L.C. 9.9 - Lincoln Budget Fiscal 2021

[AGA]

An Amendment:

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) + 0 bn (L.C. 7.7) = $271.38 bn  No Funds may be used to carry out or enforce L.C. 7.7

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) + $2.5125 bn (L.C. 5.13) = $2.6425 bn

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) + 3 mil (LC 8.2) +50 mil [L.C. 5.8] +20 mil (L.C. 4.2) = 32.49300 bn

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, L.C. 7.6)

Grants - Public Transit (LC 8.5): $28.924 B

Grants - Small Business [LC 9.8]: $250 Million

===============================

TOTAL EXPENDITURES - 788.0095 Billion

===============================

PROPOSED TAXES

Income tax
0.0%    $0 - $24,999 ($0 B)
0%   $25,000 - $49,9999 0 B
13%    $50,000 - $99,999  = 47.66125 B
22%   $100,000 - $249,999 = 125.7443459 B
29%   $250,000 -$489,999  = 26.58333 B
36%   $490,000 - $999,999 = 70.11771 B
45%   $1,000,000 +  = 63.10915385 B

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

INCOME TAX TOTAL REVENUE: 333.1051798 B

Alcohol Tax
12% ($6.84 B)

Tobacco Tax
35% (L.C. 6.18) (9.975 B)

Cannabis Tax
12% ($2.49 B) + $1.25bn (L10.25.4) = $3.74 B

Other drugs tax (L10.25.4) = $0.58bn

New automobile purchase tax (by curb weight): $120 per thousand kilograms ($1.02 B)

Luxury Tax
30% ($6.48 B)

Wealth Tax -  
0%
Total Wealth Tax with Lincoln Population Multiplier = ($0)

Property tax
0.0%    $0 - $24,999 ($0 B)
1%   $25,000 - $49,9999 ($15.53 B)
2%    $50,000 - $99,999 ($54.57 B)
3%   $100,000 - $249,999 ($78.63 B)
4%   $250,000 - $999,999 ($24.21 B)
5%   $1,000,000 + ($7.60 B)

Total: $240.69 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 - $499,999,999 ($0 B) = $0
5%  $500,000,000 - $2,499,999,999 = ?
25%  $2,500,000,000 + = ?
Total Corporate Tax with Lincoln Population Multiplier = ?

Carbon Tax (LC 2.20)
$15 per metric ton of CO2: ?

Flat Gas Tax (LC 8.5): $28.924 B

Fines

(L.C. 6.19): 0.0988656 B

===============================

TOTAL REVENUES - ?
===============================

PROJECTED SURPLUS-  ?

Not sure what the exact numbers are, but it should still be balanced.

[AGA]

*snip*

Not sure what the exact numbers are, but it should still be balanced.

Uh, not sure what the representative is trying to offer with regard to the corporate tax. It says 0-499,999 is 0%, and 500,000,000-$2,499,999,999 is 5%. What is the rate supposed to be for the missed range in between? - i.e. 500,000 to 499,999,999

My apologies, it's supposed to be up to $499,999,999 that's 0%.

[AGA]

Withdrawing.

[AGA]

I won't support anything with a wealth tax.

[AGA]

I won't support anything with a wealth tax.

Is this an objection to my amendment, since the wealth tax is something from the last budget?

No.

[AGA]

This amendment is the same as above, but without the wealth tax.

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) + 0 bn (L.C. 7.7) + 180 bn (L.C. 6.17) +2.377187 bn (L.C. 10.5) =  $451.38 bn 453.757187 bn  No Funds may be used to carry out or enforce L.C. 7.7

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) + $2.5125 bn (L.C. 5.13) = $0.13bn $2.6425 bn

Transport - $54.18bn + $0.48bn (L 15.6) + $313.4737258 B (L.C. 9.14) =$54.66bn 368.1337358 bn

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 31.33389046 (inc. L 14.9) + $0.98bn (LC 1.13) + 3 mil (LC 8.2) +50 mil (L.C. 5.8) +20 mil (L.C. 4.2) + 252 mil (L.C. 5.15) + 250 mil (L.C. 9.8) = 37.995 bn 37.88889046 bn

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, L.C. 7.6)

Grants - Public Transit (LC 8.5): $28.924 B

Grants - Small Business (LC 9.8): $250 Million

===============================

TOTAL EXPENDITURES - 968.4053905 bn $1336.539116 B

===============================

PROPOSED TAXES

Income tax
0.0%    $0 - $24,999 ($0 B)
0%   $25,000 - $49,9999 0 B
20% 13%    $50,000 - $99,999  73.325 B 47.66125 B
27% 22%   $100,000 - $249,999 154.3226063 B 125.7443459 B
33% 29%   $250,000 -$489,999   30.25 B 26.58333 B
39% 36%   $490,000 - $999,999 75.96085714 B 70.11771 B
45%   $1,000,000 +  (63.10915385 B)

