SB 29-25: Federal Budget FY 2022 (Passed)

[Battista Minola 1616]

I have compiled updated personal and corporate taxes revenue. I feel like excises need an update too but I struggled to find useful data for it.

FEDERAL BUDGET: FY2022

Section 1: Revenues

Income Taxes:  $ 2,062,727,012,500.00  ($ 2,062.73 billion)
 by tax bracket (all revenue from each taxpayer is counted next to the bracket where their total income falls, including that from the parts of their income subject to lower rates)
 0-13K          10%      $ 12,700,800,000.00 ($ 12.70 billion)
 13K-50K      15%      $ 297,239,775,000.00 ($ 297.24 billion)
 50K-130K    25%      $ 812,899,937,500.00 ($ 812.90 billion)
 130K-210K  29%      $ 445,079,250,000.00 ($ 445.08 billion)
 210K-413K  34%      $ 298,965,625,000.00 ($ 298.97 billion)
 413K-441K  36%      $ 54,770,625,000.00 ($ 54.77 billion)
 441K+        40.6%   $ 141,071,000,000.00 ($ 141.07 billion)

Corporate Taxes: 25% - $ 440,476,190,000.00 ($ 440.48 billion)

Global Minimum Tax (effective FY2023): 0$

Payroll Taxes -  $ 1,325,575,422,184.86 ($ 1,325.58 billion)
 breakdown
 OASDI: 12.4% (6.2% on employees, 6.2% on employers) - $ 912,456,391,044.15 ($ 912.46 billion)
 RRPH: 5.0% (2.5% on employees, 2.5% on employers) - $ 367,925,964,130.71 ($ 367.93 billion)
 FUTA: 6.0% on first $7,000 - $ 45,193,067,010.00 ($ 45.19 billion)

Estate Tax (45% of amount above $ 3.5 million, 50% above $ 10 million, 55% above $ 50 million) - $ 34,500,000,000.00 ($ 34.50 billion)
$16.00 billion.... Amendment by the Responsible Estate Tax Act
Total: $50.50 billion

New 2020 Wealth Tax
$288.00 billion

Healthcare Taxes:
 40% Cadillac Tax - $ 0.00 billion
 3.8% on Net Investment Income - $ 12.80 billion

Excise Taxes/customs duties:
Carbon Tax (2018) -  $ 16.35 billion
Gasoline Tax (2018) -  $ 50.00 billion
Tobacco and Alcohol Taxes (2018) -  $ 24.20 billion
Excise taxes on health insurance providers, pharmaceuticals, and medical devices (2018) - $ 9.90 billion
Revenue Enhancement Act - $ 63.19 billion
LIFO Repeal Offset… $ 13.00 billion

Buffett Rule Act of 2019: $46.70 billion

Other Revenue: $ 30.21 billion

Additional tax credits: $ -39.40 billion

TOTAL Revenue: $ 4394.24 billion

[Battista Minola 1616]

Also let me offer an amendment to the new expenditures of 2021 to clear up the CUBI question.

27th Congress
FY2021 Budget

Reduction of Childcare Costs Act
$300,000,000

National Silver Alert Act
$25,000,000

28th Congress

Vaccine Production Act
$7,000,000,000

Reduction of Childcare Costs Act
$300,000,000

9th Congress

Farmer Stabilization Act of 2021
$150,000,000

21st Century Civilian Conservation Corps Act
$16,000,000,000

Urban Investment and Redevelopment Act
$390,000,000,000

30th Congress

High Speed Rail Act
$241,250,000,000

Let’s Get Wired Act
$40,000,000,000

Combating Asian Hate Crimes
$50,000,000

104th Senate

None

105th Senate

Southwestern Water Conservation Act
$1,375,000,000

Treating Incarcerated Persons Humanely Act
$380,000,000

School Improvement and Jobs Act
$55,000,000,000 (for FY2022 and FY2023)

106th Senate

New Great Society Act
Sec II.: $175,500,000,000
CUBI: $1,260,000,000,000 annually [text shall be amended in the final version of the budget to specify CUBI goes to parents of underage children only]

Capital Gains Inflation Deduction Act
$15,000,000,000

Paflagonia Support Act
$100,000,000

Hubert H. Humphrey Helping Hand to the Homeless Act
$50,000,000

Total: $2.20248 trillion (in new expenditures)

[Battista Minola 1616]

Is all of that increase in expenditure coming from the revised calculations on the CUBI?

Also a minor correction but that should be the 29th Congress, not the 9th.

Yes it is. It's 1.26 trillions a year... and thanks for spotting the spelling mistake, I had just copied that from Scott's text.

[Battista Minola 1616]

It's very likely I missed something given I'm bad at math

You entirely missed the updated revenues I calculated, and copied the old ones instead, but I suppose it's a case of distraction more than being bad at Maths.

[Battista Minola 1616]

I'm going to request a final vote on Friday. I think we're basically done here, unless there's something we're missing.

Hopefully we can have a smooth final vote this weekend and end our administration on a constructive note.