Bianjie

[journey]

Opposition tax reforms passed through the Yuan
9 August 5646



Opposition-proposed and supported by Gurun and independents bill on the tax reform passes the Khanate Yuan, in a blow to the liberal coalition, with the vote demanding State Council to enact the bill into the nation's legislation.

Economic reforms were a part of the big manifesto of which DPC has built its electoral campaign back in 5643, and yet the coalition has always lacked a majority in the Yuan to push for the right-wing economic policies, with economically leftist parties making up the majority in chamber. Last month, DPC decided to try its luck by putting together an omnibus bill that would amend Bianjie's Tax Code by introducing a flat tax, something which has been opposed by everyone but DPC in the Yuan, and very obviously ended up in the vote failure. This time, SPP-led opposition decided to put forward its counterproposal bill and introduce an amended Tax Code with a progressive tax rate, tax cuts for the working and middle class citizens and other provisions.

Additionally, SPP-proposed bill includes something which already sparked some negative headlines and reactions from the nation's richest people and companies: 3% annual tax for each billionaire off of their wealth. Big-name moguls say this provision will only discourage new businesses and enterprises from investing in Bianjie and force existing local ones to flee in less regulated and socially-oriented economies. SPP spokesman Elbihe Siugi dismissed the criticism, saying that opposition's proposal will only strengthen and diversify the economy, allowing for smaller businesses and entrepreneurs to compete with the larger competitors and to break monopolies.

Week after the bill was submitted, in a surprising 122-106 vote, with coalition's support partner, Gurun, siding with the opposition, the SPP proposal was successfully approved by the Yuan, with the State Council now expected to enact the legislation, and amend the Tax Code. Finance minister Dorgon Jong wrote on his social media page that he is "disappointed" with this bill passing, but added that he "respects the decision, and will act accordingly to the law. Meanwhile, some of the nation's largest businessmen have announced that they will protest the legislation "on streets and courts", with some saying that they "consider" fleeing the state.



Shōgyōshi (商業紙, Commercial Paper) is the daily and the largest financial newspaper in Bianjie founded in 5497. 
@Shōgyōshi
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