LC 2.28 Resolution to Establish the Budget of the Lincoln Government (Debating)

[Fmr. Representative Encke]

Im not sure if this was mentioned already but the federal tax law is currently 39.1% corporate tax rates which is already one of the highest in the world and then adding another 15% tax for Lincoln's corporations will make Lincoln's corporations one of the least competitive in the entire world forcing them to increase prices which will only create a horrible loop of destroying corporations in Lincoln which in the end will just hurt Middle Class families.

We can stay competetive with a 39.1% but a 52.% is like 60% more than the OECD avg and a direct 16% increase over the 2nd highest which is Japan.

Current federal law is 28%.

Ok so it was lowered to a more reasonable amount through a federal bill? or was I looking at the wrong numbers?

https://uselectionatlas.org/AFEWIKI/index.php/Corporate_Tax_Reform_Bill_of_2016

This was where it was lowered to 28% (the bill itself is sort of bizarre and reads like a campaign platform).

[Former President tack50]

Im not sure if this was mentioned already but the federal tax law is currently 39.1% corporate tax rates which is already one of the highest in the world and then adding another 15% tax for Lincoln's corporations will make Lincoln's corporations one of the least competitive in the entire world forcing them to increase prices which will only create a horrible loop of destroying corporations in Lincoln which in the end will just hurt Middle Class families.

We can stay competetive with a 39.1% but a 52.% is like 60% more than the OECD avg and a direct 16% increase over the 2nd highest which is Japan.

Current federal law is 28%.

So combining the federal and regional corporate tax we would be at 43% for the highest bracket? (28+15)

[Fmr. Representative Encke]

Im not sure if this was mentioned already but the federal tax law is currently 39.1% corporate tax rates which is already one of the highest in the world and then adding another 15% tax for Lincoln's corporations will make Lincoln's corporations one of the least competitive in the entire world forcing them to increase prices which will only create a horrible loop of destroying corporations in Lincoln which in the end will just hurt Middle Class families.

We can stay competetive with a 39.1% but a 52.% is like 60% more than the OECD avg and a direct 16% increase over the 2nd highest which is Japan.

Current federal law is 28%.

So combining the federal and regional corporate tax we would be at 43% for the highest bracket? (28+15)

Correct (sort of).

[lfromnj]

Im not sure if this was mentioned already but the federal tax law is currently 39.1% corporate tax rates which is already one of the highest in the world and then adding another 15% tax for Lincoln's corporations will make Lincoln's corporations one of the least competitive in the entire world forcing them to increase prices which will only create a horrible loop of destroying corporations in Lincoln which in the end will just hurt Middle Class families.

We can stay competetive with a 39.1% but a 52.% is like 60% more than the OECD avg and a direct 16% increase over the 2nd highest which is Japan.

Current federal law is 28%.

So combining the federal and regional corporate tax we would be at 43% for the highest bracket? (28+15)

Correct.

Are corporate taxes not considered SALT for corporations?

[Fmr. Representative Encke]

Im not sure if this was mentioned already but the federal tax law is currently 39.1% corporate tax rates which is already one of the highest in the world and then adding another 15% tax for Lincoln's corporations will make Lincoln's corporations one of the least competitive in the entire world forcing them to increase prices which will only create a horrible loop of destroying corporations in Lincoln which in the end will just hurt Middle Class families.

We can stay competetive with a 39.1% but a 52.% is like 60% more than the OECD avg and a direct 16% increase over the 2nd highest which is Japan.

Current federal law is 28%.

So combining the federal and regional corporate tax we would be at 43% for the highest bracket? (28+15)

Correct.

Are corporate taxes not considered SALT for corporations?

Unclear if this applies to regions. Will look into relevant federal statute.

[Fmr. Representative Encke]

Im not sure if this was mentioned already but the federal tax law is currently 39.1% corporate tax rates which is already one of the highest in the world and then adding another 15% tax for Lincoln's corporations will make Lincoln's corporations one of the least competitive in the entire world forcing them to increase prices which will only create a horrible loop of destroying corporations in Lincoln which in the end will just hurt Middle Class families.

