Schultaria Prime
30-06-2005, 21:13
HIFEX NEWS AGENCY: SCHULTARIA PRIME, SCHULTARIA PRIME (14:29 SCT)
-Available for international release...
Tensions Mount Over New "Legacy" Legislation
In a five day legislative marathon session just days before the Independence Tri-week Recess, the National Assembly of Schultaria Prime ratified several new, and somewhat controversial, acts concerning national tax policies. These new laws, considered by many Schultarian policy experts to be atypical for the resoundingly collectivist and government-owned socialist state, have been lambasted by an unusual gathering of the extreme communal left and the oligarchic right. At a press conference in the Kesselmer Amphitheater in the manufacturing megalopolis of Colloi, the Socialistia Kollabraci (SoK) party met with members of the international media to issue a joint statement with various unaligned members from the federal government as well as representatives from the Protectorate of Islandia Schultaria.
"It must be the effort of this government to help aid and abet the people whenever and wherever possible without creating a rift of disability or impotence between individuals," noted Assemblyman Gregor Nalken, leader of the SoK's national party and representative of the Jimmuien Corridor, "With the passage of these acts, specifically the expansion of the Personal Legacy Act, not only are we intentionally creating inequality, but we are sponsoring the very return to the oligarchy that our forefathers tried so hard to remove."
While lauded in popular media as a gateway to increased financial independence and as potential boon to the economy in the long term, many economic officials as well as members from the Central Directorate have viewed this measure with some skepticism. "While I am completely for the creation of a stable nest egg that lauds the hard effort of our dedicated citizens, we must hold this legislation to a certain amount of trial and skepticism before we release it to the public domain," said Elliot Schultz, Central Director of Schultaria Prime, "Certainly, once the feasibility studies have come through, we can make a better informed decision about how this will alter the Schultarian economy, be it for the positive or the negative of our current system of financial management."
For our dear readers, here is a basic overview of the legislation in question:
The Personal Legacy Act
Provides every born, naturalized, and dual citizen of Schultaria Prime with the ability to save and hold a personal account of up to 10 million Schultarian merlons (18.1 million standard USD) completely free from taxation and or government intervention.
Funds from these accounts can be acquired and transferred through any legal channel. In the case where individuals receive monies from patents, copyrights, or any other form of semi-protected Schultarian intellectual property, their funds will be joined to the existing Intellectual Heritage Act (any person can earn up to 25 million Schultarian merlons tax free per each property with a 10 billion merlon max capacity)
From the founding of the account to the death of the individual in question, the interest of the monies within the account will grow correspondingly to the rate of inflation as determined by the Federal Treasury on a half year basis. Upon the death of the account holder, 70% of the monies within the account will be allotted for distribution to family members and legal dependents of the person in question.
-For one hundred and ten years, your source for all news Schultarian...
Hifex News Agency
-Available for international release...
Tensions Mount Over New "Legacy" Legislation
In a five day legislative marathon session just days before the Independence Tri-week Recess, the National Assembly of Schultaria Prime ratified several new, and somewhat controversial, acts concerning national tax policies. These new laws, considered by many Schultarian policy experts to be atypical for the resoundingly collectivist and government-owned socialist state, have been lambasted by an unusual gathering of the extreme communal left and the oligarchic right. At a press conference in the Kesselmer Amphitheater in the manufacturing megalopolis of Colloi, the Socialistia Kollabraci (SoK) party met with members of the international media to issue a joint statement with various unaligned members from the federal government as well as representatives from the Protectorate of Islandia Schultaria.
"It must be the effort of this government to help aid and abet the people whenever and wherever possible without creating a rift of disability or impotence between individuals," noted Assemblyman Gregor Nalken, leader of the SoK's national party and representative of the Jimmuien Corridor, "With the passage of these acts, specifically the expansion of the Personal Legacy Act, not only are we intentionally creating inequality, but we are sponsoring the very return to the oligarchy that our forefathers tried so hard to remove."
While lauded in popular media as a gateway to increased financial independence and as potential boon to the economy in the long term, many economic officials as well as members from the Central Directorate have viewed this measure with some skepticism. "While I am completely for the creation of a stable nest egg that lauds the hard effort of our dedicated citizens, we must hold this legislation to a certain amount of trial and skepticism before we release it to the public domain," said Elliot Schultz, Central Director of Schultaria Prime, "Certainly, once the feasibility studies have come through, we can make a better informed decision about how this will alter the Schultarian economy, be it for the positive or the negative of our current system of financial management."
For our dear readers, here is a basic overview of the legislation in question:
The Personal Legacy Act
Provides every born, naturalized, and dual citizen of Schultaria Prime with the ability to save and hold a personal account of up to 10 million Schultarian merlons (18.1 million standard USD) completely free from taxation and or government intervention.
Funds from these accounts can be acquired and transferred through any legal channel. In the case where individuals receive monies from patents, copyrights, or any other form of semi-protected Schultarian intellectual property, their funds will be joined to the existing Intellectual Heritage Act (any person can earn up to 25 million Schultarian merlons tax free per each property with a 10 billion merlon max capacity)
From the founding of the account to the death of the individual in question, the interest of the monies within the account will grow correspondingly to the rate of inflation as determined by the Federal Treasury on a half year basis. Upon the death of the account holder, 70% of the monies within the account will be allotted for distribution to family members and legal dependents of the person in question.
-For one hundred and ten years, your source for all news Schultarian...
Hifex News Agency