SB 27-10: Federal Budget FY 2021 (Passed)

[Mike Thick]

FEDERAL BUDGET: FY2021

Section 1: Revenues

Income Taxes:  $ 1,735,038,900,000.00  ($ 1735.04 billion)                          
 by tax bracket
 0-13K      10%  $ 132,602,630,929.00
 13K-50k    15%    $ 447,780,682,763.00                    
 50K-130K   25%        $ 535,512,271,234.00              
 130K-210K  29%       $ 188,700,479,643.00                    
 210K-413K  34%       $ 220,320,135,498.00                        
 413K-441K  36%        $ 75,481,993,752.00                    
 441K+      40.6%      $ 134,640,706,551.00                      
                                            
Corporate Taxes:  $ 347,763,510,122.19  ($ 347.76 billion)
 by tax bracket                                            
 0-100K     0%        $ 0.00                
 100K-1M    15%        $ 2,678,940,033.99                
 1M-10M     21.5%    $ 5,172,280,041.70                    
 10M+       28%         $ 339,912,290,046.51                    
                                                                                          
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    
 RRPH: 5.0% (2.5% on employees, 2.5% on employers) - $ 367,925,964,130.71      
 FUTA: 6.0% on first $7,000 - $ 45,193,067,010.00  

Estate Tax: 45% of amount above $ 3.5 million, 50% above $ 10 million, 55% above $ 50 million
 $ 34,500,000,000.00
$16.00 Billion.... Amendment by the Responsible Estate Tax Act
Total: $50.5 Billion
                    
Wealth Tax:
 $ 62,566,000,000.00

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 - $ 63,185,494,000.00
 LIFO Repeal Offset… $ 13,000,000,000.00        

Buffett Rule Act of 2019: $46.7 Billion          
                        
Other Revenue:  $ 30.209 Billion                    
                        
Additional tax credits:  $ -39.40 Billion
                        
TOTAL Revenue: $ 4036.390 Billion

Section 2: Spending

Military Spending ($504.358 Billion)              
$123.58 Billion... Military personnel              
$184.51 Billion... Operation and maintenance              
$106.01 Billion... Procurement              
$61.52 Billion ... Research, development, test and evaluation              
$8.47 Billion..... Military Construction, Family Housing and Other              
$12.148 Billion.... Atomic Energy Defense Activities              
$8.11 Billion..... Defense Related activities            
$0.00 Billion..... Fiscal Responsibility in our Military Act
$-15.25 Billion… F-35 Procurement Halt

                            
Military Retirement ($144.0811 Billion)                            
$75.48 Billion.... Income security for veterans              
$14.15 Billion.... Veterans education, training, and rehabilitation                            
$54.22 Billion.... Hospital and medical care for veterans and retired military (added in under Healthcare below)                
$0.38 Billion..... Housing and other veterans benefits and services              
$-0.1489 Billion…. VA Privatisation
                            
International affairs ($31.94 Billion)              
$18.88 Billion ... International development and humanitarian assistance              
$8.55 Billion..... International military aid              
$11.99 Billion.... Conduct of foreign affairs              
$1.30 Billion..... Foreign information and exchange activities  
$-8.79 Billion.... International Financial Programs            
              
General science, space, and technology ($339.18 Billion)              
$11.26 Billion.... National Science Foundation programs              
$4.55 Billion..... Department of Energy general science programs              
$169.37 Billion.... Space flight, research, and supporting activities
$154.00 Billion.... Space Exploration, Development, and Settlement Act              
              
Non-Defense Energy Spending ($47.393 Billion)              
$3.15 Billion..... Energy supply              
$1.11 Billion..... Energy conservation and preparedness              
$0.64 Billion..... Energy information, preparedness, & regulation  
$10.00 Billion.... Energy Rebate and Subsidy Act    
$32.50 Billion.... Gas Tax Act    
$-0.007 Billion…. Eliminated Ethanol Blending Rules
            
Natural resources and environment ($34.58 Billion)              
$4.89 Billion..... Water resources              
$11.54 Billion.... Conservation and land management          
$4.42 Billion..... Recreational & Park resources              
$7.18 Billion..... Pollution control and abatement                                
$6.55 Billion..... Other natural resources  
              
Agriculture ($19.532 Billion)              
$16.01 Billion.... Farm income stabilization & crop insurance              
$4.30 Billion..... Agricultural research and services
$0.03 Billion..... No More Going Hungry in Atlasia Act
$-0.8 Billion…. Eliminated marketing programs
$-0.008 Billion…. Eliminated Catfish Inspection Office
              
Commerce and Housing Loan Programs ($0.79 Billion)              
$-22.33 Billion... Federal Housing Loan Programs              
$2.69 Billion..... Postal service              
$2.50 Billion..... Deposit insurance              
$10.20 Billion.... Universal service fund              
$7.70 Billion..... Other advancement of commerce
$-0.17 Billion…. Eliminated Capital Construction Grants    
$0.20 Billion… Supporting Atlasian Entrepreneurs Act          
              