We can stay competetive with a 39.1% but a 52.% is like 60% more than the OECD avg and a direct 16% increase over the 2nd highest which is Japan.

Current federal law is 28%.

So combining the federal and regional corporate tax we would be at 43% for the highest bracket? (28+15)

Correct.

Are corporate taxes not considered SALT for corporations?

Unclear if this applies to regions. Will look into relevant federal statute.

A quick search of the wiki reveals no equivalent of the SALT deduction at the regional level. Perhaps someone who's been around longer than I have can comment on this and/or correct me if I'm wrong.

[Former President tack50]

With no objections, Pyro's amendment has been added to the bill. The bill now stands as:

IN THE LINCOLN COUNCIL

A RESOLUTION

Establishing the budget for the Lincoln Government lasting from July 2019 until June 2020

Resolved by the Lincoln Council convened,

Expenditures

Health - $269.89bn + $1.49bn (L603) = $269.89bn

Pensions - $104.40bn + $0bn (LC 11.11) = $104.40bn

Education - $105.19bn + $ 35.63bn (L505, L601, L 12.9, L 13.06) = $140.82bn

Defence - $0.10bn + $0.03bn (L 11.22) = $0.13bn

Transport - $54.18bn + $0.48bn (L 15.6) =$54.66bn

Welfare - $40.93bn + $0.22bn (L 11.4.2, L 14.9) = $41.15bn

General Govt - $20.27bn + -$0.11bn (L513, L 15.9) = $20.16bn

Debt Interest - $23.30bn

Protection - $23.83bn + $4.86bn (L 6.4.3, L 7.3.1, L 10.16.5) = $28.69bn

Other - $31.44bn + $0.98bn (LC 1.13) = $32.42bn

One time additional spending - $39.54bn (L 6.5.1, L 7.1.1, L 7.4.2, L 7.5.1, L 9.10.5, L 10.16.5, L 10.26.5, L 11.17, L 15.3)

===============================

TOTAL EXPENDITURES - $ 755.80 billion

===============================

PROPOSED TAXES

Income tax
0.0%    $0 - $24,999 ($0 B)
10%    $25,000 - $49,9999 ($13.19 B)
15%    $50,000 - $99,999 ($56.40 B)
20%    $100,000 - $249,999 ($118.42 B)
25%   $250,000 - $999,999 ($71.51 B)
30%   $1,000,000 + ($41.87 B)

Rates remain the same for married couples filing jointly, but brackets are doubled.

Alcohol Tax
2% ($1.16 B)

Tobacco Tax
2% ($0.57 B)

Cannabis Tax
10% ($2.09 B) + $1.25bn (L10.25.4) = $3.34bn

Other drugs tax (L10.25.4) = $0.58bn

Excise Taxes
Gas: 30.0 cents per gallon ($13.35 B)
Diesel: $0.50 per gallon ($7.41 B)
New automobile purchase tax (by curb weight): $120 per thousand kilograms ($1.02 B)

Luxury Tax
25% ($5.40 B)

Wealth Tax
1% ($49.50 B)
Total Wealth Tax with Lincoln Population Multiplier = ($15.42 B)

Property tax
0.0%    $0 - $24,999 ($0 B)
5%    $25,000 - $49,9999 ($15.53 B)
10%    $50,000 - $99,999 ($54.57 B)
15%    $100,000 - $249,999 ($78.63 B)
20%   $250,000 - $999,999 ($24.21 B)
25%   $1,000,000 + ($7.60 B)

Estate Tax
15%  $10,000,000 - $19,999,999 ($0.61 B)
15%  $20,000,000 - $49,999,999 ($1.66 B)
20%  $50,000,000 + ($6.79 B)
Total Estate Tax with Lincoln Population Multiplier = ($2.82 B)

