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

[The world will shine with light in our nightmare]

Also, WD and AGA might want to consider pushing these tax benefits to FY2023. The homeownership tax benefit also doesn't take effect shortly after passage.

[GM Team Member and Senator WB]

I specifically made the TMTH act like that so we didn’t have to worry about it here.

[WD]

What else exactly needs to be done here?

[Southern Senator North Carolina Yankee]

What else exactly needs to be done here?

Probably calculating the updated revenues would be the main concern.

[Southern Senator North Carolina Yankee]

1. Calculating Revenues
2. Compiling expenditures passed up to x cut off date (it could even be Oct 1st since we are late now anyway, but in normal circumstances to allow for passage of the budget and debate and such you need an earlier cut off with spending taking effect the following fiscal year if enacted past that date)
3. Cleaning/removing/modifying line items in line with legislation passed repealing or altering pre-existing spending line items

And then once all of that is done is when you get to have the competing proposals and such forth like we used to do in the period of 2010-2014, at least if 1-3 were to be in by say May or April (save for the last minute stuff in May and June as per the above cutoff, which could easily be incorporated in the first week of July). Technically under the law, the executive branch is suppose to submit the budget by like April 1st (it might be May 1st) but no administration has every managed to do this since that legislation was passed.

I think we are stuck on 2 right now if I read Scott's posts on the previous page correctly.

 

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Any progress here?

[The world will shine with light in our nightmare]

Any progress here?

Yes.

I am in the process of scoring every spending bill passed between the FY2021 budget and now. Yankee wants us to prepare for the FY2023 budget also, because that will be needed in a few months

https://docs.google.com/document/d/191ErrUfIcmxKXN2BpyTq_wZkaP2ienMGW-ZKFpzYqNc/edit?usp=sharing.

Warning: Do not click on this document if your full name is visible.

[Attorney General, LGC Speaker, and Former PPT Dwarven Dragon]

Any progress here?

Yes.

I am in the process of scoring every spending bill passed between the FY2021 budget and now. Yankee wants us to prepare for the FY2023 budget also, because that will be needed in a few months

https://docs.google.com/document/d/191ErrUfIcmxKXN2BpyTq_wZkaP2ienMGW-ZKFpzYqNc/edit?usp=sharing.

Warning: Do not click on this document if your full name is visible.

Thanks - appreciate the transparency

[The world will shine with light in our nightmare]

The draft is just about done. Some bills, including the NGSA, will have to be scored. (Battista would probably have the number for the CUBI.) I also included tax reform bills.

[The world will shine with light in our nightmare]

This thing isn't dead yet.

So we are debating whether to pass a separate bill for authorizations in order to clarify the language of the NGSA, but since budgets are typically used for clarifying other statute, we might as well just add this to the bill so we can finish this. If people want to do tax reform, we should discuss that in separate bills. We can have that discussion. But we need to calculate where we are currently.

The document has since been updated with numbers on CUBI under the clarified language.

[Southern Senator North Carolina Yankee]

I have been out the pass couple days because New Years rush at work.

I agree with Scott, I think our priority for this one would be to get this one completed and leave us in a position to have larger and more in depth discussions in the next budget.

And keep in mind the way that works if the process is adhered to is the administration makes it proposal and it gets submitted for debate, but there can be competing proposals and such, hence the long length of time between submission and the end of the Fiscal year (we might be able to shorten that time with unicameralism back but lets make it work at least once before we start curtailing the time frames).

Perhaps if we were to go towards and appropriations model, that could be an area that would drive interest towards the budget process, disagreements over the funding levels. I could see the President submitting a proposal and then both the left and right offering alternatives.

[The world will shine with light in our nightmare]

Okay, so here's where we are on expenditures. And I would like this submitted as an amendment.

27th Congress
FY2021 Budget

Reduction of Childcare Costs Act
$300,000,000

National Silver Alert Act
$25,000,000

28th Congress

Vaccine Production Act
$7,000,000,000

Reduction of Childcare Costs Act
$300,000,000

9th Congress

Farmer Stabilization Act of 2021
$150,000,000

21st Century Civilian Conservation Corps Act
$16,000,000,000

Urban Investment and Redevelopment Act
$390,000,000,000

30th Congress

High Speed Rail Act
$241,250,000,000

Let’s Get Wired Act
$40,000,000,000

Combating Asian Hate Crimes
$50,000,000

104th Senate

None

105th Senate

Southwestern Water Conservation Act
$1,375,000,000

Treating Incarcerated Persons Humanely Act
$380,000,000

School Improvement and Jobs Act
$55,000,000,000 (for FY2022 and FY2023)

106th Senate

New Great Society Act
Sec II.: $175,500,000,000
CUBI: $1,260,000,000 over seven years
($180,000,000 annually)

Capital Gains Inflation Deduction Act
$15,000,000,000

Paflagonia Support Act
$100,000,000

Hubert H. Humphrey Helping Hand to the Homeless Act
$50,000,000

Total: $1.36000 trillion

Note that these are strictly expenditures. We do not have revenue numbers yet, but the budget is being completed by the end of this month. People have had ample time to talk about tax reform. That can't hold the budget up any longer and so if people want changes, we should do it in separate legislation.

[Southern Senator North Carolina Yankee]

I sponsor for the President and submit the amendment for consideration thus.

[Joseph Cao]

Obligatory warning that I am operating on four hours of sleep, but those expenditures look kosher to me.

24 hours to object to the amendment.

[The world will shine with light in our nightmare]

Sorry - for the record, the total is actually 1.53000 trillion, because the total for the CUBI is actually the annual. (I'd misunderstood VP Battista.)

