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starrangers:money

Money

The standard currency of the empire is the imperial credit(IC). The great houses and most of the lesser houses have their own credits. The value of the different currencies mostly fluctuates against each other, though some are fixed value against the IC or some other currency. All credits divide into 1000 millicredits. Many places use a symbol $ for a credit for unknown historical reasons, with some of the house credits using alternate symbols like one of: £, € or ¥.

The money is all crypto currency and electronically signed by the issuer, and often stored on credit chips. In most star systems there are also banks and most people hold most of their money in bank accounts and only having small amounts on credit chips.

A credit chip is: Cost 5 IC. Dimension(cm): 6.8 x 0.1 x 7.5 Weight(kg) 0.0182 and can hold multiple types of currency. Transferring credits between two credits chips requires touching the chips against each other and the sender keying in the value and send and recipient entering same value and receive.

A typical monthly pay is 5,600 IC/month at average wealth and a normal cost of living of 1,200 IC/month, allowing most people ample consumption over their basic needs. Everyone pays 10% imperial income tax and 5-15% local income tax in most cases. Imperial service people and many colonists only pay imperial income tax.

The imperial tax rate was 5% since 105BE when the imperium was granted taxation rights by the The Second Conclave of great houses, and was then raised to 10% in 90 IT for the rearmament effort. By law at least 80% of the imperial budget must go to the armed forces(in practice the number tends to be about 90%).

starrangers/money.txt · Last modified: 2020/11/07 14:57 by weby