Act of Congress Financial Services Act

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Provide clarity to taxation exemptions, obligations, and 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 'Financial Services Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by: Speaker. End
(4) This Act has been co-sponsored by: Rep. Blogworldexpo

2 - Reasons
(1) Its a mess.
(2) Protecting citizens who abided by government direction (economic stimulus EOs) who may now be considered to have underpaid.
(3) Current rates are expensive and lead people to hide money. If everyone paid their tax, it lowers the burden for everyone.

3 - Tax Exemptions
(1) No non-government agency, department or, entity will be fully or partially exempt from paying tax.
(a) Towns are an extension of the Executive and are protected by this clause.

(2) To enable the below financial institution taxation, all registered Financial institutions receive automatic tax exemptions due to their reporting obligations.

4 - Financial Institution Taxation
(1) Financial institutions are required to report to the Commerce Department in the final week of every month providing a combined total and evidence of it's taxable accounts.
(a) Taxable accounts are all client accounts or non-government money (s3(1)) that the financial institution holds other than its own.
(b) Any accounts that the financial institution holds in its own name.
(c) Any other undeclared funds
(2) The Commerce Department will then determine the payable tax for that month for the financial institution.
(a) Financial Institutions will pay 75% of the required tax bracket (s5) of its members or account holders, on behalf of its members.
Repealed by (Financial Institutions Tax Act (Revised))
(b) The Commerce Department may decide to grant or deny exemptions to stock exchanges who display a necessity for a tax exemption on a case by case basis.

5 - Amendments to Balance and Corporate Taxation

(1) 5 - Personal balance Taxation Brackets
Bracket amounts are inclusive and shall be taxed at the following rates (daily):

(1) Corporate Balances shall be taxed at a rate of 1% per week.

(1) 5 - Personal and Corporate balance Taxation Brackets
Bracket amounts are inclusive and shall be taxed at the following rates weekly:

1. $0 and $2,499 (inclusive) shall be taxed at a rate of 0% weekly.
2. $2,500 and $49,999.99 (inclusive) shall be taxed at a rate of 1% weekly.
3. $50,000 and $149,999.99 (inclusive) shall be taxed at a rate of 1.25% weekly.
4. $150,000.00 and $299,999.99 (inclusive) shall be taxed at a rate of 1.5% weekly.
5. $300,000.00 and $499,999.99 (inclusive) shall be taxed at a rate of 1.75% weekly.
6. $500,000.00 and above shall be taxed at a rate of 2% weekly.

6 - Powers of the Commerce Department
(1) The Department is authorised to monitor financial transactions and may publish generalised reporting on transaction statistics.
(2) The Department is afforded access to financial institution accounts on request for the purposes of monitoring them for compliance.
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Presidential Assent

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