) These revised tax rates ensure that everyone pays their fair share to support public services and initiatives.
(2) Small-scale property owners and individuals with modest balances will have a lighter tax burden, fostering a dynamic environment that accommodates various economic activities.
(3) Chestshop Tax revenue to the DCGovernment account provides essential resources to governance.
(4) Lowering the region buy back percentage allows for the Real Estate industry to thrive.

3 - Implementation of Sales Tax
(1) Chestshop Tax Percentage: 2%
(2) All Chestshop Tax revenue will be directed to the DCGovernment account.

Example: Player A sells 1 diamond for $100, Player B buys 1 Diamond for $100, Player A receives $98 and the $2 is given to the DCGovernment.

4 - Property Buy Back
(1) All Region Buy Back percentages are to be set to 50%

5 - Personal and Corporate balance Taxation Brackets
(1) Corporate & Personal balances between $0.00 and $2,499.99 (inclusive) shall be taxed at a rate of 0.0% weekly.
(2) Corporate & Personal balances between $2,500.00 and $4,999.99 (inclusive) shall be taxed at a rate of 1.2% 1.3% weekly.
(3) Corporate & Personal balances between $5,000.00 and $9,999.99 (inclusive) shall be taxed at a rate of 1.3% 1.4% weekly.
(4) Corporate & Personal balances between $10,000.00 and $24,999.99 (inclusive) shall be taxed at a rate of 1.5% 1.6% weekly.
(5) Corporate & Personal balances between $25,000.00 and $49,999.99 (inclusive) shall be taxed at a rate of 1.7% 1.8% weekly.
(6) Corporate & Personal balances between $50,000.00 and $99,999.99 (inclusive) shall be taxed at a rate of 1.9% 2.0% weekly.
(7) Corporate & Personal balances of at least $100,000.00 shall be taxed at a rate of 2.1% 2.4% weekly.

6 - Property Tax
Number of PlotsTaxation Rate ($ per day)Amount per week ($)
100
200
300
45.9541.65
510.2071.40
615.30107.10
721.25148.75
828.05196.35
935.70249.90
1044.20309.40
1153.55374.85
1263.75446.25
1374.80523.60
1486.70606.90
1599.45696.15
16113.05791.35
17127.50892.50
18142.80999.60
19158.951112.65
20175.951231.65
21193.801356.60
22212.501487.50
23248.551739.85
24261.451830.15
25282.201975.40
26304.302130.10
27327.752294.25
28352.552467.85
29378.202650.90
30406.202843.40

To:

Number of PlotsTaxation Rate ($ per day)Amount per week ($)
100
200
300
43.9827.86
56.7547.25
610.1370.91
713.6895.76
818.03126.21
923.03161.21
1028.15197.05
1134.41240.87
1240.31282.17
1347.10329.70
1453.93377.51
1561.09427.63
1668.25477.75
1777.09539.63
1885.35597.45
1994.31659.17
20103.35723.45
21113.28792.96
22124.69872.83
23145.911021.37
24153.111071.77
25176.651236.55
26190.721335.04
27245.061715.42
28264.411850.87
29283.6521985.55
30304.652132.55
 
House: 9-0-0
Senate: 5-0-0

A
BILL
To

Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'A Little Off The Top Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: President of the Senate Milkcrack
(4) This Act has been co-sponsored by President of the Senate Milkcrack

2 - Reasons
(1) Hardworking law-abiding citizens are being unfairly required to pay more than they can afford in taxes.
(2) This bill will lower taxes by about 20% across the board to reduce the tax burden for all people.
(3) This bill will make balances below $10,000.00 tax-exempt because the Government doesn't need their money.
(4) This bill will make chestshop tax percentage 0%.

3 - Personal and Corporate balance Taxation Brackets
(1) Corporate & Personal balances between $0.00 and $2,499.99 $9,999.99 (inclusive) shall be taxed at a rate of 0.0% weekly.
(2) Corporate & Personal balances between $2,500.00 and $4,999.99 (inclusive) shall be taxed at a rate of 1.3% weekly.
(3) Corporate & Personal balances between $5,000.00 and $9,999.99 (inclusive) shall be taxed at a rate of 1.4% weekly.
(4) Corporate & Personal balances between $10,000.00 and $24,999.99 (inclusive) shall be taxed at a rate of 1.6% 1.3% weekly.
(5) Corporate & Personal balances between $25,000.00 and $49,999.99 (inclusive) shall be taxed at a rate of 1.8% 1.5% weekly.
(6) Corporate & Personal balances between $50,000.00 and $99,999.99 (inclusive) shall be taxed at a rate of 2.0% 1.6% weekly.
(7) Corporate & Personal balances of at least $100,000.00 shall be taxed at a rate of 2.4% 2% weekly.

4 - Chestshop Sales Tax
(1) Chestshop Tax percentage: 2% 0%
 
Last edited by a moderator:
House: 6-0-1
Senate: 5-0-1

A
BILL
To

Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Make Commercial Tax less Convoluted Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by xEndeavour.
(4) This Act has been co-sponsored by Krix and Snowy_heart.

2 - Reasons
(1) The FITA Act is convoluted and duplicated in several other laws.
(2) It is unnecessarily long and specific.
(3) It should be in the Taxation Act.
(4) Financial oversight is lacking, as demonstrated by historical events.
(5) There needs to be serious consequences for banks failing to report to the Department of Commerce

3 - Consolidation
(1) The following act is repealed:
(a) Act of Congress - Financial Institutions Tax Act (Revised)

4 - Taxation Brackets
(1) The following changes:

(1) 4 - Personal and Corporate balance Taxation Brackets
Bracket amounts are inclusive and shall be taxed at the following rates weekly:
1. Corporate & Personal balances between $0.00 and $9,999.99 (inclusive) shall be taxed at a rate of 0% weekly.
2. Corporate & Personal balances between $10,000.00 and $24,999.99 (inclusive) shall be taxed at a rate of 1.3% weekly.
3. Corporate & Personal balances between $25,000.00 and $49,999.99 (inclusive) shall be taxed at a rate of 1.5% weekly.
4. Corporate & Personal balances between $50,000.00 and $99,999.99 (inclusive) shall be taxed at a rate of 1.6% weekly.
5. Corporate & Personal balances of at least $100,000.00 shall be taxed at a rate of 2% weekly.

4 - Taxation Brackets
(1) Taxation brackets apply to Corporate and Personal Balance Taxes.
(2) The following brackets amounts are inclusive and shall be taxed at the following rates weekly:
Taxation BracketTaxation Rate (%)
$0.00 to $9,999.990
$10,000.00 to $24,999.991.3
$25,000.00 to $49,999.991.5
$50,000.00 to $99,999.991.6
$100,000.00+2

5 - Financial Institutions Tax
(1) Deposit-taking financial institutions will be taxed on their monthly reported profit.
(a) This tax will be fined by the Department of Commerce.
(b) Taxation is due by the end of the second week of the following month.
(2) Financial Institution Taxation Rates:

Taxation TypeTaxation Rate
Financial Institution Tax10%
Financial Institution Depositor Insurance Tax10%
Total20% of Profits

6 - Financial Institution Taxation Exemptions
(1) Deposit-taking financial institutions will be exempt from all balance taxes, as defined in the Banking Act (or succeeding acts).
(a) Exemption takes effect from the point of request for exemption to the Department of Commerce.
(b) Exemption may be repealed by the Commerce Secretary or delegate if the institution does not meet the requirements of this Act.

7 - Financial Records and Reporting
(1) Deposit-taking financial institutions must keep detailed accounts of their investment revenue and obligations to their depositors.
(a) Should deposit-taking financial institutions misrepresent their profits to the Department of Commerce, the entity will be liable for prosecution.
(b) Profits shall be calculated as the earnings the financial institution keeps after all operating costs are paid. Profit shall be calculated from the date of the last report or, in the first report, the first day of trading.
(2) Deposit-taking financial institutions are required to report to the Department of Commerce by the end of the first week of the succeeding month:

FINANCIAL REPORT​
(a) Profits.​
(b) Total assets and liabilities as of the last day of the preceding month.​
(c) Any significant changes in the financial condition or operations of the institution.​
(d) A summary of the institution's investment portfolio, including details on securities, loans, and other financial instruments held.​
(e) Information on any regulatory actions, legal proceedings, or other material events that may impact the institution's financial stability.​
(f) Compliance status with relevant financial regulations and guidelines.​

(3) Failure to comply with reporting requirements will result in the financial institution surrendering its taxation exemption status until a report is submitted.

