Bill: Rejected Low Corporate Tax Act

[Milkcrack]

A
BILL
To
Get the ball rolling on Corporate Tax​

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 “Low Corporate Tax Act”.
(2) This Act shall be enacted immediately upon its signage.
(3) The Act has been co-sponsored by Rurge;
(4) This act was written by Milkcrack; who stole it off a previous bill from Hugebob

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/not increase other taxes such as Personal Balance, which is a positive for the working class.

3 - Terms
(1) A new term shall be added to the Taxation Act as followed;
9 - Corporate Balance Taxation Brackets
(1) Bracket amounts are inclusive and shall be taxed at the following rates (daily):

[TABLE=alternate]
[TR]
[TD]Bracket[/TD]
[TD]Taxation Rate (% per week)[/TD]
[TD]Maximum Amount per week ($)[/TD]
[/TR]
[TR]
[TD]$0.00 - $10,000.00[/TD]
[TD]0.0%[/TD]
[TD]0[/TD]
[/TR]
[TR]
[TD]$10,000.00+[/TD]
[TD]1%[/TD]
[TD]-[/TD]
[/TR]
[/TABLE]

(2) The DEC may decide to grant or deny Corporate Tax exemptions to;
a. Non Profits; that serve a significant societal interest.
b. Financial Institutions; with business models heavily depending on keeping a large sum of cash in their corporate balance and it would be unreasonable to tax them otherwise.
c. All Towns are exempt from this tax rate, as long as the Town balance is used only for strictly Town-related purposes.
(4) Misuse of tax-exempt accounts qualifies as Fraud and/or Tax Evasion. For towns officials abusing their town exempt account, it shall also qualify as corruption.