Rescinded Balance Tax Amendment Act

[Talion77]

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 Amendment Act'.

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

(3) This Act has been authored by Speaker Talion77.

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

2 - Reasons

(1) People should be incentives to deposit their money into Financial Institutions from an earlier point on, as the financial crisis has mostly commenced, and the Redmont Financial Sector needs to rebuild itself.

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 Bracket	Taxation Rate (%)
$0.00 to $99,999.99	0
$100,000.00 to $199,999.99	1
$200,000.00 to $299,999.99	1.2
$300,000.00 - $499,999.99	1.4
$500,000.00+	1.8

Taxation Bracket	Taxation Rate (%)
$0.00 to $49,999.99	0
$50,000.00 to $99,999.99	1
$100,000.00 to $199,999.99	1.2
$200,000.00 - $399,999.99	1.4
$400,000.00+	1.8

 

[Talion77]

Rescinded by sponsor due to public feedback.