Corporate Tax
0.0%  $0 - $99,999 ($0 B)
5%   $100,000 - $499,999 ($0.27 B)
5%   $500,000 - $999,999 ($0.16 B)
10%  $1,000,000 - $4,999,999 ($1.00 B)
10%  $5,000,000 - $9,999,999 ($0.68 B)
15%  $10,000,000 - $24,999,999 ($1.94 B)
15%  $25,000,000 - $49,999,999 ($1.82 B)
15%  $50,000,000 - $99,999,999 ($2.22 B)
15%  $100,000,000 - $249,999,999 ($3.83 B)
15%  $250,000,000 - $499,999,999 ($4.45 B)
15%  $500,000,000 - $2,499,999,999 ($21.09 B)
15%  $2,500,000,000 + ($141.91 B)
Total Corporate Tax with Lincoln Population Multiplier = ($55.86 B)

Carbon Tax (LC 2.20)
20$ per metric ton of CO₂: $35.03 B

===============================

TOTAL REVENUES - $623.89 B
===============================

PROJECTED DEFICIT - - $ 131.91 B

[/quote]

Trying to think of more ways to raise more revenue, I am surprised at how much revenue the property tax raises, almost as much as the income tax! That "feels" off for some reason.

Also trying to get some sort of discussion, what is the highest level of cuts my fellow Councillors would be willing to go for? (I seriously doubt we will get this solely through tax increases on the rich)

My own personal limits would generally be:

Healthcare: -$27B or 10% (though this one depends a lot on whether we pass single payer or not. I would be a lot more comfortable cutting here if we passed it as single payer would counteract the cuts)
Pensions: -$4B or 5% (but we should make it clear only high earning pensioners are affected, every senior deserves a livable pension)
Protection: -$3B or 10% (not much else to say, is crime in Lincoln high?)
Other spending: -$3B or 10% (again not much else to say)

Everything else should be kept as is and in the case of transportation, I would personally increase the funding by 2 billion to pay for the recient bills on the issue (like the toll bill or the LincolnBus bill if we pass it)

With these minor cuts, we would get a decrease of -$35B, which would bring our deficit down to -$97B, finally below 100 billion!

We might also look at defunding one of the one time spending increases if needed, but we should discuss that carefully, as it would basically be repealing said law.

What does everyone else think?

[Fmr. Representative Encke]

Trying to think of more ways to raise more revenue, I am surprised at how much revenue the property tax raises, almost as much as the income tax! That "feels" off for some reason.

Property taxes do raise a significant amount of revenue IRL (for instance, NY state has an average effective property tax rate of 1.65% and raises 55+ billion dollars in revenue annually). In fact, the sum of the RL property tax revenues in Lincoln's constituent states amounts to around 200 billion, with an average effective property tax rate of somewhere around 1.84% per state iirc.

[Former President tack50]

Trying to think of more ways to raise more revenue, I am surprised at how much revenue the property tax raises, almost as much as the income tax! That "feels" off for some reason.

Property taxes do raise a significant amount of revenue IRL (for instance, NY state has an average effective property tax rate of 1.65% and raises 55+ billion dollars in revenue annually). In fact, the sum of the RL property tax revenues in Lincoln's constituent states amounts to around 200 billion, with an average effective property tax rate of somewhere around 1.84% per state iirc.

Wait, IRL Lincoln's constituent states get somewhere around 200 billion, yet here we only get 181 billion from the property tax.

I imagine it's probably a question that has no answer, but what are the current property tax brackets in Lincoln IRL? (or since they change from state to state, in NY State as an example, which I guess does get a ton of revenue because NYC is expensive but might also have more revenue)

A property tax increase might be a good idea even if I worry about possible effects in housing.

[Fmr. Representative Encke]

Trying to think of more ways to raise more revenue, I am surprised at how much revenue the property tax raises, almost as much as the income tax! That "feels" off for some reason.