Transportation ($92.3914 Billion)                
$67.40 Billion.... Ground Transportation            
$16.20 Billion.... Air Transportation              
$8.4015 Billion..... Water transportation              
$0.38 Billion..... Other transportation      
        
              
Community and regional development ($33.425 Billion)              
$3.78 Billion..... Community development              
$2.19 Billion..... Area and regional development              
$4.02 Billion..... Disaster relief and insurance              
$2.23 Billion..... Homeless Shelter Emergency Housing              
$4.32 Billion..... Small Business Association
$0.77 Billion..... Flint Reinvestment Act
$0.08 Billion..... Refugee act          
$-11.025 Billion…. We Should Help Workers Act
$2.00 Billion…. Buy-Atlasian Contracting Rules
$10.00 Billion…. Appalachia Reinvestment Act
$15.00 Billion…. Reservation Reinvestment Act
              
Education ($73.7625 Billion)              
$39.03 Billion.... Elementary, Secondary & Vocational education              
$31.475 Billion.... Higher education              
$3.26 Billion..... Research and general education            
$0.00 Billion..... Orlando Act
$-0.0125 Billion…. Cap on certain student loans
              
Training, labor and unemployment ($19.536 Billion)              
$7.58 Billion..... Training and employment              
$1.77 Billion..... Labor law, statistics, and other administration'
$9.2 Billion...... Public Service Act          
$-0.014 Billion…. Eliminated Employee Drug Tests
$1.00 Billion.... Agency of Cooperative Enterprises (see Act to encourage the growth of worker owned enterprises)
              
Atlasian Healthcare ($1261.14 Billion)              
$423.77 Billion... Senior Healthcare
$44.31 Billion.... Veteran Healthcare
$12.90 Billion.... Federal employees' and retired employees' health benefits  
$425.42 Billion... Medical Services
$338.85 Billion... Sliding Scale Subsidies
$15.89 Billion.... Healthcare Subsidy Office (HSO) and AtlasCare Office (ACO) Administration

Non-ANH Health Spending ($67.67 Billion)              
$24.25 Billion.... Disease control, public health and bioterrorism              
$28.48 Billion.... Health research and training              
$4.24 Billion..... Consumer and occupational health and safety            
$10.00 Billion…. Opioid Epidemic Commission
$0.3 Billion.... Comprehensive Opioid Response Act
$0.40 Billion.... Women's Health Protection Act  
              
Civilian Retirement (Social Security excluded) ($138.16 Billion)              
$8.23 Billion..... Civilian retirement and disability insurance              
$129.93 Billion... Federal employee retirement and disability              
 
Social Security ($903.24 Billion)
$868.63 Billion... Social Security Outlays
$34.60 Billion.... Social Security Administration
            
Aid to Low-Income Families ($366.50 Billion)
$40.53 Billion.... Unemployment              
$39.98 Billion.... Housing assistance              
$99.44 Billion.... Food and Nutrition Assistance (Food Stamps + WIC)        
$169.01 Billion... Other aid to low-income families              
$17.54 Billion.... Social Services            
              
Administration of justice ($51.902 Billion)              
$27.157 Billion.... Federal law enforcement
$13.938 Billion.... Federal litigation and judicial activities              
$6.2687 Billion..... Federal prison system              
$4.24 Billion..... Criminal justice assistance  
$0.74 Billion..... Federal Penitentiary Reform Act Provisions      
$-0.432 Billion…. General Criminal Justice Savings
              
General government administration ($3.87 Billion)              
$3.66 Billion..... Legislative functions              
$0.45 Billion..... Executive office programs              
$12.03 Billion.... IRS & other fiscal operations              
$1.567 Billion..... Other general government              
$-13.20 Billion…. Government Efficiency Act
$-0.62 Billion…. Eliminated Penny
$0.002 Billion…. Mandatory Tampons in Restrooms
-$0.03 Billion.... Coin Composition Revision Act

One Time Coronavirus Stimulus spending ($5295.126 Billion)
$9.226 Billion.... Coronavirus Containment and Emergency Response Act
$4807 Billion.... Economic Stimulus Act of 2020
$478.90 Billion.... JOBS AND PAY DURING THE CORONAVIRUS PANDEMIC ACT
              
Interest on debt ($295.40 Billion)              
$295.40 Billion... Net Interest

Section 3: Balance

BASE REVENUE:     $ 4036.930 Billion
Inflation Accounting: *1.012
TOTAL REVENUE: $ 4085.37 Billion

Fixed Expenditures: $ 36.05 Billion
Variable Expenditures:  $ 4133.45 Billion
One time Expenditures: $ 5295.126 Billion
Interest on Debt: $ 295.40 Billion
BASE EXPENDITURES: $9760.026 Billion
Inflation Accounting: *1.012
TOTAL EXPENDITURES: $ 9877.15 Billion
BALANCE: $ -5791.78 Billion

Section 4: Miscellaneous regulations
1. This budget shall become enacted immediately after passage
2. This budget shall ordinarily remain in efect until the 31st of December, 2021
3. All previous bills that modify the existing tax rates are hereby amended, so that their tax rates match those from this budget

Sponsor: tack50
Status: Passed

[Former President tack50]

Do I really need to do advocacy for this?