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

INCOME TAX TOTAL REVENUE: 396.9676173 B 333.1051798 B

Alcohol Tax
12% ($6.84 B)

Tobacco Tax
12% 35% (L.C. 6.18) ($3.42 B) (9.975 B)

Cannabis Tax
12% ($2.49 B) + $1.25bn (L10.25.4) = $3.74 B

Other drugs tax (L10.25.4) = $0.58bn

New automobile purchase tax (by curb weight): $120 per thousand kilograms ($1.02 B)

Luxury Tax
30% ($6.48 B)

Wealth Tax -  0%

Total Wealth Tax with Lincoln Population Multiplier = $0

Property tax
0.0%    $0 - $24,999 ($0 B)
1%   $25,000 - $49,9999 ($15.53 B)
2%    $50,000 - $99,999 ($54.57 B)
3%   $100,000 - $249,999 ($78.63 B)
4%   $250,000 - $999,999 ($24.21 B)
5%   $1,000,000 + ($7.60 B $1500 bn)

Total with Multiplier: $180.54 B $280 B $1500 bn

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) * .36 = $0
5%   $100,000 - $499,999 ($0.27 B) * .36 = .0972 B
5% 8%   $500,000 - $999,999 ($0.16 B) (0.256 B) * .36 = .09216 B
10%  $1,000,000 - $4,999,999 ($1.00 B) * .36 = .36 B
10% 14%  $5,000,000 - $9,999,999 ($0.68 B) (0.952 B) *.36 = .34272 B
15%  $10,000,000 - $24,999,999 ($1.94 B) * .36 = .6984 B
15% 19%  $25,000,000 - $49,999,999 ($1.82 B) 2.305 B * .36 = .8298 B
15% 23%  $50,000,000 - $99,999,999 ($2.22 B) (3.404 B) * .36 = 1.22544 B
15% 26%  $100,000,000 - $249,999,999 ($3.83 B) (6.639 B) * .36 = 2.39004 B
15% 30%  $250,000,000 - $499,999,999 ($4.45 B) (8.9 B) * .36 = 3.204 B
15% 32%  $500,000,000 - $2,499,999,999 ($21.09 B) (44.902 B) *.36 = 16.16472 B
15% 36%  $2,500,000,000 + ($141.91 B) (340.56 B) *.36 = 122.6016 B
Total Corporate Tax with Lincoln Population Multiplier = ($55.86 B) ($148.00608 B)

Carbon Tax (LC 2.20)
28$ $33 per metric ton of CO2: $36.4312 42.9367714281 B

Flat Gas Tax (LC 8.5): $28.924 B

Tourist Tax (L.C. 4.3): 0.1245052828 B

Fines

(L.C. 6.19): 0.0988656 B

===============================

TOTAL REVENUES - 2,582.6670954281 B 2582.791601 B
===============================

PROJECTED DEFICIT SURPLUS-   1614.38621 B 1206.942484 B

[AGA]

Aye

[AGA]

Now that the amendment above passed, I would like to propose another one. I added a capital gains tax while lowering taxes on personal and corporate income. The revenue estimates for the capital gains tax still need to be worked out. Also, unless I'm missing something, it seems that previous versions of the budget overstated revenue, so the drop in revenue from this amendment isn't as dramatic as it seems.

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 - $269.89 B + $1.49 B (L603) + 0 B (L.C. 7.7) + 180 B (L.C. 6.17) +2.377187 B (L.C. 10.5) =  453.757187 B  No Funds may be used to carry out or enforce L.C. 7.7

Pensions - $104.40 B + $0 B (LC 11.11) = $104.40 B

Education - $105.19 B + $ 35.63 B (L505, L601, L 12.9, L 13.06) = $140.82 B

Defence - $0.10 B + $0.03 B (L 11.22) + $2.5125 B (L.C. 5.13) = $2.6425 B

Transport - $54.18 B + $0.48 B (L 15.6) + $313.4737258 B (L.C. 9.14) = 368.1337358 B

Welfare - $40.93 B + $0.22 B (L 11.4.2, L 14.9) = $41.15 B

General Govt - $20.27 B + -$0.11 B (L513, L 15.9) = $20.16 B

Debt Interest - $23.30 B

Protection - $23.83bn + $4.86 B (L 6.4.3, L 7.3.1, L 10.16.5) = $28.69 B

Other - 31.33389046 + $0.98 B (LC 1.13) + 3 mil (LC 8.2) +50 mil (L.C. 5.8) +20 mil (L.C. 4.2)+ 252 mil (L.C. 5.15) + 250 mil (L.C. 9.8) = 37.88889046 B