8 - Powers of the Department of Commerce
(1) Historical events have proven that strong regulatory powers are necessary for the adequate protection of the depositors of deposit-taking institutions.
(2) These powers are vested in the Department of Commerce to uphold the integrity of financial institution taxation, ensure compliance with regulations, and protect the interests of depositors and the broader financial system.
(3) The Department of Commerce will have the following non-exhaustive powers in relation to regulating financial institution tax obligations:

(a) Audit and Inspection Authority. The Department shall have the authority to conduct regular audits and inspections of the financial records of deposit-taking financial institutions. This includes verifying the accuracy of reported profits and confirming legal compliance.
(b) Exemption Verification. The Department may verify the eligibility of deposit-taking financial institutions for taxation exemptions as outlined in Section 5. This includes assessing whether institutions meet the necessary requirements and, if necessary, revoking exemptions for non-compliance.
(c) Enforcement of Taxation. The Department is empowered to enforce the taxation provisions outlined in Section 7. This involves assessing, collecting, and overseeing the proper payment of monthly taxes by deposit-taking financial institutions.
(d) Investigation of Misrepresentation. In cases where misrepresentation of profits is suspected, the Department has the authority to conduct thorough investigations into the financial records of deposit-taking financial institutions. If intentional misrepresentation is confirmed, the Department may take legal action, including prosecution.

(3) The Department of Commerce will have the following non-exhaustive general powers in relation to regulating financial institutions:

(a) Registration: The Department of Commerce will have the power to assess an institution's eligibility, financial viability, and compliance with regulatory requirements prior to registration as a financial institution.
(b) Deregistration: The Department of Commerce will have the power to deregister financial institutions. This authority is granted to address instances of persistent non-compliance with regulations and or laws. Investigatory and legal due diligence, the best interests of the depositors, and restraint must be considered and applied in exercising deregistration.
(c) Commandeer: In extraordinary situations, the Department of Commerce has the power to commandeer and take temporary control of a financial institution. This authority is reserved for exceptional circumstances, such as insolvency, near insolvency, financial crises, or situations where the institution's continued operation poses a systemic risk to the financial system or depositors.
(d) Seizure and Sale. The Department of Commerce may consider commercial remedies such as selling a collapsed bank (or parts of a collapsed bank) to other interested financial institutions/parties. This may only take place when it is in the best interests of the depositors. Additionally, the Department may seize the assets of Directors/Owners of the Financial Institutions (with the least required disturbance to their estate) to recover debts.

9 - Deposit Guarantee
(1) The Federal Government will guarantee deposits of up to $50,000 per person, per authorised financial institution.
(2) All registered Financial Institutions are automatically covered under the terms of this deposit guarantee as authorised institutions.
(a) Institutions not compliant with this Act will be deregistered as a financial institution.
(b) Deposits will be covered by the Deposit guarantee for 30 days post-deregistration.
(c) The DOC is able to seize Financial Institution and Director/Owner assets to recover the costs to depositors. This process must be done with the least practicable disruption to the estate targeted.
(3) The Deposit Guarantee is Financial Institution Depositor Insurance (FIDI) and is compulsory for the stability of the financial system.
(4) The contributions of Financial Institutions serve to offset past and future payouts, but does not imply the existence of an exhaustive fund.
(5) Once s9(2)(c) has been exhausted, the DOC is pre-authorised to use unappropriated Government funds to satisfy the payment of the Deposit Guarantee to impacted depositors.

10 - Financial Institution Rights
(1) Information shared with regulatory bodies must satisfy a 'need-to-know' principle. For example:
(a) The Department of Commerce does not always need to know the identity of account holders.
(b) The Department of Commerce needs to have a reasonable justification for accessing the data it is requesting (this justification does not have to be shared with the Financial Institution).
(2) The Department of Commerce can only compel a Financial Institution to produce information in the course of its official duties.
(3) The Department of Commerce must treat the data of Financial Institutions as commercial-in-confidence.
 
Last edited by a moderator:
House Vote: 8-1-0
Senate Vote: 5-0-0
A
BILL
To

Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Tax Reform Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by xEndeavour.
(4) This Act has been co-sponsored by ANDREASP15

2 - Reasons
(1) Government has bucketloads of money.
(2) Encourage player-to-player trade.

3 - Amendments

Taxation BracketTaxation Rate (%)
$0.00 to $9,999.990
$10,000.00 to $24,999.991.3
$25,000.00 to $49,999.991.5
$50,000.00 to $99,999.991.6
$100,000.00+2

Taxation BracketTaxation Rate (%)
$0.00 to $9,999.990
$10,000.00 to $24,999.991
$25,000.00 to $49,999.991.2
$50,000.00 to $99,999.991.4
$100,000.00+1.8
 
Last edited by a moderator:
House Vote: 10-0-0
Senate Vote: 5-0-0
A
BILL
TO

Amend the Taxation Act and Collect Property Taxes in New Territories​

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 'New Hamilton Tax Act.'
(2) This Act shall be enacted immediately after it has been signed into law and the passage of Bill: Draft - National Borders Act.
(3) This Act has been authored by Sen. Dartanman
(4) This Act is co-sponsored by Sen. Dartanman

2 - Reasons
(1) New Hamilton plots need to be taxed, just like Reveille plots.
(2) If Redmont expands again, we shouldn’t need to keep writing amendments, so local governments should be able to opt-out instead of opt-in to property taxes.

3 - Taxation Act Amendments

Change

14 - Terms of Property Taxation:
(1) Merged plots shall be counted as several plots and will be taxed as such.
(2) Plot taxes only apply to the City of Reveille, unless otherwise provided by Local Governments.
(3) Towns may request for the Federal Government to conduct plot taxation, where the Federal Government will then provide the taxed amount to the Town on the first day of every month.

To

14 - Terms of Property Taxation:
(1) Merged plots shall be counted as several plots and will be taxed as such.
(2) Plot taxes apply to all plots, unless otherwise provided by Local Governments where the plot is located.
(a) Only Governments which are recognized by the Commonwealth of Redmont can be considered a Local Government.
(3) Towns may request for the Federal Government to conduct plot taxation, where the Federal Government will then provide the taxed amount to the Town on the first day of every month.
 
Last edited by a moderator:
House: 6-0-0
Senate: 4-0-1

A
BILL
To
Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Property Tax Changes Act'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Representative lcn.
(4) This Act has been co-sponsored by Deputy Speaker zLost.

2 - Reasons
(1) To combat the growing wealth inequality.
(2) To change taxes to be calculated using an equation, rather than random.

3 - Amendment
(1) The Taxation Act Shall be amended as follows:

13- Property Tax
(1) Property taxes shall be calculated usingy=0.25*1.16ˣ+0.3x²+2.5x-25, where x is the amount of plots a player owns, and y is the amount taxed per day. Taxes will be rounded down to the nearest cent.
(2) Players shall not be taxed for property tax if they own 7 or fewer plots.
Number of PlotsTaxation Rate ($ per day)Taxation Rate ($ per week)
100
200
300
400
500
600
700
815.01105.07
922.75159.25
1031.10217.70
1140.07280.49
1249.68347.76
1359.92419.44
1470.79495.53
1582.31576.17
1694.48661.36
17107.31751.17
18120.81845.67
19134.99944.93
20149.861049.02
21165.441158.08
22181.741272.18
23198.791391.53
24216.601516.20
25235.211646.47
26254.651782.55
27274.951924.65
28296.152073.05
29318.302228.10
30341.462390.22
31365.692559.83
32391.072737.49
33417.702923.90
34445.663119.62
35475.073325.49
36506.093542.63
37538.853771.95
38573.564014.92
39610.424272.94
40649.684547.76
41691.624841.34
42736.605156.20
43784.985494.86
44837.235860.61
45893.866257.02
46955.476688.29
471022.787159.46
481096.607676.20
491177.868245.02
501267.678873.69
511367.309571.10
521478.2210347.54
531602.1411214.98
541741.0612187.42
551897.2613280.82
562073.4214513.94
572272.6415908.48
582498.5117489.57
592755.2019286.40
603047.5521332.85
613381.1523668.05
623762.5326337.71
634199.2229394.54
644699.9932899.93
655274.9836924.86
665935.9841551.86
676696.6546876.55
687572.8453009.88
698582.9460080.58
709748.2968238.03
7111093.6177655.27
7212647.6288533.34
7314443.61101105.27
7416520.20115641.40
7518922.18132455.26

Number of PlotsTaxation Rate ($ per day)Amount per week ($)
100
200
300
43.9827.86
56.7547.25
610.1370.91
713.6895.76
818.03126.21
923.03161.21
1028.15197.05
1134.41240.87
1240.31282.17
1347.1329.7
1453.93377.51
1561.09427.63
1668.25477.75
1777.09539.63
1885.35597.45
1994.31659.17
20103.35723.45
21113.28792.96
22124.69872.83
23145.911021.37
24153.111071.77
25176.651236.55
26190.721335.04
27245.061715.42
28264.411850.87
29283.6521985.55
30304.652132.55
31418.392928.7
32430.943016.56
33443.873107.06
34457.183200.27
35470.93296.28
36485.023395.17
37499.573497.02
38514.563601.93
395303709.99
40545.93821.29
41578.654050.57
42613.374293.6
43650.174551.22
44689.184824.29
45730.545113.75
46774.375420.58
47820.835745.81
48870.086090.56
49922.286455.99
50977.626843.35
511065.617459.25
521161.518130.59
531266.058862.34
541379.999659.95
551504.1910529.34
561639.5711476.99
571787.1312509.91
581947.9713635.81
592123.2914863.03
602314.3916200.7
612592.1118144.79
622903.1720322.16
633251.5522760.82
643641.7325492.12
654078.7428551.17
664568.1931977.31
675116.3735814.59
685730.3340112.34
696417.9744925.82
707188.1350316.92
718625.7660380.31
7210350.9172456.37
7312421.0986947.64
7414905.31104337.17
7517886.37125204.6
 
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House: 9-0-0
Senate: 4-0-0

A
BILL
To
Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Balance Tax Changes Act'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Representative lcn.
(4) This Act has been co-sponsored by Deputy Speaker zLost.