Anyways, after all the calculations, here is what I have for the 2021 budget. This is a budget with a big deficit due to COVID and what not, but it is necessary to prop up the country. There are only a couple things to debate here in Congress.

1) Do we want to change any tax rates? The current version repeals the temporary tax cuts passed by Pericles. I could bring those back; or we could even go for tax hikes.

2) Do we want to fix the issue with the double wealth tax? We passed a wealth tax this 2020, but we already had one, so now we have 2 wealth taxes

3) Do we want to defund the SEDDA Act? That bill essencially doubled NASA's funding, for the purpose of having Humans on mars and what not. It is by far the biggest spending increase outside the Covid stuff.

[Southern Senator North Carolina Yankee]

1) Do we want to change any tax rates? The current version repeals the temporary tax cuts passed by Pericles. I could bring those back; or we could even go for tax hikes.

2) Do we want to fix the issue with the double wealth tax? We passed a wealth tax this 2020, but we already had one, so now we have 2 wealth taxes

3) Do we want to defund the SEDDA Act? That bill essencially doubled NASA's funding, for the purpose of having Humans on mars and what not. It is by far the biggest spending increase outside the Covid stuff.

1. When was the original sunset for those "temporary tax cuts"?

2. When was the original wealth tax passed and what is the differences between the two in terms of rates, applicability, exceptions etc?

3. Perhaps maybe delaying SEDDA funding until after the Covid situation and related spending has tapered off?

[Former President tack50]

1) Do we want to change any tax rates? The current version repeals the temporary tax cuts passed by Pericles. I could bring those back; or we could even go for tax hikes.

2) Do we want to fix the issue with the double wealth tax? We passed a wealth tax this 2020, but we already had one, so now we have 2 wealth taxes

3) Do we want to defund the SEDDA Act? That bill essencially doubled NASA's funding, for the purpose of having Humans on mars and what not. It is by far the biggest spending increase outside the Covid stuff.

1. When was the original sunset for those "temporary tax cuts"?

2. When was the original wealth tax passed and what is the differences between the two in terms of rates, applicability, exceptions etc?

3. Perhaps maybe delaying SEDDA funding until after the Covid situation and related spending has tapered off?

1. Apparently the income tax reduction was meant to be permanent. However, the corporate tax cut was meant to be only applicable in 2021.

2. A quick search has not revealed when or where the original wealth tax passed, nor the differences between the 2. It was present in the 2020 budget, but not the 2019 one.

3. That could be a decent way to solve this, but I do wonder whether we'll end up forgetting in 2021 or not when we do the 2022 budget

[Mike Thick]

I imagine that the budgeteers of 2021 will base their budget on our budget. If the SEDDA delay is clearly established in this one, it would be pretty hard to miss.

Can't find the Wealth Tax on the wiki either. It shouldn't be hard to merge them in a way that provides equivalent revenues, though, or get rid of one if we're so inclined.

[Former President tack50]

Introducing the following amendment to delay the implementation of the SEDDA Act, in order to make it clear it gets delayed 1 year

FEDERAL BUDGET: FY2021

Section 1: Revenues

Income Taxes:  $ 1,735,038,900,000.00  ($ 1735.04 billion)                           
 by tax bracket
 0-13K      10%  $ 132,602,630,929.00
 13K-50k    15%    $ 447,780,682,763.00                   
 50K-130K   25%        $ 535,512,271,234.00               
 130K-210K  29%       $ 188,700,479,643.00                     
 210K-413K  34%       $ 220,320,135,498.00                         
 413K-441K  36%        $ 75,481,993,752.00                   
 441K+      40.6%      $ 134,640,706,551.00                     
                                           
Corporate Taxes:  $ 347,763,510,122.19  ($ 347.76 billion)
 by tax bracket                                           
 0-100K     0%        $ 0.00               
 100K-1M    15%        $ 2,678,940,033.99               
 1M-10M     21.5%    $ 5,172,280,041.70                   
 10M+       28%         $ 339,912,290,046.51                   
                                                                                         
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   
 RRPH: 5.0% (2.5% on employees, 2.5% on employers) - $ 367,925,964,130.71     
 FUTA: 6.0% on first $7,000 - $ 45,193,067,010.00 

