Bank Deposit Tax Act

[EmeraldGuuy]

CONGRESS OF THE
COMMONWEALTH OF REDMONT
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A BILL TO
TAX ALL BANK DEPOSITS BY 1%
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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:
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PART I - PRELIMINARIES

1. Short Title and Enactment

(1) This Act may be cited as the “Bank Deposit Tax Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by EmeraldGuuy Goodman
(4) This Act has been co-sponsored by
(5) This Act amends the following acts:

(a) Taxation Act

2. Reasons and Intent

(1) The Redmont Government has a current outstanding debt of fifteen million.
(2) Bank deposits happen daily, and a 1% tax would greatly increase the government budget.

PART II - AMENDMENTS

3. The Taxation Act shall be amended as follows:

16: All payments to registered Financial Institutions shall have an additional 1% tax. Levied as a surcharge to the paying individual.

(a) This section of the Taxation Act shall be removed upon the government’s debt being repaid in full.
(b) Refinancing of the 15M loan does not count as the above.