2 - Reasons
(1) To combat the growing wealth inequality.
(2) The government has bucketloads of money.

3 - Amendment
(1) The Taxation Act Shall be amended as follows:

4 - Taxation Brackets
(1) Taxation brackets apply to Corporate and Personal Balance Taxes.
(2) The following brackets amounts are inclusive and shall be taxed at the following rates weekly:

Taxation BracketTaxation Rate (%)
$0.00 to $19,999.990
$20,000.00 to $49,999.991
$50,000.00 to $99,999.991.2
$100,000.00 to $199,999.991.4
$200,000.00+1.8

Taxation BracketTaxation Rate (%)
$0.00 to $9,999.990
$10,000.00 to $24,999.991
$25,000.00 to $49,999.991.2
$50,000.00 to $99,999.991.4
$100,000.00+1.8
 
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House Vote: 6-0-0
Senate Vote: 4-0-0
A
BILL
To
Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Property Buy Back Contradiction Fix Act'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Representative lcn.
(4) This Act has been co-sponsored by Representative qsdt.

2 - Reasons
(1) To fix a contradiction in the law.
(a) This is already defined in the Property Standards Act.
(b) Property buy back makes more sense to be defined in the Property Standards Act.

3 - Amendment
(1) The Taxation Act shall be amended as follows:

Delete:

15 - Property Buy Back
(1) All Region Buy Back percentages are to be set to 50%
 
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House Vote: 7-0-0
Senate Vote: 5-1-0
A
BILL
To
Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Taxation Exemption Fix Act'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Vice President lcn.
(4) This Act has been proposed by Speaker CaseyLeFaye.
(5) This Act has been co-sponsored by Representative tusk2510.

2 - Reasons
(1) This fixes a major loophole in the taxation of financial institutions.
(2) This is not possible to enforce.
(3) To amend the Taxation Act.

3 - Amendment
(1) §6(1.a) of the Taxation Act shall be amended as follows:

"(a) Exemption takes effect from the point of request for exemption to the Department of Commerce.​
(a) Exemption takes effect from the point of acceptance and registration from the Department of Commerce."​
 
Last edited:
House Vote: 9-1-0
Senate Vote: 4-0-0
A
BILL
To

Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Pruning Fix Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by President UnityMaster.
(4) This Act has been co-sponsored by Rep. Jabolko.

2 - Reasons
(1) Once a player returns after having their balance pruned, the government is likely to have already spent that player’s balance.
(2) This will counteract levying taxes against the hardworking citizens of Redmont.
(3) This will allow more removal of money from the economy.
(4) To amend the Taxation Act.

3 - Amendments
(1) Section 12 of the Taxation Act shall be amended as follows:

“(1) All players who have been inactive for at least 4 3 consecutive months will have the entirety of their personal balance transferred to the DCGovernment balance.​
(2) Upon request, the total of personal funds shall be returned to the citizen if they become active once again.​
(a) The Federal Reserve Bank shall be responsible for repaying the citizen these funds.”​
 
Last edited:
House Vote: 9-0-0
Senate Vote: 3-0-0
A
BILL
To

Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 ‘Tax Calculation Correction Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Representative xSyncx.
(4) This Act has been co-sponsored by Representative .McBrittle419.

2 - Reasons
(1) Tax is not collected as implied by the Taxation Act as the outlined system would require active tracking and logging of every offline player balance.
(2) The implemented system is only dependent on your last login and balance upon logging in. Money you received while offline is treated the same as money you had when you logged off.
(3) This change harmonises the two by amending the Taxation Act to reflect how tax is executed in-game.
(4) If a “formerly inactive” player wishes to avoid being taxed heavily on an incoming payment, they can log in to restart the tax cycle and then request the payment. Alternatively, if it is being deposited or paid forward - it can be managed via Discord.

Amend Section 4 of the Taxation Act
(1) Taxation brackets apply to Corporate and Personal Balance Taxes.
(2) The following brackets amounts are inclusive and shall be taxed at the following rates weekly:

Taxation BracketTaxation Rate (%)
$0.00 to $19,999.990
$20,000.00 to $49,999.991
$50,000.00 to $99,999.991.2
$100,000.00 to $199,999.991.4
$200,000.00+1.8
(3) The net time tax rate is calculated over the time between a player’s log-in and their previous log-in. The player’s Corporate and Personal Balance upon log-in is then subject to this tax rate.
 
Last edited by a moderator:
House: 7-2-1
Senate: 3-1-0

A
BILL
To

Amend the Taxation Act.​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Real Estate Balancing Act' or ‘REBA.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Sen. Vernicia, Rep. Chaos_Canadian.
(4) This Act has been co-sponsored by Sen. Vernicia.

2 - Reasons
(1) Plot hoarding has taken over the city, so a fairer property tax code will help alleviate some of these issues.
(2) This encourages people to use their plots or sell them to people who actually will.

3 - Property Tax Amendment
Section 13 of the Taxation Act is amended as follows:
(1) Property taxes shall be calculated using y=0.25*1.16ˣ+0.3x²+2.5x-25 y=0.25*1.16^(x+4)+0.3(x+4)²+2.5(x+4)-25, where x is the amount of plots a player owns, and y is the amount taxed per day. Taxes will be rounded down to the nearest cent.
(2) Players shall not be taxed for property tax if they own 7 3 or fewer plots.
 
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House: 6-3-0
Senate: 3-1-0

Amend the Taxation Act
​
The people of the Commonwealth of Redmont, through their elected Representatives 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 'Balance Tax Reduction Act'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Rep. Chaos_Canadian and Sen. Vernicia.
(4) This Act has been co-sponsored by Sen. Vernicia.

2 - Purpose
(1) To end the perpetuating wealth inequality.
(2) Stop the unjust enrichment of the Government from the People.
(3) Allow new players to make businesses and thrive as entrepreneurs and consumers, injecting growth into the economy.

3 - Amendment
(1) The Taxation Act shall be amended as follows:

4 - Taxation Brackets
(1) Taxation brackets shall apply to Corporate and Personal Balance Taxes.
(2) The following brackets amounts are inclusive and shall be taxed at the following rates weekly:

Taxation BracketTaxation Rate (%)
$0.00 to $19,999.990
$20,000.00 to $49,999.991
$50,000.00 to $99,999.991.2
$100,000.00 to $199,999.991.4
$200,000.00+1.8

Taxation BracketTaxation Rate (%)
$0.00 to $49,999.990
$50,000 to $99,999.991
$100,000.00 to $199,999.991.2
$200,000.00 to $399,999.991.4
$400,000.00+1.8
 
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House: 0-0-0
Senate: 5-1-0

A
BILL
To

Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Commercial Confidence Amendment Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Rep. Kaiserin_ and Commerce Secretary xSyncx.
(4) This Act has been co-sponsored by Sen. JunoAndrist.

2 - Reasons
(1) In the event of seizure, commandeering, or nationalisation of a bank, the Department of Commerce should be able to divulge the reasoning behind the action in detail.

3 - Amendments
(1) Section 10.(3) of the Taxation Act shall be amended as follows:

"(3) The Department of Commerce must treat the data of Financial Institutions as commercial-in-confidence, with the sole exception to this being the usage of strictly necessary data in a public report, and only to the extent required to describe and justify the reasoning behind any regulatory or enforcement action performed by the Department, including those listed in §8 of this Act.
 
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HOR: 9-1-1
Senate: 2-2-1

A
BILL
To
Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Reduced Balance Tax Amendment Act'.

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by Rep. gwiis.

(4) This Act has been co-sponsored by Rep. EATB, Rep smokeyybunnyyy, and Rep. Rubilubi55.

2 - Reasons

(1) The Treasury enjoys a healthy surplus and can afford to reduce taxes.

(2) Banks should be encouraged to provide incentives to depositors other than serving as a means of avoiding balance tax.

3 - Amendments

(1) §4.2 of the 'Taxation Act' shall be amended as follows:

" (2) The following bracket amounts are inclusive and shall be taxed at the following rates weekly:

Taxation BracketTaxation Rate (%)
$0.00 to $49,999.990
$50,000.00 to $99,999.991
$100,000.00 to $199,999.991.2
$200,000.00 - $399,999.991.4
$400,000.00+1.8


Taxation BracketTaxation Rate (%)
$0.00 to $99,999.990
$100,000.00 to $199,999.991
$200,000.00 to $299,999.991.2
$300,000.00 - $499,999.991.4
$500,000.00+1.8
 
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Since the Senate is tied, I’m casting the tiebreaking vote.

I have one major concern with this bill: lowering the balance tax threshold could reduce Treasury revenue at a time when we’re already stretched thin covering the fallout from recent bank failures. And yes, the current 50k cap encourages use of banks and supports the rebuilding of our financial sector.

