Austonean Social Democrat Tax Plan

ASD changes to Solentian Tax Code
Proposals to add to the current tax code.

Section 1: Alternative Minimum Tax 1.1 All Corporations must pay a minimum of 25% regardless of deductions or exemptions. 1.2 Top earning Individuals who gross 85,000+ must pay a minimum of 15% regardless of deductions or exemptions.

Section 2: Deductions 2.1 Individuals who have student loans may file for a deduction based on the interest on their loans 2.2 Teachers may deduct class room expenses 2.3 Increase the standard deduction to 9,000 Sol from the current 5,000 2.4 Individuals and Couples may deduct child care expenses 2.5 Corporations can no longer deduct "meals and entertainment" 2.6 Individuals can deduct personal moving expenses. 2.7 Corporations may deduct moving expenses between states. 2.8 Coroporations can not deduct moving expenses outside of Solentian territory.

Section 3: Tax Credits 3.1 All business with 500+ employees can apply for a tax credit if 60% of its work force is within Solentian borders. 3.2 All business with less than 500 employees can apply for a tax credit if 80% of its work force is within Solentian borders 3.3 All business may apply for tax credits if carbon footprint nets negatively. 3.4 All business in real estate may apply for tax credits if the rent of their property is listed below the Solentian average rate (1,030 Sol per month) 3.5 All individuals who purchase and install solar panels for the benefit of their primary residence will recieve a tax credit for 50% of the total solar panel cost 3.6 All individuals who purchases an electric car for non-commercial use will receive a tax credit for 5% of the price of the car. (If fuel efficency policy changes)

Section 4: Stock Exchange Tax (Applicable when stock exchange is legal) 4.1 All transactions on the stock exchange will be taxed at 0.55%

Section 5: Estate Tax 5.1 a 20% tax on Individuals in the top 10% of income earners will be implemented.

Section 6: Loopholes Closures 6.1 Individuals or corporations will pay a hefty fine if money is stashed in off shore tax havens 6.2 Solentian established corporations can not move their head quarters over seas to avoid taxes. 6.3 Repeal of second home mortgage deduction 6.4 Individuals who earn 75% of their income through capital gains will be subjected to a 35% tax rate and will have a reduced income tax rate.

Link to Bill
http://classic.particracy.net/viewbill.php?billid=551807

Link to the Austonean Social Democrats
http://particracy.wikia.com/wiki/The_Austonean_Social_Democrats