Estate Tax: 45% of amount above $ 3.5 million, 50% above $ 10 million, 55% above $ 50 million
 $ 34,500,000,000.00
$16.00 Billion.... Amendment by the Responsible Estate Tax Act
Total: $50.5 Billion
                   
Wealth Tax:
 $ 62,566,000,000.00

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 - $ 63,185,494,000.00
 LIFO Repeal Offset… $ 13,000,000,000.00       

Buffett Rule Act of 2019: $46.7 Billion           
                       
Other Revenue:  $ 30.209 Billion                   
                       
Additional tax credits:  $ -39.40 Billion
                       
TOTAL Revenue: $ 4036.390 Billion

Section 2: Spending

Military Spending ($504.358 Billion)               
$123.58 Billion... Military personnel               
$184.51 Billion... Operation and maintenance               
$106.01 Billion... Procurement               
$61.52 Billion ... Research, development, test and evaluation               
$8.47 Billion..... Military Construction, Family Housing and Other               
$12.148 Billion.... Atomic Energy Defense Activities               
$8.11 Billion..... Defense Related activities           
$0.00 Billion..... Fiscal Responsibility in our Military Act
$-15.25 Billion… F-35 Procurement Halt

                           
Military Retirement ($144.0811 Billion)                           
$75.48 Billion.... Income security for veterans               
$14.15 Billion.... Veterans education, training, and rehabilitation                           
$54.22 Billion.... Hospital and medical care for veterans and retired military (added in under Healthcare below)               
$0.38 Billion..... Housing and other veterans benefits and services             
$-0.1489 Billion…. VA Privatisation
                           
International affairs ($31.94 Billion)               
$18.88 Billion ... International development and humanitarian assistance               
$8.55 Billion..... International military aid               
$11.99 Billion.... Conduct of foreign affairs               
$1.30 Billion..... Foreign information and exchange activities 
$-8.79 Billion.... International Financial Programs             
               
General science, space, and technology ($185.18 Billion)               
$11.26 Billion.... National Science Foundation programs               
$4.55 Billion..... Department of Energy general science programs               
$169.37 Billion.... Space flight, research, and supporting activities
$154.00 Billion.... Space Exploration, Development, and Settlement Act
-$154.00 Billion.... Delay on the implementation of the Space Exploration, Development, and Settlement Act             
               
Non-Defense Energy Spending ($47.393 Billion)               
$3.15 Billion..... Energy supply               
$1.11 Billion..... Energy conservation and preparedness               
$0.64 Billion..... Energy information, preparedness, & regulation 
$10.00 Billion.... Energy Rebate and Subsidy Act   
$32.50 Billion.... Gas Tax Act     
$-0.007 Billion…. Eliminated Ethanol Blending Rules
           
Natural resources and environment ($34.58 Billion)               
$4.89 Billion..... Water resources               
$11.54 Billion.... Conservation and land management         
$4.42 Billion..... Recreational & Park resources               
$7.18 Billion..... Pollution control and abatement                               
$6.55 Billion..... Other natural resources   
               
Agriculture ($19.532 Billion)               
$16.01 Billion.... Farm income stabilization & crop insurance               
$4.30 Billion..... Agricultural research and services
$0.03 Billion..... No More Going Hungry in Atlasia Act
$-0.8 Billion…. Eliminated marketing programs
$-0.008 Billion…. Eliminated Catfish Inspection Office
               
Commerce and Housing Loan Programs ($0.79 Billion)               
$-22.33 Billion... Federal Housing Loan Programs               
$2.69 Billion..... Postal service               
$2.50 Billion..... Deposit insurance               
$10.20 Billion.... Universal service fund               
$7.70 Billion..... Other advancement of commerce
$-0.17 Billion…. Eliminated Capital Construction Grants   
$0.20 Billion… Supporting Atlasian Entrepreneurs Act         
               
Transportation ($92.3914 Billion)               
$67.40 Billion.... Ground Transportation             
$16.20 Billion.... Air Transportation               
$8.4015 Billion..... Water transportation               
$0.38 Billion..... Other transportation     
         
               
Community and regional development ($33.425 Billion)               
$3.78 Billion..... Community development               
$2.19 Billion..... Area and regional development               
$4.02 Billion..... Disaster relief and insurance               
$2.23 Billion..... Homeless Shelter Emergency Housing               
$4.32 Billion..... Small Business Association
$0.77 Billion..... Flint Reinvestment Act
$0.08 Billion..... Refugee act           
$-11.025 Billion…. We Should Help Workers Act
$2.00 Billion…. Buy-Atlasian Contracting Rules
$10.00 Billion…. Appalachia Reinvestment Act
$15.00 Billion…. Reservation Reinvestment Act
               
Education ($73.7625 Billion)               
$39.03 Billion.... Elementary, Secondary & Vocational education               
$31.475 Billion.... Higher education               
$3.26 Billion..... Research and general education             
$0.00 Billion..... Orlando Act
$-0.0125 Billion…. Cap on certain student loans
               
