HB+47

HB 47 **__ Keep Your Cash Act __**

MVanzo (R), RPigza (I), LElliott (d)
 * __Sponsors-__

__Purpose-__ The purpose of this bill is to allow the people to keep more of the money that they earn and to make an incentive for companies to spend on research.

__Eligibility-__ The Inheritance tax will now exclude any person who's total wealth is less than 10 million. This act will include anyone who makes any income. Any companies that spend at least 5% of revenues on research.

__Terms and Benefits-__ Anyone who pays more than 25% income tax will now only pay 25%, so the government will no longer be taking as much money from the 26-40% range This makes companies want to spend on research as opposed to giving outrageous salaries to executives. This bill excludes the Inheritance tax to anyone that has less total wealth than 10 million, so the government will only be taking in tax from those with more than 10 million in total wealth. This bill will give a 5% corporate tax cut to companies for every 5% of earnings that they spend on research and development up to 25%.

__Fiscal impact-__**
 * Marketing- We will post a website which will let people know about our bill. This will cost about $50,000 to buy the URL and hire technitions.**
 * Legal- We will hire a couple lawyers to defend the bill against suits, this will cost about $300,000**
 * Total- $350,000**