Property taxes do raise a significant amount of revenue IRL (for instance, NY state has an average effective property tax rate of 1.65% and raises 55+ billion dollars in revenue annually). In fact, the sum of the RL property tax revenues in Lincoln's constituent states amounts to around 200 billion, with an average effective property tax rate of somewhere around 1.84% per state iirc.

Wait, IRL Lincoln's constituent states get somewhere around 200 billion, yet here we only get 181 billion from the property tax.

I imagine it's probably a question that has no answer, but what are the current property tax brackets in Lincoln IRL? (or since they change from state to state, in NY State as an example, which I guess does get a ton of revenue because NYC is expensive but might also have more revenue)

A property tax increase might be a good idea even if I worry about possible effects in housing.

The difference likely comes from the fact that, based on some rough estimates of property ownership and population in each of the given brackets, the 'average' effective rate of the in-game brackets in Lincoln is around 1.7%, which is ever so slightly lower than the RL average (which, as I mentioned previously, was around 1.84%).

Lincoln's weird income-based property tax brackets are also a factor that make precise analysis difficult. There isn't really any good data on property ownership in each income bracket so estimates are rather rough. I did two separate analyses, each using two different data sets; one yielded 159 billion and the other 181 billion. Both were below the 200 billion obtained by adding the state revenues, and I took the higher estimate.

[Fmr. Representative Encke]

Analysis of the last two parts of Pyro's tax plan.

Note that, following Mr. R's concerns, Pyro altered the covered liabilities fee to a tax on 5% of gross income derived in Lincoln by financial institutions with combined total assets greater than $250 Billion. Negative economic effects of the FTT have been taken into account in that estimate.

[Former President tack50]

The funding raised by the FTT seems awfully low.

I am not sure how comparable it is, but a similar proposal in the EU, which much lower tax rates (0,1% and 0,01% depending on what got taxed) raised 57.1 billion € according to the estimates.

https://en.wikipedia.org/wiki/European_Union_financial_transaction_tax#Tax_rate_and_revenues

Yes, Lincoln is not the EU, but I would expect a tax like that to raise $20B give or take a couple billion with the lower taxes of 0.1%; let alone Pyro's rate 10 times higher.

Are the negative effects of the FTT that large that they basically throw financial transactions to a complete halt and there is nothing to tax? If so there must be a happy medium where we actually get more than just 8 billion (0,1%? 0,025%?).

[Fmr. Representative Encke]

The funding raised by the FTT seems awfully low.

I am not sure how comparable it is, but a similar proposal in the EU, which much lower tax rates (0,1% and 0,01% depending on what got taxed) raised 57.1 billion € according to the estimates.

https://en.wikipedia.org/wiki/European_Union_financial_transaction_tax#Tax_rate_and_revenues

Yes, Lincoln is not the EU, but I would expect a tax like that to raise $20B give or take a couple billion with the lower taxes of 0.1%; let alone Pyro's rate 10 times higher.

Are the negative effects of the FTT that large that they basically throw financial transactions to a complete halt and there is nothing to tax? If so there must be a happy medium where we actually get more than just 8 billion (0,1%? 0,025%?).

Pyro's FTT is only on shares. The EU proposal includes bonds and derivatives as well. The economic effects would actually be more severe if derivatives were included.

[Former President tack50]

Ok, after playing around in an Excel spreadsheet I have finally found how to balance the budget! It's actually surprisingly simple. We just need to increase all taxes.

I also did a linear estimate that doesn't take into account any negative so I would ask the GM department to confirm them. I imagine most likely this tax plan still has a small deficit.  Here is the list of all proposed budget changes and my estimate:

>Increase all tax brackets for the income and property tax by 3 points (so 10% income tax becomes 13%, 5% property tax becomes 8%; etc)

>Increase the Alcohol and tobacco tax from Pyro's 2% to 10% (like cannabis)

>Increase the gas tax to 50 cents gallon

>Increase the diesel tax to 70 cents per gallon

>Increase the luxury tax to 30%

>Apply my proposed minor budget cuts worth 35 billion

With all these changes we end up with a surplus of 14 billion. If we don't apply the budget cuts we have a deficit of 20 billion. Here are my calculations



What do you think about this plan?

