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

[Pericles]

Aye

[Senator-elect Spark]

Nay.

[Kuumo]

Aye

[Holy Unifying Centrist]

Nay

[Saint Milei]

Nay

[Joseph Cao]

From what I have gathered looking at research papers online, the major stumbling block here from a scientific perspective is that we really should be developing better, cheaper, and more efficient methods of fusion to use before we begin making large-scale plans to mine the moon. Helium-3 is probably sufficient to account for a chunk of our energy needs but we are by no means the only ones looking to commercialize space resources, and the groundwork for a global settlement is similarly something that needs to be laid before we consider this. The R&D and negotiations involved in here haven't been addressed in the original SEDDA bill either.

I think it's a fundamentally good idea, but I question whether we are prepared to implement it at this stage. Abstain.

[Esteemed Jimmy]

Abstain

[Southern Senator North Carolina Yankee]

Nay

[The world will shine with light in our nightmare]

It appears that we never, to my knowledge, subtracted spending on the Selective Service System, which no longer exists. This gives us an opportunity for a small, very small, defense spending cut. I will undo the amendment if any budget passed after the law is found to have already defunded it.

The idiots in RL Congress actually increased spending on SSS in 2019, so I'll just take from that budget and deduct it permanently.

Military Spending ($504.358 $504.331 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
$-26.24 Million... End Selective Service Act

Sponsor feedback?

[The world will shine with light in our nightmare]

Also, the amendment being voted on currently has enough votes to pass. Senators have 24 hours to change their vote.

[Southern Senator North Carolina Yankee]

Friendly

[The world will shine with light in our nightmare]

Senators have 24 hours to object to the new amendment.

[The world will shine with light in our nightmare]

Hearing no objection, the amendment is adopted.

[GM Team Member and Senator WB]

I assume my amendment also has been adopted? You didn't say.

[The world will shine with light in our nightmare]

I assume my amendment also has been adopted? You didn't say.

Pardon me. Yes, your amendment has been adopted.

Debate resumes.

[Continential]

Thanks to the Congressional Budget Office and some math, I have found the amount of money the corporate tax will generate.

FEDERAL BUDGET: FY2022

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: 25% - $ 283,333,332,500.00 ($ 283.33 billion) $ 347,763,510,122.19  ($ 347.76 billion) $ 313,972,295,288.00 ($ 313.97 billion)
by tax bracket                                            
0-100K     0% 25%       $ 0.00 $
 100K-1M    15% 25%       $ 2,678,940,033.99 $ 4,464,900,056.65                
 1M-10M     21.5% 25%    $ 5,172,280,041.70 $ 6,014,279,118.26                  
 10M+       28% 25%         $ 339,912,290,046.51 $ 303,493,116,113.00                                                                                                     

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

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: $ 39040.04 Billion $ 39009.40 billion

[Senator-elect Spark]

The need to redo the tax code is vital to starting and keeping businesses in Atlasia.

[Continential]

The need to redo the tax code is vital to starting and keeping businesses in Atlasia.

You can submit an amendment to the budget to do that.

[Southern Senator North Carolina Yankee]

Ishan's amendment is friendly. Going to use my Deputy powers to call 24 hours for objections.

[The world will shine with light in our nightmare]

Here's another amendment making note of the recently passed corporate Global Minimum Tax that we can score for 2023:

FEDERAL BUDGET: FY2022

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: 25% - $ 283,333,332,500.00 ($ 283.33 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   
 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

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: $ 39040.04 Billion $ 39009.40 billion

[Senator-elect Spark]

The need to redo the tax code is vital to starting and keeping businesses in Atlasia.

You can submit an amendment to the budget to do that.

Respectfully, the whole thing needs to be reworked.

[Continential]

The need to redo the tax code is vital to starting and keeping businesses in Atlasia.

You can submit an amendment to the budget to do that.

Respectfully, the whole thing needs to be reworked.

You can rework that with an amendment and you can change anything within the bill unless you are lazy. I wonder what would you want to change if you are willing to elaborate on that.

[GM Team Member and Senator WB]

The need to redo the tax code is vital to starting and keeping businesses in Atlasia.

You can submit an amendment to the budget to do that.

Respectfully, the whole thing needs to be reworked.

You can rework that with an amendment and you can change anything within the bill unless you are lazy. I wonder what would you want to change if you are willing to elaborate on that.

Most changes to the tax brackets that make it a more progressive system would have taxes of over 100% for high earners in Fremont and Lincoln. Until the regions change that we can't do much without causing a larger deficit or raising taxes on low earners which I think none of us want.

[The world will shine with light in our nightmare]

Hearing no objection, Ishan's amendment is adopted.

Sponsor feedback still needed for the new amendment.

[Continential]

The need to redo the tax code is vital to starting and keeping businesses in Atlasia.

You can submit an amendment to the budget to do that.

Respectfully, the whole thing needs to be reworked.

You can rework that with an amendment and you can change anything within the bill unless you are lazy. I wonder what would you want to change if you are willing to elaborate on that.

Most changes to the tax brackets that make it a more progressive system would have taxes of over 100% for high earners in Fremont and Lincoln. Until the regions change that we can't do much without causing a larger deficit or raising taxes on low earners which I think none of us want.

If you want to have a lower deficit/have a balanced budget there are a multitude of options you can undertake and you could take multiple options.

Firstly, you could always propose a program of austerity that will reduce public spending, but given that you are more left wing then most of the Labor slate in June, I highly doubt you would support that.

Secondly, you could always raise taxes on the poor and middle classes, but I highly doubt that anyone would support that unless taxes are raised for everyone and your opposition to that.

Finally, you could raise taxes on the rich, but you are opposed to having taxes above 100%. 

You can abolish regions but that isn't realistic in a pro-regional rights senate.
__________________________

I don't see the regions of Fremont and Lincoln lowering their taxes anytime soon considering that the latter needs the revenue and the former assumes the costs of state budgets.