However, banks right now are primarily used for tax evasion, not economic growth. As soon as players receive balance tax, they dump their excess into bank accounts. Not out of trust in the banks, but out of necessity. We're rewarding avoidance, not encouraging educated participation with the financial sector.

Worse, the banks we’re relying on to hold these funds have proven unstable. It’s not reasonable to ask citizens to entrust everything over 50k to these institutions. If we had functional finance regulation, my viewpoint may be different, but we don't. By raising the balance tax threshold, we shift the balance of power back toward the individual. We give players more freedom to spend, to save, and to engage directly with the economy without relying on financial intermediaries that may not deserve their trust.

I vote AYE.
 
juniperfig said:
Since the Senate is tied, I’m casting the tiebreaking vote.

I have one major concern with this bill: lowering the balance tax threshold could reduce Treasury revenue at a time when we’re already stretched thin covering the fallout from recent bank failures. And yes, the current 50k cap encourages use of banks and supports the rebuilding of our financial sector.

However, banks right now are primarily used for tax evasion, not economic growth. As soon as players receive balance tax, they dump their excess into bank accounts. Not out of trust in the banks, but out of necessity. We're rewarding avoidance, not encouraging educated participation with the financial sector.

Worse, the banks we’re relying on to hold these funds have proven unstable. It’s not reasonable to ask citizens to entrust everything over 50k to these institutions. If we had functional finance regulation, my viewpoint may be different, but we don't. By raising the balance tax threshold, we shift the balance of power back toward the individual. We give players more freedom to spend, to save, and to engage directly with the economy without relying on financial intermediaries that may not deserve their trust.

I vote AYE.
Click to expand...
Haven't read it, but noice text.
 
House Vote: 9-0-0
Senate Vote: 4-0-0

A
BILL
To


Amend the Commercial Standards Act and the Taxation Act​


The people of the Commonwealth of Redmont, through their elected Representatives 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 'Accounting Reform Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored and sponsored by Representative Anthony_Org.
(4) This Act has been co-sponsored by Senator Bezzergeezer.

2 - Reasons
(1) To strengthen the integrity, transparency, and reliability of financial reporting in DemocracyCraft.
(2) To prevent fraud, misrepresentation, and malpractice in financial reporting.
(3) To amend the Commercial Standards Act to require financial reports to be prepared by an accountant.
(4) To amend the Taxation Act to improve clarity and require financial reports to be prepared by an accountant.

3 - Amendments

The Commercial Standards Act shall be amended as follows:

12 - Definitions

(13) Exchange-Traded Fund (ETF):
(a) An Exchange-Traded Fund (ETF) is a type of investment fund that pools money from multiple investors to invest in a variety of assets such as company shares, bonds, or other financial instruments.
(b) An ETF combines the traits of a publicly traded security and a managed investment fund, allowing investors to collectively own portions of the fund while retaining the ability to buy or sell those portions through a registered Stock Exchange.

14- Public Company Reporting
(1) All Public Companies shall be required to file the following financial statements monthly:
(a) Balance Sheet
(b) Income Statement
(c) Statement of Owners Equity
(d) Management Discussion & Analysis (MD&A) – a narrative disclosure by the company’s management addressing:
(i) Any significant changes in the financial condition, business operations, or performance of the company since the prior reporting period.
(ii) A summary of the company’s investment activities and capital resources, including major assets, liabilities, and financing arrangements.
(iii) Information on any regulatory actions, legal proceedings, contractual disputes, or other material events that may affect the company’s financial position or operations.
(iv) The company’s compliance status with applicable corporate, financial reporting, and regulatory requirements.

(2) The statements must be publicly available through the stock exchange the public company is listed on , and the company Discord, if applicable, in an accessible form that can be downloaded.

(3) Public companies must have their audit status disclosed alongside their statements.
(a) The two statuses are Audited and Unaudited
(i) Audited: The company has received a statutory audit in the previous 3 months. The date of the most recent audit, and who conducted the audit must also be disclosed.
(ii) Unaudited: The company has not received a statutory audit in the previous 3 months.

(4) All financial reports must be prepared and submitted by an licensed accountant with their name attached to the document.

15 - ETF Reporting
(1) All Companies operating an ETF shall be required to file the following financial statements monthly:
(a) Balance Sheet
(b) Management Discussion & Analysis (MD&A) - a narrative disclosure by the company's management addressing:
(i) Any significant changes in the financial condition, asset composition, or overall performance of the fund since the prior reporting period.
(ii) A summary of the fund’s investment strategy and asset allocation, including major holdings, acquisitions, or divestments made during the period.
(iii) A general summary of investor equity, including total capital invested and share distribution.
(iv) Information on any regulatory actions, legal proceedings, or material events affecting the fund or its managing institution.
(v) A summary of fund performance metrics, including total return, distributions, and changes in total fund value during the reporting period.
(vi) The fund’s compliance status with applicable financial reporting and regulatory requirements.

(2) The statements must be publicly available through the stock exchange the ETF is listed and the managing companies Discord, if applicable, in an accessible form that can be downloaded.

(3) All financial reports must be prepared and submitted by an licensed accountant with their name attached to the document.

16 - Statutory Audits
(1) A statutory audit shall give a fair and impartial assessment of a Public Company’s financial health, validate their reported statements, and ensure they comply with financial law.
(i) The audit must verify the existence and fair valuation of each item recorded on the balance sheet.
(ii) The audit must confirm the existence and legitimacy of the cash flows reported on each line of the income statement.
(2) Any audit that does not meet the above specification cannot be labelled an audit by a public company or a registered stock exchange.

7 - Financial Records and Reporting of the Taxation Act shall be amended as follows:

(1) Deposit-taking financial institutions must keep detailed accounts of their investment revenue and obligations to their depositors.
(a) Should deposit-taking financial institutions misrepresent their profits to the Department of Commerce, the entity will be liable for prosecution.
(b) Profits shall be calculated as the earnings the financial institution keeps after all operating costs are paid. Profit shall be calculated from the date of the last report or, in the first report, the first day of trading.

(2) Deposit-taking financial institutions are required to report to the Department of Commerce by the end of the first week of the succeeding month:

FINANCIAL REPORT
(a) Profits
(b) Total assets and liabilities as of the last day of the preceding month
(c) Any significant changes in the financial condition or operations of the institution
(d) A summary of the institution's investment portfolio, including details on securities, loans, and other financial instruments held
(e) Information on any regulatory actions, legal proceedings, or other material events that may impact the institution's financial stability
(f) Compliance status with relevant financial regulations and guidelines
(a) Income Statement
(b) Balance Sheet
(c) Management Discussion & Analysis (MD&A) – a narrative disclosure addressing:
(i) Any significant changes in the financial condition or operations of the institution since the prior reporting period.
(ii) A summary of the institution’s investment portfolio, including securities, loans, and other financial instruments held.
(iii) Information on any regulatory actions, legal proceedings, or other material events that may impact the institution’s financial stability.
(iv) The institution’s compliance status with relevant financial regulations and guidelines.

(3) All financial reports must be prepared and submitted by an licensed accountant with their name attached to the document.

(4) Failure to comply with reporting requirements will result in the financial institution surrendering its taxation exemption status until a report is submitted.
 

Presidential Assent

This bill has been granted assent and is hereby signed into law.

signature-2-1-2.png

 
A
BILL
To

Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Bank Profit Fix Act'

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by Omegabiebel.

(4) This Act has been co-sponsored by Omegabiebel.

2 - Reasons

(1) The definition of profit needs updating to be more logical and in line with reality

(2) The definition needs updating since time is a constant, not a loose collection of 30/31 day blocks

(3) The new profit definition makes accounting tricks (or just straight fraud) such as spreading losses over months to reduce tax liabilities moot and removes serious ambiguity

3 - Amendments
(1) The Taxation Act will be amended as follows:
"
7 - Financial Records and Reporting
(1) Deposit-taking financial institutions must keep detailed accounts of their investment revenue and obligations to their depositors.
(a) Should deposit-taking financial institutions misrepresent their profits to the Department of Commerce, the entity will be liable for prosecution.
(b) Profits shall be calculated as the earnings the financial institution keeps after all operating costs are paid. Profit shall be calculated from the date of the last report or, in the first report, the first day of trading.
(b) Profit shall be calculated as revenue less operating costs for the reporting period, minus any losses carried forward from prior reporting periods.
(i) Loss Carry-forward: Any loss (negative profit) reported to the Department of Commerce in a previous monthly Financial Report may be carried forward to offset profits in subsequent periods up to the amount not yet offset in previous reporting periods.
(ii) Only losses that were reported in previously submitted Financial Reports may be carried forward. Losses not previously reported are not eligible for carry-forward.
(iii) The reporting period shall run from the date in the last report or, in the first report, the first day of trading.


