Talk:Pay Your Own Way Tax Reform Act 667

From The Kodiak Republic Wiki

Jack Williams (DPPK) OP

— 07/05/2024 23:19

Tabled by R. Henry Welch, MGA, as a government bill.

A resolution to reallocate tax burden and improve nation-wide economic efficiencies.

https://kodiak.wiki/wiki/The_Pay_Your_Own_Way_Tax_Reform,_667

Voting will be 10 May The Kodiak Republic Wiki The Pay Your Own Way Tax Reform, 667 A resolution to reallocate tax burden and improve nation-wide economic efficiencies. THINGed on ## MONTH 2024 with ## Aye, ## Nay, and ## Abstain.

PERMITTING the opportunity for those already well off to pay for public services; SUPPORTING policies which encourage economic growth; INVIGORATING individual freedom to choose your own services; NOT... Jack Williams (DPPK) OP

— 07/05/2024 23:19

@Assembly Member this bill is up for debate. @R. Henry Welch, III [NUP] you have the floor first. R. Henry Welch, III [NUP] — 07/05/2024 23:22 I am happy for everyone to begin without me because I'm already in bed, but the estimations of cost are

500 1000 1000 Millions for the three credits per quarter. I'll comment in the morning R. Henry Welch, III [NUP] — 07/05/2024 23:37 Short summary - these partial credits essentially reward the middle and upper class for reducing government burden for social programs such as health and education allowing us to spend that money on the truly needy. The investment scheme specifically rewards investment in new small businesses. Joseph Fala, DPPK — 08/05/2024 00:02 So this is basically a tax cut for the upper class? R. Henry Welch, III [NUP] — 08/05/2024 00:04 It's a tax credit for spending more money in areas that allow us to better prioritise our expenditure, yes. For 1 billion florins, we get 8 billion in health spending. For 1 billion we get 4 billion in education spending For 500 million we spark 1 billion in investment for small business Joseph Fala, DPPK — 08/05/2024 00:07 So by giving the Upper Class a tax break for not relying on social programs, we reduce amount of revenue for these social programs because your logic is that the upper class doesn't need it? Am I hearing this correctly? R. Henry Welch, III [NUP] — 08/05/2024 00:07 That is incorrect No expenditure has been reduced. Therefore the remaining citizens have increased funding per user Joseph Fala, DPPK — 08/05/2024 00:08 Rewarding the Middle and Upper Class by giving them a Tax Credit? R. Henry Welch, III [NUP] — 08/05/2024 00:09 I don't know if I consider it a reward, we incentivise them to spend even more. Joseph Fala, DPPK — 08/05/2024 00:09 That's essentially a tax cut R. Henry Welch, III [NUP] — 08/05/2024 00:09 Yes, a tax cut to incentivise increased private expenditure. They only get the cut by spending. Joseph Fala, DPPK — 08/05/2024 00:10 Ok, thank you no more questions R. Henry Welch, III [NUP] — 08/05/2024 00:11 Happy to help. A national unity government is here to unlock our economic potential Joseph Fala, DPPK — 08/05/2024 00:11 Takes a hard look at you Ryuto Tachibana (Sabutaka) — 08/05/2024 00:17 Could someone explain section 3.1? I dont quite understand it completely J.F. Sassoon — 08/05/2024 00:18 My primary question to the Minister is how does he believe this will help a post-war economy in comparison to the system we have presently in motion? R. Henry Welch, III [NUP] — 08/05/2024 00:22 Well the clearest point is cash. If we reduce reliance on our education and healthcare systems from a fraction of the population, we can invest the savings into the rebuild effort. As stated, we can unlock 4 billion in education by spending only 1 billion in our budget. That's at a ratio going to unlock money from the budget to rebuild schools, hire teachers, train trauma informed care, etc. The present system does not encourage spending in this way.

Our budget for health for example is already set. Every citizen who chooses a private hospital unlocks a space in a public hospital. If that space is unused, the money remains. It is available to be spent on the post war recovery The investment scheme is most obvious so I won't go into specific details there R. Henry Welch, III [NUP] — 08/05/2024 00:24 This is written to avoid using the credit as a tax avoidance mechanism. You must pay for at least a year of insurance for it to apply. As opposed to just buying some sort of "1 day" plan from a pump and dump trust or some such. Jack Williams (DPPK) OP

