Taxes (Revised 4/7/17)
No taxation without representation!
After having to actually sit down and figure out how much each resident owes in taxes I realized that my previous method of tax collecting wasn’t going to work. While doing my own taxes I noted that my sims are not given any tax credit for being married, having kids, etc. Some sims are super wealthy and some are dirt poor but they are in the same tax bracket which should not be the case. I also felt that some sims should get a refund depending on their circumstances, which my old method did not allow for.
After digging around I came up with a tax collecting method that makes more sense for how I play. The bulk of this comes from Laurel Crossing’s Tax Collecting spreadsheet.
Weekly taxes are paid every Monday to the Treasurer. Weekly taxes are 10% of the simoleons that the sim currently has on hand (family funds). So if they still have their §2000 starting money by Monday they need to pay §200 to the Treasurer. This is done to represent the taxes that are normally taken out of our salaries IRL. These taxes are added to the Yearly Tax spreadsheet. With my four day season rotation Weekly Taxes are paid twice a year.
This is the major change to my previous tax collecting method. Now residents must fill out a Tax Return Form (a slightly modified version of Laurel Crossing’s). Sims are taxed by how much simoleons they have (available funds), how much they are worth (family funds), and business worth (if they own one and are not tax exempt). The more simoleons they have the bigger percentage they have to pay. Sims now can get tax credits for being married, number of dependents (children or elders in their care), and if they live on a farm. I have included my version of Laurel Crossing’s tax sheet here so you can see what I mean: [SFS] [Mediafire]
The only residents that have tax exempt status (meaning they do not pay taxes at all) are:
Treasurer (all the money goes to this sim anyway)
Social Worker living in orphanage
Day Care Provider living in Day Care Center
Prison Warden living in Prison
Therapist living in Asylum
Elder Living Community Manager living in Elder Care home
All other houses (lots) must pay taxes. If they do not have the money to pay taxes they will have to get a loan from the bank. If taxes are continually missed they will be sent to prison.
Loans (Revised 4/7/17)
Citizens can obtain loans if they do not have the proper funds in these instances only: to pay taxes; in order to purchase/build a residence or business; to pay for college. Sims have 7 sim years — or 112 Days — to pay back the loan (because of my longer aging mod). If loans are not paid off the sim’s house or business will be repossessed by the bank and sold. The sim will have to find another place to live. If a sim dies before the loan is paid off the spouse or nearest relative must pay. If there are no living relatives then the loan is written off.
Sims cannot get a loan just to pay bills.
Does your sim have a billionaire buddy? Is your sim really strapped for cash? Ask their friend for a loan! Sims can give money to other sims with any terms for reimbursement that they deem fit.
If sims are strapped for cash they can sell items at a Second-Hand Store. They will receive approximately 60% of the purchase price for items sold.
Rent is paid when a sim moves into home owned by another sim. Rent is due on the last day of the season. For the ocean-front condos rent is §400/season or §100/day. Other residences might pay a higher rent.