One time additional spending - $39.54 B (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, L.C. 7.6)

Grants - Public Transit (LC 8.5): $28.924 B

Grants - Small Business (LC 9.8): $250 Million

===============================

TOTAL EXPENDITURES - $1336.539116 B

===============================

PROPOSED TAXES

Income tax
0%  $0 - $24,999 0 B
0%     $25,000 - $49,9999 0 B
13%0%   $50,000 - $99,999  47.66125 B0 B
22%15%   $100,000 - $249,999 125.7443459 B85.73478 B
29%20%   $250,000 -$489,999   26.58333 B18.33333 B
36%25%   $490,000 - $999,999 70.11771 B48.69285 B
45%30%  $1,000,000 +  (63.10915385 B) 42.07277 B

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

INCOME TAX TOTAL REVENUE: 333.1051798 B194.83373 B

Capital Gains Tax

0% $0 - $1,000,000 $0
10% $1,000,000+ ???

The annual inflation rate multiplied by proceeds from the selling of assets is deductible from capital gains tax liability.

CAPITAL GAINS TAX TOTAL REVENUE: ???

Alcohol Tax
12% ($6.84 B)

Tobacco Tax
35% (L.C. 6.18) (9.975 B)

Cannabis Tax
12% ($2.49 B) + $1.25bn (L10.25.4) = $3.74 B

Other drugs tax (L10.25.4) = $0.58 B

New automobile purchase tax (by curb weight): $120 per thousand kilograms ($1.02 B)

Luxury Tax
30% ($6.48 B)

Wealth Tax -  0%

Total Wealth Tax with Lincoln Population Multiplier = $0

Property tax
0%   $0 - $24,999 ($0)
0%   $25,000 - $49,9999 ($0)
0%   $50,000 - $99,999 ($0)
0%   $100,000 - $249,999 ($0)
0%   $250,000 - $999,999 ($0)
5%   $1,000,000 + ($1500 B)

Total with Multiplier: $1500 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 - $99,999 ($0 B) * .36 = $0
5%0%   $100,000 - $499,999 ($0.27 B) * .36 = .0972 B0
8%0%   $500,000 - $999,999 (0.256 B)* .36 = .09216 B0
10%0%  $1,000,000 - $4,999,999 ($1.00 B) * .36 = .36 B0
14%3%  $5,000,000 - $9,999,999 (0.952 B) *.36 = .34272 B0.07344 B
15%5%  $10,000,000 - $24,999,999 ($1.94 B) * .36 = .6984 B0.2328 B
19%5%  $25,000,000 - $49,999,999 (2.305 B) * .36 = .8298 B0.21837 B
23%7%  $50,000,000 - $99,999,999 (3.404 B) * .36 = 1.22544 B0.37296 B
26%10%  $100,000,000 - $249,999,999 (6.639 B) * .36 = 2.39004 B0.91925 B
30%12%  $250,000,000 - $499,999,999 (8.9 B) * .36 = 3.204 B1.2816 B
32%15% $500,000,000 - $2,499,999,999 (44.902 B)*.36 = 16.16472 B7.57722 B
36%20% $2,500,000,000 + (340.56 B) *.36 = 122.6016 B68.112 B
Total Corporate Tax with Lincoln Population Multiplier = ($148.00608 B)78.78764 B

Carbon Tax (LC 2.20)
$33 per metric ton of CO2: $42.9367714281 B

Flat Gas Tax (LC 8.5): $28.924 B

Tourist Tax (L.C. 4.3): 0.1245052828 B

Fines

(L.C. 6.19): 0.0988656 B

===============================

TOTAL REVENUES - 2582.791601 B$1877.16051231 B + ???
===============================

PROJECTED SURPLUS-   1206.942484 B$540.62139631 B + ???

[AGA]

Aye

[AGA]

Can we at least do this?

