IN THE LINCOLN COUNCIL
A RESOLUTION
Establishing the budget for the Lincoln Government lasting from October 2020 until September 2021
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)
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TOTAL EXPENDITURES - $ 755.80 billion
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PROPOSED TAXES
Income tax
0.0% $0 - $24,999 ($0 B)
10 7.5% $25,000 - $49,9999 ($13.19 B)
16 15% $50,000 - $99,999 ($58.66 B)
23 25% $100,000 - $249,999 ($131.46 B)
28 30% $250,000 - $999,999 ($80.20 B)
33 36% $1,000,000 + ($46.28 B)
Rates remain the same for married couples filing jointly, but brackets are doubled.
Alcohol Tax
1215% ($6.84 B)
Tobacco Tax
1215% ($3.42 B)
Cannabis Tax
1215% ($2.49 B) + $1.25bn (L10.25.4) = $3.74 B
Other drugs tax (L10.25.4) = $0.58bn
Gas (L.C. 3.2):
Lowest 20% earners-5¢/g ($0.21 B)
Second lowest 20%- 15¢/g ($0.93 B)
Mid 40%-60%- 30¢/g ($2.69 B)
60-80%- 40¢/g ($4.55 B)
Upper 20%- 60¢/g ($8.27 B)
Total: $16.55 B
Diesel (L.C. 3.2):
Lowest 20% earners-20¢/g ($0.28 B)
Second lowest 20%- 30¢/g ($0.62 B)
Mid 40%-60%- 50¢/g ($1.49 B)
60-80%- 60¢/g ($2.27 B)
Upper 20%- 75¢/g ($3.45 B)
Total: $8.11 B
New automobile purchase tax (by curb weight): $120 per thousand kilograms ($1.02 B)
Luxury Tax
30% ($6.48 B)
Wealth Tax
3%
Total Wealth Tax with Lincoln Population Multiplier = ($39.31 B)
Property tax
0.0% $0 - $24,999 ($0 B)
1 0.5% $25,000 - $49,9999 49,999 ($15.53 B)
2 2.5% $50,000 - $99,999 ($54.57 B)
3% $100,000 - $249,999 ($78.63 B)
4 5% $250,000 - $999,999 ($24.21 B)
5 7.5% $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 2.5% $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 16.5% $250,000,000 - $499,999,999 ($4.45 B)
15 18.5% $500,000,000 - $2,499,999,999 ($21.09 B)
15 20% $2,500,000,000 + ($141.91 B)
Total Corporate Tax with Lincoln Population Multiplier = ($55.86 B)
Carbon Tax (LC 2.20)
20 25$ per metric ton of CO2: $35.03 B
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TOTAL REVENUES - $690.09 B
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PROJECTED DEFICIT - - $ 65.71 B
My amendment on the budget.