(2) Deposit-taking financial institutions are required to report to the Department of Commerce by the end of the first week of the succeeding month:
"

4 - Transition
(1) This Act shall apply to all Financial Reports covering reporting periods beginning on or after November 2025.
(a) If a Financial Report covering November 2025 or any subsequent period has already been filed and taxes paid prior to the enactment of this Act, the Financial Institution may file an amended report for such period(s) within ten (10) days of enactment to apply the loss carry-forward provisions in Section 7, and any overpaid taxes shall be credited against future tax obligations (but no cash refunds shall be given)
(2) No Refunds
(a) No refund, credit, rebate, or other payment shall be given, paid, or ordered for any taxes paid for reporting periods ending before November 2025.
(b) No person or entity shall have any right, claim, or cause of action to seek a refund, credit, or other compensation for taxes paid for reporting periods ending before November 2025, whether through an administrative process, judicial action, or by any other means.
(c) Any court action seeking a refund of taxes paid for reporting periods ending before November 2025 shall be dismissed with prejudice as barred by this section.
(4) If this Act is enacted after the November 2025 Financial Report has been submitted and taxes paid:
(a) The Financial Institution may file an amended November 2025 report applying loss carry-forward within ten (10) days of enactment;
(b) Any overpayment resulting from the amended report shall be credited against December 2025 tax obligations (or subsequent months if the credit exceeds December taxes);
(c) No cash refund shall be given for November 2025 overpayments; credits only.
(5) The amendments made by this Act constitute a new methodology for calculating profit and do not constitute a correction or clarification of prior law.
(6) If any provision of this Act is held invalid and struck down, the remainder shall remain in full force and effect.
 
Before HR.19.34:

Rep: Aye - 1 (Twiscet)
Rep: Nay - 5 (Talion77, TrueDarklander, zLost, Smami, End)
Rep: Abstain - 0
Sen: Aye - 0
Sen: Nay - 0
Sen: Abstain - 0
 
Nay - I agree with the reasonings provided by my fellow reps, banks are already charged very minimal taxes and this would lower it even further.
 
As this bill has briefly achieved a majority of 6-5-0 votes, it has been moved to the Senate.
 
I initially had planned to write a long brief on this, but I've decided against this in the sake of time.

In short, following an investigation and reading of the laws, I, as President of the Senate, understand the following:
  1. The vote reached 6-4. After a point, Talion77 flipped from Aye to Nay, making the bill 5-5. Scassany had not yet voted.
  2. By the time that the 48 hours ended, the vote was 4-7 in opposition. However, the Speaker has since ruled that the bill had passed at the time that it attained a majority. This majority was erroneously stated above as 6-5-0, but the mistake is immaterial, since 6-4-0 is still a majority where an additional aye or nay vote would not have changed the outcome.
  3. The Speaker is responsible for maintaining order in the House (see Const. 5(1)), and the President of the Senate is responsible for the same Senate-side (see Const. 6(1)). For this reason, there must be substantial deference given to the Presiding Officer in the other chamber regarding their rulings on their own chamber's procedure.
  4. As the Speaker "represents the will of the chamber for the duration of the Congressional session" (see Const. 5), the ruling on procedure carries with it the will of the whole House. The President of the Senate cannot summarily overturn this.
As such, the vote will proceed in the Senate.
 
House Vote: 6-0-0
Senate Vote: 3-0-1

A
BILL
To
Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Business Pruning Notification Act'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Toadking and Senator Omegabiebel
(4) This Act has been sponsored by Representative zLost
(5) This Act has been co-sponsored by Senator Omegabiebel

2 - Reasons
(1) To eliminate any notification requirements for disbanded sole proprietorships where the owner has been pruned.
(2) To streamline the pruning process for inactive players with regard to inactive businesses.

3 - Amendments
(1) Section 12 of the Taxation Act shall be amended as follows:

"12 - Pruning Tax
(1) All players who have been inactive for at least 3 consecutive months will have the entirety of their personal balance transferred to the DCGovernment balance.
(2) Upon request, the total of personal funds, excluding taxes, shall be returned to the citizen if they become active once again.
(a) The Federal Reserve Bank DCGovernment shall be responsible for repaying the citizen these funds.
(3) Pruning Taxation will incur a 10% tax on any returned funds.
(4) No notification shall be required for the disbandment of a sole proprietorship where the owner has been pruned under subsection (1)."
 

Presidential Assent


This bill has been granted assent and is hereby signed into law.

signature-2-1-2.png

 
A
BILL
To
Amend the Taxation Act​

The people of the Commonwealth of Redmont, through their elected Representatives 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 'Taxation Act Director Amendment'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by ToadKing.
(4) This Act has been sponsored by Representative zLost.
(5) This Act has been co-sponsored by Senator Omegabiebel.

2 - Reasons
(1) To remove ambiguous references to "owners" in the Taxation Act.
(2) To align terminology with the Legal Entity Act, which defines directors as the appropriate term for those controlling legal entities.
(3) To eliminate confusion regarding who may be held liable for financial institution obligations.

3 - Amendments
(1) Section 8(3)(d) of the Taxation Act shall be amended as follows:

"(d) Seizure and Sale. The Department of Commerce may consider commercial remedies such as selling a collapsed financial institution (or parts of a collapsed financial institution) to other interested financial institutions/parties. This may only take place when it is in the best interests of the depositors. Additionally, the Department may seize the assets of Directors/Owners of the Financial Institutions (with the least required disturbance to their estate) to recover debts."

(2) Section 9(2)(c) of the Taxation Act shall be amended as follows:

"(c) The DOC is able to seize Financial Institution and Director/Owner assets to recover the costs to depositors. This process must be done with the least practicable disruption to the estate targeted."
 
House Vote: 5-2-3
Senate Vote: 4-0-0

CONGRESS OF THE
COMMONWEALTH OF REDMONT​





A BILL TO

Impose a Tax on Revenue from Eviction Auctions and Sellbacks



​



The people of the Commonwealth of Redmont, through their elected Representatives 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:
PART I — PRELIMINARIES

1 - Short Title and Enactment
(1) This Act may be cited as the 'Eviction Tax Act'.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Venne Montclair.
(4) This Act has been sponsored by Speaker TrueDarklander.
(5) This Act has been co-sponsored by Representative Malka.

2 - Reasons
(1) More tax revenue is necessary to decrease the deficit.
(2) Citizens should be discouraged from using the eviction process as a free auctioneer service.
(3) To amend the Taxation Act.

PART II - AMENDMENTS TO THE TAXATION ACT

3 - Amendments
(1) The following new Section is appended to the Taxation Act:

"15 - Eviction Tax
(1) Eviction Tax is levied whenever the Department of Construction & Transport successfully auctions off an evicted plot in a public auction, or sells back an evicted plot to the government at 90% of its nominal value.
(2) The tax amount is calculated as 15% of the revenue generated for the evicted owner of the plot through the auction or sellback, rounded to the nearest whole Redmont dollar.
(3) The tax is collected by the Department of Construction & Transport:
(a) If it concerns a public auction, the Department withholds the tax amount from the payout of the auction revenue to the evicted owner.
(b) If it concerns a sellback, the Department fines the tax amount from the evicted owner immediately after the sellback.
(4) This tax is not levied on evictions conducted by Town governments. Towns are free to make their own arrangements in local law. Existing local arrangements will remain in full force."

4 - Transitional Provisions
(1) The Federal Eviction Tax, as introduced by Section 3 of this Act, is not levied on auctions or sellbacks conducted by the Department of Construction & Transport where the corresponding eviction report was filed prior to the enactment of this Act.
 

CONGRESS OF THE
COMMONWEALTH OF REDMONT
​




A BILL TO

AMEND THE FEDERAL RESERVE ACT TO TRANSFER AUTHORITY OVER NEW PLAYER STARTING BALANCES

​


The people of the Commonwealth of Redmont, through their elected Representatives 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:
​

PART I — PRELIMINARIES​

1. Short Title and Enactment

(1) This Act may be cited as the 'New Player Starting Balance Act.'

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by Rep. ToadKing and the Committee to Save the Economy.

(4) This Act has been co-sponsored by Rep. Malka.

(5) This Act amends the following acts:

(a) Federal Reserve Act

(b) Taxation Act

2. Reasons and Intent

(1) The current Federal Reserve Board's policy to fund new player starting balances from the DCGovernment balance constitutes "government spending" and falls within the exclusive constitutional Power of the Purse held by Congress.

(2) The current starting balance mechanism creates an exposure risk, whereby a sufficiently large influx of new players in a short span of time could exhaust the entirety of the government's funds, threatening the financial stability of the Commonwealth.

(3) The FRB's exclusive authority over starting balances is subject to an excessively high bar for congressional override, being a supermajority in both chambers, which is disproportionate for a spending decision of this nature.

(4) This Act transfers authority over starting balances to the President, acting with the advice of the Secretary of Commerce, subject to a simple majority veto in both chambers of Congress, providing appropriate oversight proportionate to the nature of the power.

(5) It is in the public interest that the Executive, accountable to Congress, retains the ability to respond swiftly and proportionately to circumstances that may pose a systemic financial risk to the Commonwealth, including by adjusting or temporarily suspending new player starting balances.

PART II — AMENDMENTS​

3. Amendments to the Federal Reserve Act

(1) Section 6 of the Federal Reserve Act shall be amended by removing the following subsection:

"(3) The FRB shall have the exclusive authority to set the resources and the source of these resources a player gets when joining DemocracyCraft for the first time."