This plan also does not apply Pyro's FTT and the bank tax. The former needs a bit more work and might be harmful for the economy and I think Mr R. said the latter was unenforceable and/or unconstitutional.

[Former President tack50]

After talking with Encke and asking for a new tax plan which you can find here in the GM Office here is the amendment that takes that plan and puts it into the budget.

It is a variation on the plan I proposed earlier, except with small to no cuts for low income earners. I will also amend the dates of the budget and make it last from August until July of next year (maybe we should make it so it coincides with the fiscal year or something?)

There is also a mistake in the Property Tax rates, which I accidentally wrote down wrong. They are supposed to be 0-1-2-3-4-5 (the revenue numbers are correct though). Anyways, here it goes:

The revenue numbers have been amended accordingly as per the spreadsheet.

IN THE LINCOLN COUNCIL

A RESOLUTION

Establishing the budget for the Lincoln Government lasting from August 2019 until July 2020

Resolved by the Lincoln Council convened,

Expenditures

Health - $269.89bn + $1.49bn (L603) = $269.89bn

Pensions - $104.40bn + $0bn (LC 11.11) = $104.40bn

Education - $105.19bn + $ 35.63bn (L505, L601, L 12.9, L 13.06) = $140.82bn

Defence - $0.10bn + $0.03bn (L 11.22) = $0.13bn

Transport - $54.18bn + $0.48bn (L 15.6) =$54.66bn

Welfare - $40.93bn + $0.22bn (L 11.4.2, L 14.9) = $41.15bn

General Govt - $20.27bn + -$0.11bn (L513, L 15.9) = $20.16bn

Debt Interest - $23.30bn

Protection - $23.83bn + $4.86bn (L 6.4.3, L 7.3.1, L 10.16.5) = $28.69bn

Other - $31.44bn + $0.98bn (LC 1.13) = $32.42bn

One time additional spending - $39.54bn (L 6.5.1, L 7.1.1, L 7.4.2, L 7.5.1, L 9.10.5, L 10.16.5, L 10.26.5, L 11.17, L 15.3)

===============================

TOTAL EXPENDITURES - $ 755.80 billion

===============================

PROPOSED TAXES

Income tax
0.0%    $0 - $24,999 ($0 B)
10%    $25,000 - $49,9999 ($13.19 B)
15% 16%    $50,000 - $99,999 ($58.66 B)
20% 23%   $100,000 - $249,999 ($131.46 B)
25% 28%   $250,000 - $999,999 ($80.20 B)
30% 33%   $1,000,000 + ($46.28 B)

Rates remain the same for married couples filing jointly, but brackets are doubled.

Alcohol Tax
2% 10% ($5.82 B)

Tobacco Tax
2% 10% ($2.87 B)

Cannabis Tax
10% ($2.09 B) + $1.25bn (L10.25.4) = $3.34bn

Other drugs tax (L10.25.4) = $0.58bn

Excise Taxes
Gas: 30.0 50.0 cents per gallon ($22.24 B)
Diesel: $0.50 $0.70 per gallon ($10.37 B)
New automobile purchase tax (by curb weight): $120 per thousand kilograms ($1.02 B)

Luxury Tax
25% 30% ($6.48 B)

Wealth Tax
1% ($49.50 B)
Total Wealth Tax with Lincoln Population Multiplier = ($15.42 B)

Property tax
0.0%    $0 - $24,999 ($0 B)
1%    $25,000 - $49,9999 ($15.53 B)
2%    $50,000 - $99,999 ($54.57 B)
3%    $100,000 - $249,999 ($78.63 B)
4%   $250,000 - $999,999 ($24.21 B)
5%   $1,000,000 + ($7.60 B)