Training, labor and unemployment ($19.536 Billion)               
$7.58 Billion..... Training and employment               
$1.77 Billion..... Labor law, statistics, and other administration'
$9.2 Billion...... Public Service Act         
$-0.014 Billion…. Eliminated Employee Drug Tests
$1.00 Billion.... Agency of Cooperative Enterprises (see Act to encourage the growth of worker owned enterprises)
               
Atlasian Healthcare ($1261.14 Billion)               
$423.77 Billion... Senior Healthcare
$44.31 Billion.... Veteran Healthcare
$12.90 Billion.... Federal employees' and retired employees' health benefits 
$425.42 Billion... Medical Services
$338.85 Billion... Sliding Scale Subsidies
$15.89 Billion.... Healthcare Subsidy Office (HSO) and AtlasCare Office (ACO) Administration

Non-ANH Health Spending ($67.67 Billion)               
$24.25 Billion.... Disease control, public health and bioterrorism               
$28.48 Billion.... Health research and training               
$4.24 Billion..... Consumer and occupational health and safety             
$10.00 Billion…. Opioid Epidemic Commission
$0.3 Billion.... Comprehensive Opioid Response Act
$0.40 Billion.... Women's Health Protection Act 
               
Civilian Retirement (Social Security excluded) ($138.16 Billion)               
$8.23 Billion..... Civilian retirement and disability insurance               
$129.93 Billion... Federal employee retirement and disability               
 
Social Security ($903.24 Billion)
$868.63 Billion... Social Security Outlays
$34.60 Billion.... Social Security Administration
           
Aid to Low-Income Families ($366.50 Billion)
$40.53 Billion.... Unemployment             
$39.98 Billion.... Housing assistance               
$99.44 Billion.... Food and Nutrition Assistance (Food Stamps + WIC)       
$169.01 Billion... Other aid to low-income families               
$17.54 Billion.... Social Services           
               
Administration of justice ($51.902 Billion)               
$27.157 Billion.... Federal law enforcement
$13.938 Billion.... Federal litigation and judicial activities               
$6.2687 Billion..... Federal prison system               
$4.24 Billion..... Criminal justice assistance 
$0.74 Billion..... Federal Penitentiary Reform Act Provisions     
$-0.432 Billion…. General Criminal Justice Savings
               
General government administration ($3.87 Billion)               
$3.66 Billion..... Legislative functions               
$0.45 Billion..... Executive office programs               
$12.03 Billion.... IRS & other fiscal operations               
$1.567 Billion..... Other general government               
$-13.20 Billion…. Government Efficiency Act
$-0.62 Billion…. Eliminated Penny
$0.002 Billion…. Mandatory Tampons in Restrooms
-$0.03 Billion.... Coin Composition Revision Act

One Time Coronavirus Stimulus spending ($5295.126 Billion)
$9.226 Billion.... Coronavirus Containment and Emergency Response Act
$4807 Billion.... Economic Stimulus Act of 2020
$478.90 Billion.... JOBS AND PAY DURING THE CORONAVIRUS PANDEMIC ACT
               
Interest on debt ($295.40 Billion)               
$295.40 Billion... Net Interest

Section 3: Balance

BASE REVENUE:     $ 4036.930 Billion
Inflation Accounting: *1.012
TOTAL REVENUE: $ 4085.37 Billion

Fixed Expenditures: $ 36.05 Billion
Variable Expenditures:  $ 3979.45 Billion
One time Expenditures: $ 5295.126 Billion
Interest on Debt: $ 295.40 Billion
BASE EXPENDITURES: $9606.026 Billion
Inflation Accounting: *1.012
TOTAL EXPENDITURES: $ 9721.30 Billion
BALANCE: $ -5635.93 Billion

Section 4: Miscellaneous regulations
1. This budget shall become enacted immediately after passage
2. This budget shall ordinarily remain in efect until the 31st of December, 2021
3. All previous bills that modify the existing tax rates are hereby amended, so that their tax rates match those from this budget
4. The implementation of section 4 of the the Space Exploration, Development, and Settlement Act is hereby rolled back by 1 year and shall not apply until 2022

[Mike Thick]

24 hours to object to the amendment.

[Blair]

I support this amendment; while there's an obvious logic to carrying out large labor supporting capital projects during economic hardship this is frankly such a large investment that it's worth waiting to see what the economic waters are like next year

[Southern Senator North Carolina Yankee]

1) Do we want to change any tax rates? The current version repeals the temporary tax cuts passed by Pericles. I could bring those back; or we could even go for tax hikes.

2) Do we want to fix the issue with the double wealth tax? We passed a wealth tax this 2020, but we already had one, so now we have 2 wealth taxes

3) Do we want to defund the SEDDA Act? That bill essencially doubled NASA's funding, for the purpose of having Humans on mars and what not. It is by far the biggest spending increase outside the Covid stuff.