— 08/05/2024 00:25

I gotta feeling that this will become a waste of time before we know. My only issue is that it will take a year for it to apply. Aren’t we wanting for a strong and quick reconstruction of our regions? R. Henry Welch, III [NUP] — 08/05/2024 00:28 I'm sorry I don't follow. I'm the minister of treasury. I'm making tax policy to encourage the rich to spend and not save in a time of economic recovery. That incentive starts the moment it's passed. Just because filings are annual doesn't mean spending is only in December Quick is also relative. There is not infinite human resources. We can't invent a new teacher. It takes years. But these incentives encourage what we can with what is here. I leave more options to my colleague ministers It is rather nonconstructive to complain the tax guy isn't making industry policy or whatever. I'm the tax guy I am aware the health minister has already allocated a proposal for funding And more to come, assuming the assembly chooses to respect democracy of course Joseph Fala, DPPK — 08/05/2024 00:31 So by spending 1 billion in Education, we get 4 billion back? R. Henry Welch, III [NUP] — 08/05/2024 00:32 By the state spending 1 billion, the nation gets 4 billion in education investment Joseph Fala, DPPK — 08/05/2024 00:32 How does that work R. Henry Welch, III [NUP] — 08/05/2024 00:33 The tax credit is only .25 per dollar spent. It works by the theory of multiplication. The national unity party is a big supporter of mathematics Joseph Fala, DPPK — 08/05/2024 00:35 And the 4 billion goes to tax credits R. Henry Welch, III [NUP] — 08/05/2024 00:35 When the rich spend 4 billion on education, the state returns 25% We spend 1 billion, we take fromthe rich and it's spent in schools I am unsure why I keep getting the same question Are there any new questions? Joseph Fala, DPPK — 08/05/2024 00:36 I'm just finding what your talking about hard to understand R. Henry Welch, III [NUP] — 08/05/2024 00:37 I am struggling at this point to see that as a problem I've caused. Have you tried consulting a calculator Cost 1 billion / .25 Joseph Fala, DPPK — 08/05/2024 00:37 So do the rich have the choice to spend 4 billion? R. Henry Welch, III [NUP] — 08/05/2024 00:38 This is the estimate the bean counters have given. I have no reason to believe it incorrect They say at this rate, we expect this result. .25 return we expect to cost 1 billion Then we use the calculator and it says 4 billion because of grade three maths We here at the national unity party love our elementary school curriculum Joseph Fala, DPPK — 08/05/2024 00:40 How much is the Education budget currently R. Henry Welch, III [NUP] — 08/05/2024 00:40 I am not sure since this isn't coming out of the education budget, it's coming out of the income tax You'd have to consult the state schools act My apologies the state education and standard act Joseph Fala, DPPK — 08/05/2024 00:42 runs to library R. Henry Welch, III [NUP] — 08/05/2024 00:43 We here at the national unity party always support education standards María Sanz-Cortés [NUP] — 08/05/2024 00:51 We here at the national unity party love to improve in any way possible the lives of the citizenry J.F. Sassoon — 08/05/2024 00:52 I have no conceivable grievance with this bill. It shall enjoy my support. R. Henry Welch, III [NUP] — 08/05/2024 20:55 I appreciate there appears to be very little debate - are there any other questions regarding the proposal? J.F. Sassoon — 08/05/2024 20:55 Mister President, unless any further questions arise, I motion to vote. R. Henry Welch, III [NUP] — 08/05/2024 20:56 I appreciate the urgency - and the President may choose to override the standing orders - but usually there is a 72 hour minimum María Sanz-Cortés [NUP] — 08/05/2024 20:56 I'd prefer we would also motion to vote, since the Assembly agrees to it, but the process must be followed. Jack Williams (DPPK) OP

— 08/05/2024 21:11

You know I actually will do you better, since I am all about overriding these standing orders, who cares about 72 hours EasyPoll APP

— 08/05/2024 21:12

Question Does the Assembly Approve The Pay Your Own Way Tax Reform?

Choices 🇦 Aye 🇧 Nay 🇨 Abstain

Final Result 🇦 ▓▓▓▓▓░░░░░ [12 • 50%] 🇧 ▓▓▓▓░░░░░░ [9 • 38%] 🇨 ▓░░░░░░░░░ [3 • 13%] 24 users voted

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Allowed roles: @Assembly Member Poll ID: e4d19ad8 Jack Williams (DPPK) OP

— 08/05/2024 21:12

@Assembly Member it’s time to vote! The Public Service — 11/05/2024 15:19 @Assembly Member 6 hours remain in this vote. Please vote as soon as possible. The Public Service — Today at 01:17 @Assembly Member The Resolution has been Approved 12 Aye, 9 Nay, 3 Abstaining.

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