(2) All subsequent sub-sections shall be renumbered accordingly.


4. Amendments to the Taxation Act

(1) The Taxation Act shall be amended by adding the following new section after Section 14:

"15 - New Player Starting Balance

(1) The President, acting with the advice of the Secretary of Commerce, shall have the authority to set the starting balance provided to players joining DemocracyCraft for the first time, and the source from which that balance is drawn.

(2) Prior to any change to the starting balance taking effect, the President must publish a public announcement setting out:

(a) The new starting balance amount;

(b) The source of funds from which it will be drawn; and

(c) The date on which the change will take effect.

(3) A change to the starting balance announced under subsection (2) may be vetoed by a simple majority vote in both chambers of Congress before the change takes effect. A vetoed change shall not take effect.

(4) Where no starting balance has been set under this section, the most recently set policy shall remain in force."

(2) All subsequent sections of the Taxation Act shall be renumbered accordingly.
 
Lets not pick on the most financially worse off.

The solution is to tax the wealthier people, not remove an allowance from people with absolutely nothing,
 
:aye: - This is a small change that will allow the president to much more quickly respond in the case of an emergency new player wave that the government doesn't have the funds for. It does not impact anybody until the president and congress choose to action it
 

CONGRESS OF THE
COMMONWEALTH OF REDMONT
​




A BILL TO

Enforce the Bank Profit Tax




​


The people of the Commonwealth of Redmont, through their elected Representatives 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:


​
PART I — PRELIMINARIES

1. Short Title and Enactment
(1) This Act may be cited as the 'Banking Income Tax Act’

(2) This Act shall be enacted immediately upon its signage.

(3) This Act has been authored by jJoshuaTheGreat and Representative Incarnation__.

(4) This Act has been co-sponsored by Speaker TrueDarklander.

(5) This Act amends the following acts:

(a) Taxation Act

(b) Criminal Code Act

2. Reasons and Intent
(1) The purpose of this Act is to ensure that financial institutions are taxed on realized economic income, calculated in a manner that is clear, enforceable, and resistant to avoidance.

(2) This Act is intended to:
  1. Establish a clear and comprehensive framework for the computation of income, including the determination of revenue and deductible expenses;
  2. Prevent the reduction of taxable income through artificial arrangements, including the mischaracterization of shareholder distributions, compensation, or capital transactions;
  3. Restrict the excessive use of loss carryforwards and other mechanisms that distort the measurement of income between taxation periods; and
  4. Strengthen the authority of the Department of Commerce to enforce compliance and ensure the integrity of the taxation system.
(3) This Act has been drafted to replace the proposed Financially Responsible Act, which aimed to remove taxation on the profits of banks, and shift tax burden onto ordinary players.

(4) This Act is intended to create a strict but fair method of taxing profits of deposit-taking financial institutions effectively.

3. Definitions
(1) For the purposes of this Act, the following definitions shall apply:
(a) Equity/Shareholder capital. Means the residual interest in the assets of a financial institution after deducting its liabilities, and includes contributed capital and retained earnings, but only to the extent that such interest:​
(i) Exposes the holder to a genuine and unrestricted risk of loss of principal;​
(ii) Provides returns that are variable and materially dependent on the financial performance of the institution;​
(iii) Is not redeemable, retractable, repurchaseable, callable, or otherwise returnable, whether directly or indirectly, at a fixed, guaranteed, or predetermined amount other than upon dissolution or bankruptcy;​
(iv) Does not provide any contractual, implied, or practical entitlement to liquidity, withdrawal, or repayment on demand or within a determinable period;​
(v)Is fully subordinated, in all circumstances including insolvency or liquidation, to the claims of depositors and all other creditors; and​
(vi)Does not contain any feature, arrangement, side agreement, expectation, or understanding that has the purpose of effect of preserving capital, acting as a store of value, or otherwise replicating the effect of a deposit.​
An instrument shall not be classified as equity unless all conditions in this subsection are satisfied​
​
(b) Deposit. Means any liability, obligation, instrument, or arrangement under which a financial institution receives funds or value and is obligated, whether legally, contractually, or in practice, to repay an amount of money or equivalent value to a customer, counterparty, or holder, either on demand or at a determinable or agreed future time. A liability or instrument shall be deemed to be a deposit where it exhibits the following characteristics:​
(i) The principal amount is fixed, determinable, or represented to be stable, and is repayable at or near par on demand or within a determinable period;​
(ii) Funds are withdrawable, redeemable, transferable, or otherwise accessible on demand or with limited or defined notice;​
(iii) The holder is not exposed to a meaningful or material risk of loss of principal under normal or reasonably foreseeable conditions;​
(iv) Returns are fixed, guaranteed, administratively determined, and not materially dependent on the financial performance of the institution;​
(v)The instrument is marketed, represented, or functions as a store of value, cash equivalent, cash management vehicle, or a means of payment;​
(vi) There exists any explicit or implicit commitment, expectation, or practice that principal will be preserved and liquidity will be provided.​
In determining whether an instrument constitutes a deposit, regard shall be had to the legal rights and obligations of the parties, the reasonable expectations of the holder, the manner in which the instrument is marketed or used, explicit and implicit assurances of principal protection, and the overall economic effect of the arrangement.​
​
(c) Capital asset. Means any property, whether tangible or intangible, that:​
(i) Is acquired, developed, or held for use on a continuing basis in the operation of the business; and​
(ii) Is not held primarily for resale, disposition, or trading in the ordinary course of business.​
​
(d) Capital expenditure/Capital improvement. Means any expenditure that:​
(i) Results in the acquisition, creation, or enhancement of a capital asset;​
(ii) Extends the useful life, increases the capacity, improves the efficiency, or enhances the value of a capital asset; or​
(iii) Provides a benefit that extends beyond the taxation period in which the expenditure is incurred.​
​
(e) Control. means the ability, whether direct or indirect, and whether exercised or not, to determine, influence, or direct the strategic, financial, or operational decisions of an entity, including through:​
(i) Ownership of voting interests;​
(ii) Contractual rights; or​
(iii) Economic dependence​
​
(f) Fair Market Value means the highest price, expressed in money or money’s worth, that would be agreed upon in an open and unrestricted market between informed, prudent, and willing parties dealing at arm’s length and under no compulsion to act.​
​
4. Interpretation
(1) For the purposes of this Act:​
(a) The economic substance and practical effect of a transaction, instrument, or arrangement shall prevail over its legal form or characterization;​
(b) A transaction includes a series of transactions, arrangements, or steps, whether or not formally documented;​
(c) Rights, obligations, or expectations may be express or implied, and may arise from conduct, practice, or understanding;​
(d) Any avoidance, artificial, or contrived arrangement shall be interpreted in a manner that prevents the reduction, deferral, or elimination of tax contrary to the purpose of this Act; and​
(e) Where a provision can reasonably be interpreted in more than one way, the interpretation that best achieves the purpose of taxing realized economic income and preventing avoidance shall be preferred.​

PART II — IMPOSITION AND RATES OF TAX

5. Tax Imposed
(1) A Financial Institution Tax is imposed on every financial institution for each taxation period on its taxable income, as computed under Part III of this Act.

(2) A Financial Institution Depositor Insurance Tax is imposed on every deposit-taking financial institution for each taxation period on its taxable income, as computed under Part III of this Act.

6. Rates of Tax
(1) The tax imposed under Section 5 shall be:
(a) Financial Institution Tax at a rate of 15%; and​
(b) Financial Institution Depositor Insurance Tax at a rate of 10%.​

(2) The rates in subsection (1) apply to the same taxable income.

7. Taxable Income
(1) “Taxable income” means income computed in accordance with Part III.

(2) Taxable income is determined separately for each taxation period.

8. Taxation Period
(1) A taxation period shall mean a calendar month.

PART III — Computation of Income

9. Income for Accounting Purposes
(1) The income for accounting purposes of a financial institution for a taxation period is the net increase in its equity arising from:
(a) All increases in assets, and​
(b) All decreases in liabilities, other than:​
(c) Contributions of capital by a shareholder.​

10. Computed Taxable Income
(1) Taxable income for a taxation period is the accounting income determined under section 9, as adjusted in accordance with this Part.

11. Excluded Amounts
(1) In computing taxable income, any unrealized gains, or any amount otherwise included that is not realized, shall be excluded.