Estate Tax
15%  $10,000,000 - $19,999,999 ($0.61 B)
15%  $20,000,000 - $49,999,999 ($1.66 B)
20%  $50,000,000 + ($6.79 B)
Total Estate Tax with Lincoln Population Multiplier = ($2.82 B)

Corporate Tax
0.0%  $0 - $99,999 ($0 B)
5%   $100,000 - $499,999 ($0.27 B)
5%   $500,000 - $999,999 ($0.16 B)
10%  $1,000,000 - $4,999,999 ($1.00 B)
10%  $5,000,000 - $9,999,999 ($0.68 B)
15%  $10,000,000 - $24,999,999 ($1.94 B)
15%  $25,000,000 - $49,999,999 ($1.82 B)
15%  $50,000,000 - $99,999,999 ($2.22 B)
15%  $100,000,000 - $249,999,999 ($3.83 B)
15%  $250,000,000 - $499,999,999 ($4.45 B)
15%  $500,000,000 - $2,499,999,999 ($21.09 B)
15%  $2,500,000,000 + ($141.91 B)
Total Corporate Tax with Lincoln Population Multiplier = ($55.86 B)

Carbon Tax (LC 2.20)
20$ per metric ton of CO₂: $35.03 B

===============================

TOTAL REVENUES - $672.18 B
===============================

PROJECTED DEFICIT - - $ 83.62 B

[/quote]

Please let me know if I have applied any changes incorrectly!

Anyways, 24 hours to object

[Former President tack50]

Also for the record the current budget deficit after all these tax hikes is 12.4%. Before the tax hikes, our budget deficit stood at 47.9%

To get an idea of scale, Greece at the worst of the recession had a budget debt of 10-15%. The euro admission criteria require 3% debt.

So we have gone from "complete and total meltdown of the economy" to "Greece during the great recession". Way to go Lincoln!

[Former President tack50]

With no objections, the above amendment has been adopted.

Also, for the record, we got a (semi-official?) revenue estimate from a hypothetical 6% sales tax in Lincolncord. It would raise 119 billion $.

Disclosing it here for full transparency.

However I will also disclose that the government is trying to avoid a sales tax as much as possible and I am also personally opposed. Sales taxes are regressive taxes that tax the poor more than the rich and should be avoided if possible and if not should be as small as possible.

[Former President tack50]

Wait, I have just realized I have been applying the rules incorrectly. Pyro is the sponsor of this bill, not me. So this means a vote on the earlier amendment

Anyways.

Councillors a vote is now open on the following amendment

IN THE LINCOLN COUNCIL

A RESOLUTION

Establishing the budget for the Lincoln Government lasting from August 2019 until July 2020

Resolved by the Lincoln Council convened,

Expenditures

Health - $269.89bn + $1.49bn (L603) = $269.89bn

Pensions - $104.40bn + $0bn (LC 11.11) = $104.40bn

Education - $105.19bn + $ 35.63bn (L505, L601, L 12.9, L 13.06) = $140.82bn

Defence - $0.10bn + $0.03bn (L 11.22) = $0.13bn

Transport - $54.18bn + $0.48bn (L 15.6) =$54.66bn

Welfare - $40.93bn + $0.22bn (L 11.4.2, L 14.9) = $41.15bn

General Govt - $20.27bn + -$0.11bn (L513, L 15.9) = $20.16bn

Debt Interest - $23.30bn

Protection - $23.83bn + $4.86bn (L 6.4.3, L 7.3.1, L 10.16.5) = $28.69bn

Other - $31.44bn + $0.98bn (LC 1.13) = $32.42bn

One time additional spending - $39.54bn (L 6.5.1, L 7.1.1, L 7.4.2, L 7.5.1, L 9.10.5, L 10.16.5, L 10.26.5, L 11.17, L 15.3)

===============================

TOTAL EXPENDITURES - $ 755.80 billion

===============================

PROPOSED TAXES

Income tax
0.0%    $0 - $24,999 ($0 B)
10%    $25,000 - $49,9999 ($13.19 B)
15% 16%    $50,000 - $99,999 ($58.66 B)
20% 23%   $100,000 - $249,999 ($131.46 B)
25% 28%   $250,000 - $999,999 ($80.20 B)
30% 33%   $1,000,000 + ($46.28 B)

Rates remain the same for married couples filing jointly, but brackets are doubled.