1. When was the original sunset for those "temporary tax cuts"?

2. When was the original wealth tax passed and what is the differences between the two in terms of rates, applicability, exceptions etc?

3. Perhaps maybe delaying SEDDA funding until after the Covid situation and related spending has tapered off?

1. Apparently the income tax reduction was meant to be permanent. However, the corporate tax cut was meant to be only applicable in 2021.

2. A quick search has not revealed when or where the original wealth tax passed, nor the differences between the 2. It was present in the 2020 budget, but not the 2019 one.

3. That could be a decent way to solve this, but I do wonder whether we'll end up forgetting in 2021 or not when we do the 2022 budget

3. Perhaps a zeroed out budget line being present would help prevent the forgetting of such.

Also if we proceed as such with the updating as we go idea, we can already have it in the budget for next time, reducing the likelihood of it being forgotten.

[Southern Senator North Carolina Yankee]

The amendment appears to be adopted.

[Southern Senator North Carolina Yankee]

2. A quick search has not revealed when or where the original wealth tax passed, nor the differences between the 2. It was present in the 2020 budget, but not the 2019 one.

So it must have happened sometime in late 2018 or 2019 correct?

[Former President tack50]

2. A quick search has not revealed when or where the original wealth tax passed, nor the differences between the 2. It was present in the 2020 budget, but not the 2019 one.

So it must have happened sometime in late 2018 or 2019 correct?

Yeah that should be about right

[Southern Senator North Carolina Yankee]

2. A quick search has not revealed when or where the original wealth tax passed, nor the differences between the 2. It was present in the 2020 budget, but not the 2019 one.

So it must have happened sometime in late 2018 or 2019 correct?

Yeah that should be about right

Who wrote the 2020 budget? Devout Centrist?

[Mike Thick]

I feel like the easy fix here is just an amendment that goes, like,
1. The wealth tax we can't find is repealed
2. The wealth tax we do know about is adjusted in such and such ways so that it absorbs the other wealth tax

[Southern Senator North Carolina Yankee]

Tack? Your thoughts on Ted's idea?

[Former President tack50]

I would go with a simpler repeal of the old wealth tax, which seems simpler to do to me; at the cost of increasing the deficit of course. But at least that way we solve the double taxation issue.

[Southern Senator North Carolina Yankee]

Anyone else have a suggestion here?

[Southern Senator North Carolina Yankee]

Anyone else have a suggestion here?

[Former President tack50]

Introducing the following amendment to ged rid of the "double taxation" issue regarding the wealth tax:

This increases the deficit by thos 63.5 billion dollars, and for what is worth symbollically puts us below 4000 billion in revenue.

FEDERAL BUDGET: FY2021

Section 1: Revenues

Income Taxes:  $ 1,735,038,900,000.00  ($ 1735.04 billion)                           
 by tax bracket
 0-13K      10%  $ 132,602,630,929.00
 13K-50k    15%    $ 447,780,682,763.00                   
 50K-130K   25%        $ 535,512,271,234.00               
 130K-210K  29%       $ 188,700,479,643.00                     
 210K-413K  34%       $ 220,320,135,498.00                         
 413K-441K  36%        $ 75,481,993,752.00                   
 441K+      40.6%      $ 134,640,706,551.00                     
                                           
Corporate Taxes:  $ 347,763,510,122.19  ($ 347.76 billion)
 by tax bracket                                           
 0-100K     0%        $ 0.00               
 100K-1M    15%        $ 2,678,940,033.99               
 1M-10M     21.5%    $ 5,172,280,041.70                   
 10M+       28%         $ 339,912,290,046.51                   
                                                                                         
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   
 RRPH: 5.0% (2.5% on employees, 2.5% on employers) - $ 367,925,964,130.71     
 FUTA: 6.0% on first $7,000 - $ 45,193,067,010.00 

Estate Tax: 45% of amount above $ 3.5 million, 50% above $ 10 million, 55% above $ 50 million
 $ 34,500,000,000.00
$16.00 Billion.... Amendment by the Responsible Estate Tax Act
Total: $50.5 Billion
                   
Wealth Tax:
 $ 62,566,000,000.00

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 - $ 63,185,494,000.00
 LIFO Repeal Offset… $ 13,000,000,000.00       

Buffett Rule Act of 2019: $46.7 Billion           
                       
Other Revenue:  $ 30.209 Billion                   
                       
Additional tax credits:  $ -39.40 Billion
                       
TOTAL Revenue: $ 3973.83 Billion

Section 2: Spending

Military Spending ($504.358 Billion)               
$123.58 Billion... Military personnel               
$184.51 Billion... Operation and maintenance               
$106.01 Billion... Procurement               
$61.52 Billion ... Research, development, test and evaluation               
$8.47 Billion..... Military Construction, Family Housing and Other               
$12.148 Billion.... Atomic Energy Defense Activities               
$8.11 Billion..... Defense Related activities           
$0.00 Billion..... Fiscal Responsibility in our Military Act
$-15.25 Billion… F-35 Procurement Halt