12. Deductions
(1) In computing taxable income, a financial institution may deduct only those expenses that:
(a) Are incurred for the sole purpose of earning income; and​
(b) Are reasonable in the circumstances and amounts.​
​
(2) Without limiting subsection (1), the following are deductible:
(a) Interest expenses;​
(b) Ordinary operating and administrative expenses;​
(c) Employee compensation up to R$ 25,000 per employee;​
(d) Regulatory and compliance costs;​
(e) Credit losses, subject to subsection (3).​
​
(3) Credit losses are deductible only to the extent that they are realized in the taxation period.
​
13. Non-Permitted Deductions
(1) No deduction shall be made in respect of:
(a) A dividend or other distribution to a shareholder;​
(b) A share buyback, redemption, or other equity repurchase;​
(c) Any amount paid or payable to a related party;​
(d) Any expense that provides a direct or indirect benefit to a shareholder or related party, including​
(i) Housing or accommodations;​
(ii) Vehicles or transportation assets;​
(iii) Luxury goods or services;​
(iv) Memberships; subscriptions; or private services;​
(v) Entertainment not strictly required for business operations.​
(e) Employee compensation in excess of R$ 25,000 per employee;​
(f) Acquisitions or improvements of capital assets; or​
(g) Any expense lacking economic substance or incurred primarily to reduce taxable income.​

14. Deemed Dividends
(1) Any amount paid or payable as salary, wages, bonus, or other compensation to a shareholder shall be deemed to be a dividend, where that shareholder:
(a) Owns 10% or more of the equity of the financial institution; or​
(b) Exercises a controlling interest in the financial institution,​

(2) An amount deemed to be a dividend under subsection (1) is not deductible.
​
15. Related Parties
(1) For the purposes of this Act, a “related party” includes:
(a) Any shareholder owning 10% or more of the equity of the financial institution or exercising a controlling interest in the financial institution; and​
(b) Any entity that is controlled by, or at least 50% owned by, a person described in paragraph (a).​

16. Loss Carryforwards
(1) A loss incurred in a taxation period may be carried forward and offset in future taxation periods not exceeding three months from the loss.

(2) A loss that is not applied within the period described in subsection (1) expires and shall not be deducted.
​
PART IV — PAYMENT, FILING, AND ENFORCEMENT
​
17. Filing of Return
(1) Every financial institution shall, for each taxation period, file with the Department of Commerce a return in the form prescribed by the Department.

(2) A return under subsection (1) shall be filed not later than 30 days after the end of the taxation period.

(3) The return shall include financial statements prepared in accordance with generally accepted accounting standards, or, at the election of the taxpayer, under International Financial Reporting Standards, and such statements shall include:
(a) A balance sheet;​
(b) An income statement;​
(c) A cash flow statement;​
(d) A statement of changes in equity; and​
(e) A computation of income for tax purposes under Part III in a form prescribed by the Department of Commerce.​
​
18. Tax Payable and Due Date
(1) Tax payable for a taxation period is due not later than 10 days after the end of that taxation period.

(2) Where a financial institution has not filed a return under section 17 by the time its tax becomes payable, the amount due under subsection (1) shall be:
(a) The amount of tax payable for the immediately preceding taxation period; or​
(b) A financial institution’s reasonable estimate of the tax payable for the current taxation period.​
​
19. Estimated Payments and Underpayments
(1) Where a financial institution pays an amount under paragraph 16(2)(b) and that amount is less than the tax payable for the taxation period, interest shall accrue on the deficiency from the day after the amount was due under subsection 16(1), until the deficiency is paid.

(2) Where a financial institution pays an amount under paragraph 16(2)(a) and that amount is less than the tax payable for the taxation period:
(a) No interest shall accrue before the filing of the return required under section 15;​
(b) The unpaid balance becomes due immediately on filing; and​
(c) Interest shall accrue on that unpaid balance from the day after the return is filed until it is paid.​
​
(3) For greater certainty, nothing in this section relieves a financial institution from liability for the tax payable for the taxation period beyond 10 days after the taxation period.
​
20. Overpayments and Tax Refunds
(1) Where the amount paid on account of tax for a taxation period exceeds the tax payable for that period, the excess is an overpayment.

(2) The Department of Commerce shall refund an overpayment not later than 30 days after receipt of the return for the taxation period.

21. Interest
(1) Interest payable under this Part accrues daily.

(2) The rate of interest for the purposes of this Part is one percent per day.

(3) Interest under this Part is payable as tax and may be assessed, collected, and enforced accordingly.

22. Late Filing
(1) A financial institution that fails to file a return as required by section 17 is liable to a penalty of R$ 2,500 per day.

(2) A financial institution that suffers a repeated failure to file a return as required by section 17 shall be liable to a penalty of R$ 5,000 per day.
​
23. Records and Burden of Proof
(1) Every financial institution shall maintain complete and accurate books, records, and supporting documentation sufficient to establish:
(a) Its income for accounting purposes;​
(b) Its taxable income;​
(c) The nature and amount of each deduction claimed; and​
(d) Its compliance with this Act.​
​
(2) The burden of establishing the correctness of any return, entitlement to any deduction, and the accuracy of any amount reported rests on the financial institution.

(3) No deduction, reduction, or adjustment shall be allowed unless the financial institution establishes, to the satisfaction of the Department of Commerce, that it is permitted under this Act.

(4) Where a financial institution fails to provide sufficient evidence of any amount, transaction, or expense, the Department of Commerce may:
(a) Disregard that amount in whole or in part; and​
(b) Determine the tax consequences accordingly.​
​
(5) Books and records shall be retained indefinitely.
​
24. Inspection and Audit
(1) The Department of Commerce may, at any time and without prior notice, inspect, examine, or audit the books, records, and affairs of a financial institution.

(2) In the course of an audit, the Department of Commerce may require the financial institution to:
(a) Produce any books, records, or documents;​
(b) Provide explanations, reconciliations, and supporting schedules;​
(c) Identify the parties to any transaction;​
(d) Demonstrate the commercial purpose of any transaction or expense; and​
(e) Establish the source, destination, and nature of any payment, receipt, asset, or liability.​
​
(3) A financial institution shall provide all assistance reasonably required by the Department of Commerce in the course of an audit.

(4) Failure to comply with this section permits the Department of Commerce to draw adverse inferences against the taxpayer.
​
25. Determinations and Adjustments
(1) Where the Department of Commerce is not satisfied with the accuracy or completeness of a return, it may determine the income and tax payable of a financial institution.

(2) In making a determination under subsection (1), the Department of Commerce may:
(a) Deny any deduction not established to be allowable;​
(b) Include in income any amount not properly reported;​
(c) Recharacterize any transaction in accordance with its economic substance;​
(d) Substitute fair market value for any non-arm’s length transaction; and​
(e) Disregard any artificial or tax avoidance arrangement.​
​
(3) A determination under this section may be based on:
(a) Available records;​
(b) Reasonable assumptions; and​
(c) Estimates made by the Department of Commerce.​
​
26. Assessments and Reassessments
(1) The Department of Commerce may assess or reassess tax, interest, and penalties payable for any taxation period.

(2) An assessment or reassessment is deemed to be valid notwithstanding any error, omission, or defect in a return.

(3) Where a financial institution has failed to maintain adequate records, the Department of Commerce may assess tax on any reasonable basis.

(4) An assessment is deemed to be correct unless the financial institution establishes otherwise.

(5) The Department of Commerce may reassess any return within 12 months of its filing, and may indefinitely reassess any return that was knowingly filed incorrectly.
​
27. Notice of Assessment
(1) The Department of Commerce shall issue a notice of assessment or reassessment to the financial institution.

(2) The notice shall set out:
(a) The taxation period;​
(b)The amount of tax, interest, and penalties assessed; and​
(c) The basis of the assessment in reasonable detail.​

​
28. Right of Appeal
(1) A financial institution may appeal an assessment or reassessment by filing a notice of appeal with the Department of Commerce.

(2) A notice of appeal must be filed within 7 days of the issuance of the notice of assessment.

(3) The notice of appeal shall:
(a) Specify the ground or grounds of appeal; and​
(b) Include all supporting records, documentation, and submissions relied upon.​
​
(4) No ground of appeal may be raised unless it is set out in the notice of appeal.

(5) An appeal may be made only on the grounds that:
(a) The assessment contains a factual error;​
(b) The assessment misapplies this Act; or​
(c) The assessment is unreasonable, having regard to the available evidence.​
​
(6) The burden of proof in an appeal rests on the financial institution.
​
29. Review of Appeal
(1) An appeal shall be reviewed by the Secretary of the Department of Commerce or by an officer designated by the Secretary for that purpose who was not directly involved in the original assessment, where practicable.

(2) The reviewing authority may:
(a) Confirm the assessment;​
(b) Vary the assessment; or​
(c) Vacate the assessment and issue a reassessment.​
​
(3) The reviewing authority is not required to consider any evidence or submission not provided with the notice of appeal.

(4) Where an appeal results in a change to an assessment, the Department of Commerce shall issue a reassessment.
​
30. Final Administrative Appeal
(1) A financial institution may make one further appeal to a reassessment issued under section 29.

(2) Sections 28 and 29 apply, with any necessary modifications, to an appeal under subsection (1).

(3) Any decision under this section is final for the purposes of this Act.
​
31. Recourse to Courts
(1) A financial institution that is dissatisfied with a final decision under section 30 may seek relief before the Federal Court.

(2) No appeal to a court may be validly made unless the procedures under this Part have been exhausted.