Alcohol Tax
2% 10% ($5.82 B)

Tobacco Tax
2% 10% ($2.87 B)

Cannabis Tax
10% ($2.09 B) + $1.25bn (L10.25.4) = $3.34bn

Other drugs tax (L10.25.4) = $0.58bn

Excise Taxes
Gas: 30.0 50.0 cents per gallon ($22.24 B)
Diesel: $0.50 $0.70 per gallon ($10.37 B)
New automobile purchase tax (by curb weight): $120 per thousand kilograms ($1.02 B)

Luxury Tax
25% 30% ($6.48 B)

Wealth Tax
1% ($49.50 B)
Total Wealth Tax with Lincoln Population Multiplier = ($15.42 B)

Property tax
0.0%    $0 - $24,999 ($0 B)
1%    $25,000 - $49,9999 ($15.53 B)
2%    $50,000 - $99,999 ($54.57 B)
3%    $100,000 - $249,999 ($78.63 B)
4%   $250,000 - $999,999 ($24.21 B)
5%   $1,000,000 + ($7.60 B)

Estate Tax
15%  $10,000,000 - $19,999,999 ($0.61 B)
15%  $20,000,000 - $49,999,999 ($1.66 B)
20%  $50,000,000 + ($6.79 B)
Total Estate Tax with Lincoln Population Multiplier = ($2.82 B)

Corporate Tax
0.0%  $0 - $99,999 ($0 B)
5%   $100,000 - $499,999 ($0.27 B)
5%   $500,000 - $999,999 ($0.16 B)
10%  $1,000,000 - $4,999,999 ($1.00 B)
10%  $5,000,000 - $9,999,999 ($0.68 B)
15%  $10,000,000 - $24,999,999 ($1.94 B)
15%  $25,000,000 - $49,999,999 ($1.82 B)
15%  $50,000,000 - $99,999,999 ($2.22 B)
15%  $100,000,000 - $249,999,999 ($3.83 B)
15%  $250,000,000 - $499,999,999 ($4.45 B)
15%  $500,000,000 - $2,499,999,999 ($21.09 B)
15%  $2,500,000,000 + ($141.91 B)
Total Corporate Tax with Lincoln Population Multiplier = ($55.86 B)

Carbon Tax (LC 2.20)
20$ per metric ton of CO₂: $35.03 B

===============================

TOTAL REVENUES - $672.18 B
===============================

PROJECTED DEFICIT - - $ 83.62 B

Please vote AYE, NAY or Abstain
This vote shall last for 24 hours or until all Councillors have voted

[Former President tack50]

Aye

[Adam Griffin]

Aye

[PSOL]

Aye, overall this is a solid bill that protects the little majority of Atlasia. My one gripe is the gas tax not structured to be more progressive, so as to ensure that the payments are fair. I will ensure a bill to correct this mistake later on.

[S019]

Nay, these tax increases are just too high, I'd rather there be spending cuts and a sales tax

[Pyro]

Aye.

[Former President tack50]

Nay. I don't like the idea of increasing taxes on households with <100k income. Or a gas tax. Both hurt the working and middle classes. I would support if you increase the taxes on the upper middle class/wealthy though.

I will say the raise on households with less than 100k income is of only 1 point, compared to 3 points on everyone above that. We sort of need to raise taxes on the middle class since we have a massive hole in the budget.

[Peanut]

I mean, there comes a time when these are necessary, especially considering our current fiscal situation and the fact the raise is not as large as the others proposed. If we want a healthy region that can keep up and provide, this is a logistical and fiscal necessity.