FT 16.18 - Budget FY 2021

[Anna Komnene]

It's good to see we're in the green again while keeping taxes down for low and middle income folks. Looks pretty solid from what I can see.

[Anna Komnene]

Extending the timeline for the public transit act could definitely be an option. I'm not totally sure how the administration of such a large scale project would work, but I assume it's not all happening simultaneously. If that's the case, it wouldn't necessarily endanger any current construction jobs, but rather extend the timeframe for future jobs down the road. That would be the ideal scenario.

[Anna Komnene]

With no objections, we'll now have a final vote on the FY 2021 Budget. Members please vote AYE, NAY, or ABSTAIN.

COMMONWEALTH BUDGET
for the fiscal year of 2021

I. REVENUES
☞ Income Tax: $141,458,440,106
$0K – $125K (0%): $0
$125 – $200K (5%): $4,544,572,163
$200K – $1M (15%): $51,494,832,936
$1M – $10M (30%): $45,459,789,567
$10M – $100M (45%): $30,242,234,007
$100M+ (60%): $9,717,011,433

☞ Corporate Taxes: $222,721,286,871
$0 – 100K (0%): $0
$100K – 1M (20%): $1,052,287,645
$1M – 10M (40%): $7,087,226,512
$10M+ (60%): $214,581,772,714

☞ Excise Taxes: $30,457,309,589
Alcohol (15%): $13,087,791,871
Gas & Diesel ($0.30/gallon): $14,653,207,484
Tobacco (15%): $2,716,310,234

☞ Misc. Taxes and Penalties: $64,747,757,223
Fremont Carbon Taxation Act: $31,011,738,620
Green Vehicle Promotion Act § 2(ii): $3,602,574,479
Royalties Act:
Coal: $2,877,687,513
Gas: $1,500,722,750
Oil: $11,355,570,000
Gaming Tax: $5,100,495,700
Estate Tax (50%): $5,852,884,365
Drug Tax: $3,446,083,796
Lodging Facility Sales and Use Tax: $5,091,240,579.71
Property Tax: $180,000,000

☞ FY2020 Surplus: 18,159,573,897

II. EXPENDITURES
☞ Tax Credits: $1,660,474,443
Green Vehicle Promotion Act §2(i): $1,236,935,443
Teacher's Tax Credit: $423,539,000

☞ Mandatory Spending: $243,318,970,000 (List A)

☞ Discretionary Spending: $395,932,000,000
Education: $195,282,000,000
Health and Human Services: $130,676,000,000
Justice: $16,921,000,000
Home Office: $53,053,000,000

TOTAL REVENUES: $662,071,551,400
TOTAL EXPENDITURES: $640,911,714,400
TOTAL SURPLUS: $21,159,837,010

[Anna Komnene]

Aye