                           
Military Retirement ($144.0811 Billion)                           
$75.48 Billion.... Income security for veterans               
$14.15 Billion.... Veterans education, training, and rehabilitation                           
$54.22 Billion.... Hospital and medical care for veterans and retired military (added in under Healthcare below)               
$0.38 Billion..... Housing and other veterans benefits and services             
$-0.1489 Billion…. VA Privatisation
                           
International affairs ($31.94 Billion)               
$18.88 Billion ... International development and humanitarian assistance               
$8.55 Billion..... International military aid               
$11.99 Billion.... Conduct of foreign affairs               
$1.30 Billion..... Foreign information and exchange activities 
$-8.79 Billion.... International Financial Programs             
               
General science, space, and technology ($185.18 Billion)               
$11.26 Billion.... National Science Foundation programs               
$4.55 Billion..... Department of Energy general science programs               
$169.37 Billion.... Space flight, research, and supporting activities
$154.00 Billion.... Space Exploration, Development, and Settlement Act
-$154.00 Billion.... Delay on the implementation of the Space Exploration, Development, and Settlement Act             
               
Non-Defense Energy Spending ($47.393 Billion)               
$3.15 Billion..... Energy supply               
$1.11 Billion..... Energy conservation and preparedness               
$0.64 Billion..... Energy information, preparedness, & regulation 
$10.00 Billion.... Energy Rebate and Subsidy Act   
$32.50 Billion.... Gas Tax Act     
$-0.007 Billion…. Eliminated Ethanol Blending Rules
           
Natural resources and environment ($34.58 Billion)               
$4.89 Billion..... Water resources               
$11.54 Billion.... Conservation and land management         
$4.42 Billion..... Recreational & Park resources               
$7.18 Billion..... Pollution control and abatement                               
$6.55 Billion..... Other natural resources   
               
Agriculture ($19.532 Billion)               
$16.01 Billion.... Farm income stabilization & crop insurance               
$4.30 Billion..... Agricultural research and services
$0.03 Billion..... No More Going Hungry in Atlasia Act
$-0.8 Billion…. Eliminated marketing programs
$-0.008 Billion…. Eliminated Catfish Inspection Office
               
Commerce and Housing Loan Programs ($0.79 Billion)               
$-22.33 Billion... Federal Housing Loan Programs               
$2.69 Billion..... Postal service               
$2.50 Billion..... Deposit insurance               
$10.20 Billion.... Universal service fund               
$7.70 Billion..... Other advancement of commerce
$-0.17 Billion…. Eliminated Capital Construction Grants   
$0.20 Billion… Supporting Atlasian Entrepreneurs Act         
               
Transportation ($92.3914 Billion)               
$67.40 Billion.... Ground Transportation             
$16.20 Billion.... Air Transportation               
$8.4015 Billion..... Water transportation               
$0.38 Billion..... Other transportation     
         
               
Community and regional development ($33.425 Billion)               
$3.78 Billion..... Community development               
$2.19 Billion..... Area and regional development               
$4.02 Billion..... Disaster relief and insurance               
$2.23 Billion..... Homeless Shelter Emergency Housing               
$4.32 Billion..... Small Business Association
$0.77 Billion..... Flint Reinvestment Act
$0.08 Billion..... Refugee act           
$-11.025 Billion…. We Should Help Workers Act
$2.00 Billion…. Buy-Atlasian Contracting Rules
$10.00 Billion…. Appalachia Reinvestment Act
$15.00 Billion…. Reservation Reinvestment Act
               
Education ($73.7625 Billion)               
$39.03 Billion.... Elementary, Secondary & Vocational education               
$31.475 Billion.... Higher education               
$3.26 Billion..... Research and general education             
$0.00 Billion..... Orlando Act
$-0.0125 Billion…. Cap on certain student loans
               
Training, labor and unemployment ($19.536 Billion)               
$7.58 Billion..... Training and employment               
$1.77 Billion..... Labor law, statistics, and other administration'
$9.2 Billion...... Public Service Act         
$-0.014 Billion…. Eliminated Employee Drug Tests
$1.00 Billion.... Agency of Cooperative Enterprises (see Act to encourage the growth of worker owned enterprises)
               
Atlasian Healthcare ($1261.14 Billion)               
$423.77 Billion... Senior Healthcare
$44.31 Billion.... Veteran Healthcare
$12.90 Billion.... Federal employees' and retired employees' health benefits 
$425.42 Billion... Medical Services
$338.85 Billion... Sliding Scale Subsidies
$15.89 Billion.... Healthcare Subsidy Office (HSO) and AtlasCare Office (ACO) Administration

