NE4: Northeast Budget July-October 2015 (pikachu I) - debating

[SUSAN CRUSHBONE]

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[pikachu]

Sorry. Considering the lack of GM, I have no estimates on revenues, but expenditures have seen a slight increase, and had a $7B surplus last time, and we should getting more revenues with the new gas tax.

Here are the revenues from last time:

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The only major change in the tax structure was in the gas tax, but there's also been some economic turmoil over the last few months so revenues might've changed.

Total revenues were about $249 billion.

[Clyde1998]

What were the changes to the gas tax?

[pikachu]

What were the changes to the gas tax?

It's now measured to inflation.

[Clyde1998]

What were the changes to the gas tax?

It's now measured to inflation.

Inflation is around 0.2% - moving the gas tax income to around $55.577bn.

[pikachu]

The free cash fund should be increased by $19.434B from the surpluses we ran during Sawx's terms. Also, proper estimates will be coming soon.

[DemPGH]

Nothing here looks out of line to me, so pikachu's suggestion as well as Clyde's strike me as fine. In fact, it all looks good. This sort of thing ordinarily isn't something I have an appetite for, so as long as there is broad agreement, I'm okay.

[Clyde1998]

Putting in the changes that we've mentioned would give:

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[pikachu]

I expect we'll still run a surplus, but like I've said before, I'll be surprised if revenues aren't lower if only because the economy's gotten significantly worse since the last budget. 

Also, $3.887B of our previous surpluses should be added to the disaster fund, which would increase to $35.94B and decrease the free cash fund to about $98.65B. Assuming we run a surplus, everyone's fine with the budget and we'll be able to end debate once we get revenues?

[Blair]

I'm in the unique, and possibly conflicting position of being temporary domestic GM whilst I run for Governor. But IIRC I've got to provide the revenue figures for the budget in line with the economic changes. We've had a spike in unemployment, and there's generally a decline in economic output which means a decline in tax income

PROPOSED TAXES

Income tax
0.0%    $0 - $24,999 ($0.000 B)
0.13%    $25,000 - $49,9999 ($2.010 B)
0.50%    $50,000 - $99,999 ($3.847 B)
2.00%    $100,000 - $249,999 ($7.123 B)
5.0%   $250,000 - $999,999 ($10.012 B)
7.5%   $1,000,000 + ($5.000 B)

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

Sales tax
1.0% ($14.17 B)

Property tax
$35 per mil on assessed value of unimproved land ($133.678 B)

Excise Taxes
Gas: 68.2 cents per gallon ($55.312 B)
Diesel: $1 per gallon ($13.891 B)
New automobile purchase tax (by curb weight): $500 per thousand kilograms ($0.23959 B)
Endowment Tax – 1% tax on the endowment of private universities to finance the Northeastern Higher Education Act – ($2.00 B)

[pikachu]

Amendment with new info:

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We're still running a surplus, but it's fallen a bit.

[Clyde1998]

It's going to - if we're in a bit economic difficulty. We'll recover though.

[pikachu]

Just to be clear, no objections from anyone?

[pikachu]

Can someone motion for cloture? (Or can I do that?)

[Clark Kent]

I suppose I can do it.


I motion for cloture (needs to be seconded, right?)

[Clyde1998]

I suppose I can do it.


I motion for cloture (needs to be seconded, right?)

Seconded

[Clark Kent]

Alright.

All in favor of cloture?

After that, I'll bring it to a vote.

[pikachu]

So no one's in favor of cloture?

[DemPGH]

Yes.

[Clark Kent]

We already have a motion for cloture. It's just nobody's voted yet.

AYE

[Clyde1998]

Aye

[pikachu]

I believe cloture's passed, right?

[Clyde1998]

I believe cloture's passed, right?

Yes. It has.

[Blair]

To be a pain in the backside can we push this towards the next session of the Assembly, I want to pass some budgetary changes, and it's easier just to continue with this rather than trying to work out how to do an emergency budget

[Clyde1998]

To be a pain in the backside can we push this towards the next session of the Assembly, I want to pass some budgetary changes, and it's easier just to continue with this rather than trying to work out how to do an emergency budget

I think this budget expires on Sunday (start of November) - we got delayed in doing it - so it shouldn't be much of an issue passing this one and opening up a new one in the next term.