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 - $269.89 B + $1.49 B (L603) + 0 B (L.C. 7.7) + 180 B (L.C. 6.17) +2.377187 B (L.C. 10.5) =  453.757187 B  No Funds may be used to carry out or enforce L.C. 7.7

Pensions - $104.40 B + $0 B (LC 11.11) = $104.40 B

Education - $105.19 B + $ 35.63 B (L505, L601, L 12.9, L 13.06) = $140.82 B

Defence - $0.10 B + $0.03 B (L 11.22) + $2.5125 B (L.C. 5.13) = $2.6425 B

Transport - $54.18 B + $0.48 B (L 15.6) + $313.4737258 B (L.C. 9.14) = 368.1337358 B

Welfare - $40.93 B + $0.22 B (L 11.4.2, L 14.9) = $41.15 B

General Govt - $20.27 B + -$0.11 B (L513, L 15.9) = $20.16 B

Debt Interest - $23.30 B

Protection - $23.83bn + $4.86 B (L 6.4.3, L 7.3.1, L 10.16.5) = $28.69 B

Other - 31.33389046 + $0.98 B (LC 1.13) + 3 mil (LC 8.2) +50 mil (L.C. 5.8) +20 mil (L.C. 4.2)+ 252 mil (L.C. 5.15) + 250 mil (L.C. 9.8) = 37.88889046 B

One time additional spending - $39.54 B (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, L.C. 7.6)

Grants - Public Transit (LC 8.5): $28.924 B

Grants - Small Business (LC 9.8): $250 Million

===============================

TOTAL EXPENDITURES - $1336.539116 B

===============================

PROPOSED TAXES

Income tax
0%  $0 - $24,999 0 B
0%  $25,000 - $49,9999 0 B
13%0%   $50,000 - $99,999  47.66125 B0 B
22%15%   $100,000 - $249,999 125.7443459 B85.73478 B
29% $250,000 -$489,999   26.58333 B
36%   $490,000 - $999,999 70.11771 B
45%  $1,000,000 +  (63.10915385 B)

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

INCOME TAX TOTAL REVENUE: 333.1051798 B245.54497385 B

Capital Gains Tax

0% $0 - $1,000,000 $0
10% $1,000,000+ 1.5426682333 B
The annual inflation rate multiplied by proceeds from the selling of assets is deductible from capital gains tax liability.

CAPITAL GAINS TAX TOTAL REVENUE: 1.5426682333 B

Alcohol Tax
12% ($6.84 B)

Tobacco Tax
35% (L.C. 6.18) (9.975 B)

Cannabis Tax
12% ($2.49 B) + $1.25bn (L10.25.4) = $3.74 B

Other drugs tax (L10.25.4) = $0.58 B

New automobile purchase tax (by curb weight): $120 per thousand kilograms ($1.02 B)

Luxury Tax
30% ($6.48 B)

Wealth Tax -  0%

Total Wealth Tax with Lincoln Population Multiplier = $0

Property tax
0%   $0 - $24,999 ($0)
0%   $25,000 - $49,9999 ($0)
0%   $50,000 - $99,999 ($0)
0%   $100,000 - $249,999 ($0)
0%   $250,000 - $999,999 ($0)
5%   $1,000,000 + ($1500 B)

Total with Multiplier: $1500 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 - $99,999 ($0 B) * .36 = $0
5%0%   $100,000 - $499,999 ($0.27 B) * .36 = .0972 B0
8%0%   $500,000 - $999,999 (0.256 B)* .36 = .09216 B0
10%0%  $1,000,000 - $4,999,999 ($1.00 B) * .36 = .36 B0
14%7%  $5,000,000 - $9,999,999 (0.952 B) *.36 = .34272 B0.17136
15% $10,000,000 - $24,999,999 ($1.94 B) * .36 = .6984 B
19%  $25,000,000 - $49,999,999 (2.305 B) * .36 = .8298 B
23%  $50,000,000 - $99,999,999 (3.404 B) * .36 = 1.22544 B
26%  $100,000,000 - $249,999,999 (6.639 B) * .36 = 2.39004 B
30%  $250,000,000 - $499,999,999 (8.9 B) * .36 = 3.204 B
32%$500,000,000 - $2,499,999,999 (44.902 B)*.36 = 16.16472 B
36% $2,500,000,000 + (340.56 B) *.36 = 122.6016 B
Total Corporate Tax with Lincoln Population Multiplier = ($148.00608 B)147.28536 B

Carbon Tax (LC 2.20)
$33 per metric ton of CO2: $42.9367714281 B

Flat Gas Tax (LC 8.5): $28.924 B

Tourist Tax (L.C. 4.3): 0.1245052828 B

Fines

(L.C. 6.19): 0.0988656 B

===============================

TOTAL REVENUES - 2582.791601 B$1997.91214439
===============================

PROJECTED SURPLUS-   1206.942484 B$661.373028394

[AGA]

Aye

[AGA]

Is the vote not a tie after being open for 24 hours?

[AGA]

At this point, I don't have any more amendments. I'm open for a final vote.

[AGA]

Abstain