NB: The Budget (November 2016 - February 2017)

[Clyde1998]

Also, the Northern Constitution does not allow for deficits.  Just a reminder.

Really? Given the current economic climate that seems a bit risky.

[Clyde1998]

Also, the Northern Constitution does not allow for deficits.  Just a reminder.

Really? Given the current economic climate that seems a bit risky.

I offered that amendment to the region's Constitution because, in practice, the federal government is more suited to run deficits in times of economic crisis than regions and states are.  (Every state in the country except Vermont requires balanced budgets, if I'm not mistaken.)  Plus if the region were ever to end up in a situation that required a federal bailout of some kind, we'd probably have to negotiate making massive spending cuts and tax increases at the expense of the North's economy.  So that's why it's included.

Also, would you be able to crunch the numbers for us, or would you prefer deferring to GM Kalwejt on this?

That's okay - I didn't realise that the states had that clause, IRL.

I'd be happy to do them; I based the initial figures on real life (as this is the first budget since the reset), so it doesn't necessarily require any GM input if it's not required.

[Clyde1998]

Just to confirm, I am still looking at the numbers. I should, hopefully, have estimates for the tax plans in the next few days.

[Clyde1998]

Clyde did you ever get to those revenue estimates?

I'm having difficulty finding accurate breakdowns of tax revenues, in real life, to base estimates off of.

What I have so far is:

Sales Tax - $37.705bn
Property Tax - $11.379bn
Gas Tax - $5.037bn
Diesel Tax - $0.520bn
Marijuana Tax - $0.459bn

[Clyde1998]

I could probably, also, re-adjust some of the expenditure to give you a more detailed breakdown now that I've managed to find the last Northeastern budget. Upon finding that budget, I've adjusted some of the revenue figures that I've previously given you. These figures were based on real life state budgets, but the old Northeastern budget is probably more accurate.
Current Proposed Expenditure
$565,910,000,000 ($565.910 bn)
Income tax

Tax Band	Tax Rate	Revenue
$0-$24,999	0.00%	$0
$25,000-$49,999	0.20%	$3,294,769,814
$50,000-$99,999	0.75%	$7,044,750,560
$100,000-$249,999	3.00%	$13,074,800,308
$250,000-$999,999	7.50%	$18,336,872,678
$1,000,000+	12.25%	$9,157,772,887
TOTAL	---->	$50,881,966,247 ($50.882 bn)

Sales tax (2.00%)
$37,705,000,000 ($37.705 bn)

Cannabis Tax (10.00%)
$459,000,000 ($0.459 bn)

Property tax ($70 per mil on assessed value of unimproved land)
$489,674,751,204 ($489.675 bn)

Gas tax (70c per gallon)
$101,306,459,697 ($101.306 bn)

Diesel tax ($1 per gallon)
$25,442,002,308 ($25.442 bn)

New automobile purchase tax (by curb weight): $300 per thousand kilograms
$438,820,051 ($0.439 bn)
TOTAL
$688,663,404,140 ($688.663 bn)
NET BALANCE
+$122,753,404,140 (+$122.753 bn)

[Clyde1998]

As long as this budget accounts for the states that were absorbed by the former Northeast during reset, it looks good to me, Clyde.

Make sure you guys change the dates for this since February is almost over.

Yeah. I've taken into account the increase in population.

It's so nice to see this get resolved. Thanks, Clyde, for helping us out with this. You're the best!

Thanks. It's great that it's come up with a healthy surplus as well, so you don't have to debate spending cuts.

[Clyde1998]

It's good to see this passed. Sorry I wasn't able to assist quicker or on revised spending figures, but it gives a good platform for the region to build on in the future.