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Tax Redistribution Bill
Topic Started: Nov 10 2009, 05:35 PM (94 Views)
Commoncold0
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Elder Statesman
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Under this bill, the tax system of Ostentia shall be altered as follows:

1. The rate of VAT shall be increased to 20%.

2. Capital gains tax will be made progressive, charged at the same rates as income tax.

3. The Progressive Income Tax Act will be ammended as follows:
a. the text "Very High Income - 50%" will be added beneath the current categories.
b. the text "definitions of "Low Income", "Middle Income" and "High Income"" will be replaced with "definitions of "Low Income", "Middle Income", "High Income" and "Very High Income"".

4. The boundaries of income tax will be shifted so as to reduce the overall burden of income tax, so that the net result of this bill leaves the BTR unchanged.
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Carl Miller
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Chancellor
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:o 20% sales tax? That's outrageous!

I move to amend as follows:

Original Text
 
1. The rate of VAT shall be increased to 20%.


Amendment
 
1. VAT shall be abolished and replaced with an 8% sales tax on all sales in Ostentia.
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sqeak
Learned Member
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What is the current VAT?
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Commoncold0
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Elder Statesman
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Lord Davies
Nov 10 2009, 07:33 PM
What is the current VAT?

I imagine around 17.5%, as that was the UK rate when Ostentia was founded.

@Miller: VAT is much, much fairer tax than a straight sales tax.
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