(3) An assessment or reassessment remains payable and continues to incur interest and penalties notwithstanding any appeal, unless otherwise ordered by the court.
​
PART V ー OFFENCES AND PENALTIES

32. Application of Criminal Code
(1) For greater certainty, the offences created pursuant to this Part apply specifically to financial institutions and related parties, and supplement but do not limit the operation of any provision of the Criminal Code Act, including Section 14 of the Criminal Code Act.
​
33. Financial Institution Tax Evasion
(1) Part VII of the Criminal Code Act is amended by adding the following section immediately after Section 24:

25 - Financial Institution Tax Evasion
Offence Type: Indictable
Penalty: Up to 1000 Penalty Units; Up to 60 minutes imprisonment
A financial institution commits an offence if the financial institution:
(a) Understates, omits, or misrepresents taxable income;​
(b) Overstates, fabricates, or improperly claims deductions;​
(c) Conceals, disguises, or mischaracterizes any transaction, arrangement, or instrument; or​
(d) Enters into any arrangement or series of arrangements for the purpose or effect of avoiding tax payable under the Banking Income Tax Act, ​
in a repeated, systematic, or coordinated manner and the conduct involves deliberate concealment or falsification.

34. Definition of Capital Asset
(1) Part VII of the Criminal Code Act is amended by adding the following section immediately after Section 25:
​
26 - False Statement in Tax Matters
Offence Type: Indictable
Penalty: Up to 200 Penalty Units; Up to 20 minutes imprisonment.
A person commits an offence if the person knowingly and intentionally:
(a) Makes, participates in, or assents to the making of a false, incomplete, or misleading statement; or​
(b)Omits material information.​
In any return, record, or document required under the Banking Income Tax Act.
​
35. Obstruction of Tax Administration
(1) Part VII of the Criminal Code Act is amended by adding the following section immediately after Section 26:

27 - Obstruction of Tax Administration
Offence Type: Indictable
Penalty: Up to 500 Penalty Units; Up to 30 minutes imprisonment.
A person commits an offence if the person:
(a) Obstructs, hinders, or interferes with an audit, inspection, or investigation under the Banking Income Tax Act;(b) Fails to comply with a lawful requirement of the Department of Commerce under the Banking Income Tax Act; or​
(c) Provides false or misleading information during an audit.​

36. Failure to Maintain Records
(1) Part VII of the Criminal Code Act is amended by adding the following section immediately after Section 27:

28 - Failure to Maintain Records
Offence Type: Indictable
Penalty: Up to 100 Penalty Units; Up to 10 minutes imprisonment.
A financial institution commits an offence if the financial institution:
(a) Fails to maintain records required under the Banking Income Tax Act; and​
(b) That failure materially impedes the determination of tax liability.​
​
37. Liability of Directors and Officers
(1) Part VII of the Criminal Code Act is amended by adding the following section immediately after Section 28:

29 - Liability of Directors and Officers
Offence Type: Indictable
Penalty: Same as underlying offence.
A person commits an offence if:
(a) A financial institution commits an offence under Sections 25 to 28; and​
(b) The person:​
(i) Directed, authorized, or permitted the commission of the offence; or​
(ii) Knew or ought reasonably to have known of the offence and failed to take reasonable steps to prevent it.​
​
38. Failure to Maintain Records
(1) A financial institution, or a director, officer, or employee of a financial institution, may make a voluntary disclosure to the Department of Commerce in respect of any act, omission, or deficiency that results in:
(a) An understatement of taxable income;​
(b) An overstatement of deductions;​
(c) A failure to report required information; or​
(d) Any other non-compliance with this Act.​
​
(2) A disclosure under subsection (1) shall be valid only where:
(a) The disclosure is made voluntarily;​
(b) The disclosure is made before the financial institution or person:​
(i) Is notified of an audit, inspection, or investigation relating to the subject matter of the disclosure;​
(ii) Receives a notice of assessment or reassessment relating to the subject matter of the disclosure; or​
(iii) Is otherwise aware that the Department of Commerce has commenced or intends to commence enforcement action in respect of the matter;​
(c) The disclosure is complete and accurate in all material respects; and​
(d) The financial institution or person cooperates fully with the Department of Commerce in correcting the deficiency.​
​
39. Relief Under Voluntary Disclosure
(1) Where a disclosure meets the requirements of section 38:
(a) No prosecution shall be commenced under the Criminal Code Act in respect of the disclosed conduct;​
(b) Any penalty otherwise payable under this Act may be reduced or waived, in whole or in part, at the discretion of the Department of Commerce; and​
(c) The financial institution shall be permitted a reasonable period, as determined by the Department of Commerce, to:​
(i) File amended returns;​
(ii) Provide additional records or information; and​
(iii) Pay any tax owing.​
​
(2) Relief under subsection (1) shall not apply where:
(a) The disclosure relates to conduct involving deliberate fraud, falsification of records, or intentional deception;​
(b) The disclosure is incomplete, misleading, or materially inaccurate; or​
(c) The disclosure is made after the conditions in section 38(2)(b) are no longer satisfied.​

(3) Notwithstanding subsection (2), the Department of Commerce may grant partial relief where:
(a) The disclosure substantially assists in the detection, investigation, or resolution of non-compliance; and​
(b) It is in the public interest to do so.​
​
PART VI ー CONSEQUENTIAL AMENDMENTS AND TRANSITION

40. Amendments of Prior Provisions
(1) Section 5 of the Taxation Act shall be repealed in its entirety:

5 - Financial Institutions Tax
(1) Deposit-taking financial institutions will be taxed on their monthly reported profit.
(a) This tax will be fined by the Department of Commerce.
(b) Taxation is due by the end of the second week of the following month.
(2) Financial Institution Taxation Rates:


Taxation TypeTaxation Rate
Financial Institution Tax10%
Financial Institution Depositor Insurance Tax10%
Total20% of Profits

(2) Section 7 of the Taxation Act shall be repealed in its entirety:

7 - Financial Records and Reporting
(1) Deposit-taking financial institutions must keep detailed accounts of their investment revenue and obligations to their depositors.
(a) Should deposit-taking financial institutions misrepresent their profits to the Department of Commerce, the entity will be liable for prosecution.
(b) Profit shall be calculated as revenue less operating costs for the reporting period, minus any losses carried forward from prior reporting periods.
(i) Loss Carry-forward: Any loss (negative profit) reported to the Department of Commerce in a previous monthly Financial Report may be carried forward to offset profits in subsequent periods up to the amount not yet offset in previous reporting periods.
(ii) Only losses that were reported in previously submitted Financial Reports may be carried forward. Losses not previously reported are not eligible for carry-forward.
(iii) The reporting period shall run from the date in the last report or, in the first report, the first day of trading.
(2) Deposit-taking financial institutions are required to report to the Department of Commerce by the end of the first week of the succeeding month:

FINANCIAL REPORT​
(a) Income Statement​
(b) Balance Sheet​
(c) Management Discussion & Analysis (MD&A) – a narrative disclosure addressing:​
(i) Any significant changes in the financial condition or operations of the institution since the prior reporting period.​
(ii) A summary of the institution’s investment portfolio, including securities, loans, and other financial instruments held.​
(iii) Information on any regulatory actions, legal proceedings, or other material events that may impact the institution’s financial stability.​
(iv) The institution’s compliance status with relevant financial regulations and guidelines.​

(3) All financial reports must be prepared and submitted by an licensed accountant with their name attached to the document.

(4) Failure to comply with reporting requirements will result in the financial institution surrendering its taxation exemption status until a report is submitted.

(3) Section 8(3)(c) of the Taxation Act is amended as follows:

8 - Powers of the Department of Commerce
(3) The Department of Commerce will have the following non-exhaustive powers in relation to regulating financial institution tax obligations:

(c) Enforcement of Taxation. The Department is empowered to enforce the taxation provisions outlined in Section 7. This involves assessing, collecting, and overseeing the proper payment of monthly taxes by deposit-taking financial institutions.
The Department is empowered to enforce the provisions outlined in the Banking Income Tax Act

41. Application of this Act
(1) The computation of income and taxation of financial institutions shall, from the coming into force of this Act, be governed exclusively by this Act.

(2) Any reference in the Taxation Act or any other enactment to:
(a.) The taxation of financial institutions; or​
(b.) The computation of income of financial institutions, shall be read as a reference to this Act.​
​
42. Transitional Rules
(1) This Act applies to taxation periods commencing after its coming into force.

(2) Any taxation period that commenced before the coming into force of this Act shall continue to be governed by the Taxation Act as it is read immediately before that time.

(3) Any loss arising under the Taxation Act prior to the coming into force of this Act shall be carried forward and applied to future taxation periods not exceeding 3 months from the coming into force of this Act.

(4) Any obligation to file returns, pay tax, or comply with enforcement actions arising before the coming into force of this Act remains valid and enforceable.
 

Presidential Assent


This bill has received Presidential assent and is hereby signed into law.

Reason: This Bill provides the President and Secretary of Commerce the joint power to set the starting balance for new players. This allows for quick, decisive action on a large source of money that currently originates from the Government balance. In being able to control new player balances, the Government has a new policy lever to manage during large player waves.

Before my term ends, I intend to source new player balances from controlled borrowing, originating from the Federal Reserve Bank. The Government cannot be expected to sustainably balance its own budget while simultaneously sourcing all money in the economy from within.

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