Non-ANH Health Spending ($67.67 Billion)               
$24.25 Billion.... Disease control, public health and bioterrorism               
$28.48 Billion.... Health research and training               
$4.24 Billion..... Consumer and occupational health and safety             
$10.00 Billion…. Opioid Epidemic Commission
$0.3 Billion.... Comprehensive Opioid Response Act
$0.40 Billion.... Women's Health Protection Act 
               
Civilian Retirement (Social Security excluded) ($138.16 Billion)               
$8.23 Billion..... Civilian retirement and disability insurance               
$129.93 Billion... Federal employee retirement and disability               
 
Social Security ($903.24 Billion)
$868.63 Billion... Social Security Outlays
$34.60 Billion.... Social Security Administration
           
Aid to Low-Income Families ($366.50 Billion)
$40.53 Billion.... Unemployment             
$39.98 Billion.... Housing assistance               
$99.44 Billion.... Food and Nutrition Assistance (Food Stamps + WIC)       
$169.01 Billion... Other aid to low-income families               
$17.54 Billion.... Social Services           
               
Administration of justice ($51.902 Billion)               
$27.157 Billion.... Federal law enforcement
$13.938 Billion.... Federal litigation and judicial activities               
$6.2687 Billion..... Federal prison system               
$4.24 Billion..... Criminal justice assistance 
$0.74 Billion..... Federal Penitentiary Reform Act Provisions     
$-0.432 Billion…. General Criminal Justice Savings
               
General government administration ($3.87 Billion)               
$3.66 Billion..... Legislative functions               
$0.45 Billion..... Executive office programs               
$12.03 Billion.... IRS & other fiscal operations               
$1.567 Billion..... Other general government               
$-13.20 Billion…. Government Efficiency Act
$-0.62 Billion…. Eliminated Penny
$0.002 Billion…. Mandatory Tampons in Restrooms
-$0.03 Billion.... Coin Composition Revision Act

One Time Coronavirus Stimulus spending ($5295.126 Billion)
$9.226 Billion.... Coronavirus Containment and Emergency Response Act
$4807 Billion.... Economic Stimulus Act of 2020
$478.90 Billion.... JOBS AND PAY DURING THE CORONAVIRUS PANDEMIC ACT
               
Interest on debt ($295.40 Billion)               
$295.40 Billion... Net Interest

Section 3: Balance

BASE REVENUE:     $ 3973.830 Billion
Inflation Accounting: *1.012
TOTAL REVENUE: $ 4021.52 Billion

Fixed Expenditures: $ 36.05 Billion
Variable Expenditures:  $ 3979.45 Billion
One time Expenditures: $ 5295.126 Billion
Interest on Debt: $ 295.40 Billion
BASE EXPENDITURES: $9606.026 Billion
Inflation Accounting: *1.012
TOTAL EXPENDITURES: $ 9721.30 Billion
BALANCE: $ -5699.78 Billion

Section 4: Miscellaneous regulations
1. This budget shall become enacted immediately after passage
2. This budget shall ordinarily remain in efect until the 31st of December, 2021
3. All previous bills that modify the existing tax rates are hereby amended, so that their tax rates match those from this budget
4. The implementation of section 4 of the the Space Exploration, Development, and Settlement Act is hereby rolled back by 1 year and shall not apply until 2022
5. The old wealth tax from before 2020 is hereby repealed and abolished, and replaced with the new wealth tax from the Wealth Tax Act of 2020.

[Bleach Blonde Bad Built Butch Bodies for Biden]

More senators were asked to comment, so I will just say I am personally in favor of cutting NASA's budget until the pandemic ends.

Of course, if NASA's endgame is to colonize Mars, I would be in favor of cutting off funding entirely.

[Bleach Blonde Bad Built Butch Bodies for Biden]

Ah, now that I think of it, this budget should account for the one-time spending bills such as the Federal Caseload Relief Act and the Silver Alert program. Unfortunately, only the latter has an exact price tag. The FCRA does not, but both are funded by the Justice Department.

Administration of justice ($51.902 $51.904 Billion)               
$27.157 Billion.... Federal law enforcement
$13.938 Billion.... Federal litigation and judicial activities               
$6.2687 Billion..... Federal prison system               
$4.24 Billion..... Criminal justice assistance
$0.74 Billion..... Federal Penitentiary Reform Act Provisions     
$0.025 Billion.... National Silver Alert Act
$-0.432 Billion…. General Criminal Justice Savings

TOTAL EXPENDITURES: $ 9721.30 9721.32 Billion
BALANCE: $ -5699.78 -5699.80 Billion

[Former President tack50]

Is that a formal amendment?

[Bleach Blonde Bad Built Butch Bodies for Biden]

Is that a formal amendment?

Yes.

[Former President tack50]

Is that a formal amendment?

Yes.

Ok, the amendment is friendly then

[Mike Thick]

24 hours for objections to the amendment.