[The world will shine with light in our nightmare]

Also, I will also add that implementation of all expenditures passed after July 1st, 2021 will need to be delayed for the upcoming fiscal year.

[Spark]

Also, I will also add that implementation of all expenditures passed after July 1st, 2021 will need to be delayed for the upcoming fiscal year.

I agree with this. We need to fund our necessities as soon as practical.

[Joseph Cao]

Yankee's amendment is adopted, and the clerical correction by Scott is noted.

[The world will shine with light in our nightmare]

Also, I will also add that implementation of all expenditures passed after July 1st, 2021 will need to be delayed for the upcoming fiscal year.

I agree with this. We need to fund our necessities as soon as practical.

Correcting this. That date is actually August 2021.

[𝕭𝖆𝖕𝖙𝖎𝖘𝖙𝖆 𝕸𝖎𝖓𝖔𝖑𝖆]

I have compiled updated personal and corporate taxes revenue. I feel like excises need an update too but I struggled to find useful data for it.

FEDERAL BUDGET: FY2022

Section 1: Revenues

Income Taxes:  $ 2,062,727,012,500.00  ($ 2,062.73 billion)
 by tax bracket (all revenue from each taxpayer is counted next to the bracket where their total income falls, including that from the parts of their income subject to lower rates)
 0-13K          10%      $ 12,700,800,000.00 ($ 12.70 billion)
 13K-50K      15%      $ 297,239,775,000.00 ($ 297.24 billion)
 50K-130K    25%      $ 812,899,937,500.00 ($ 812.90 billion)
 130K-210K  29%      $ 445,079,250,000.00 ($ 445.08 billion)
 210K-413K  34%      $ 298,965,625,000.00 ($ 298.97 billion)
 413K-441K  36%      $ 54,770,625,000.00 ($ 54.77 billion)
 441K+        40.6%   $ 141,071,000,000.00 ($ 141.07 billion)

Corporate Taxes: 25% - $ 440,476,190,000.00 ($ 440.48 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 ($ 912.46 billion)
 RRPH: 5.0% (2.5% on employees, 2.5% on employers) - $ 367,925,964,130.71 ($ 367.93 billion)
 FUTA: 6.0% on first $7,000 - $ 45,193,067,010.00 ($ 45.19 billion)

Estate Tax (45% of amount above $ 3.5 million, 50% above $ 10 million, 55% above $ 50 million) - $ 34,500,000,000.00 ($ 34.50 billion)
$16.00 billion.... Amendment by the Responsible Estate Tax Act
Total: $50.50 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 - $ 63.19 billion
LIFO Repeal Offset… $ 13.00 billion

Buffett Rule Act of 2019: $46.70 billion

Other Revenue: $ 30.21 billion

Additional tax credits: $ -39.40 billion

TOTAL Revenue: $ 4394.24 billion

[𝕭𝖆𝖕𝖙𝖎𝖘𝖙𝖆 𝕸𝖎𝖓𝖔𝖑𝖆]

Also let me offer an amendment to the new expenditures of 2021 to clear up the CUBI question.

27th Congress
FY2021 Budget

Reduction of Childcare Costs Act
$300,000,000

National Silver Alert Act
$25,000,000

28th Congress

Vaccine Production Act
$7,000,000,000

Reduction of Childcare Costs Act
$300,000,000

9th Congress

Farmer Stabilization Act of 2021
$150,000,000

21st Century Civilian Conservation Corps Act
$16,000,000,000

Urban Investment and Redevelopment Act
$390,000,000,000

30th Congress

High Speed Rail Act
$241,250,000,000

Let’s Get Wired Act
$40,000,000,000

Combating Asian Hate Crimes
$50,000,000

104th Senate

None

105th Senate

Southwestern Water Conservation Act
$1,375,000,000

Treating Incarcerated Persons Humanely Act
$380,000,000

School Improvement and Jobs Act
$55,000,000,000 (for FY2022 and FY2023)

106th Senate

New Great Society Act
Sec II.: $175,500,000,000
CUBI: $1,260,000,000,000 annually [text shall be amended in the final version of the budget to specify CUBI goes to parents of underage children only]

Capital Gains Inflation Deduction Act
$15,000,000,000

Paflagonia Support Act
$100,000,000

Hubert H. Humphrey Helping Hand to the Homeless Act
$50,000,000

Total: $2.20248 trillion (in new expenditures)

[Joseph Cao]

Is all of that increase in expenditure coming from the revised calculations on the CUBI?

Also a minor correction but that should be the 29th Congress, not the 9th.

[Mr. Reactionary]

Also let me offer an amendment to the new expenditures of 2021 to clear up the CUBI question.

27th Congress
FY2021 Budget

Reduction of Childcare Costs Act
$300,000,000

National Silver Alert Act
$25,000,000

28th Congress

Vaccine Production Act
$7,000,000,000

Reduction of Childcare Costs Act
$300,000,000

9th Congress

Farmer Stabilization Act of 2021
$150,000,000

21st Century Civilian Conservation Corps Act
$16,000,000,000

Urban Investment and Redevelopment Act
$390,000,000,000

30th Congress

High Speed Rail Act
$241,250,000,000

Let’s Get Wired Act
$40,000,000,000

Combating Asian Hate Crimes
$50,000,000

104th Senate

None

105th Senate

Southwestern Water Conservation Act
$1,375,000,000

Treating Incarcerated Persons Humanely Act
$380,000,000

School Improvement and Jobs Act
$55,000,000,000 (for FY2022 and FY2023)

106th Senate

New Great Society Act
Sec II.: $175,500,000,000
CUBI: $1,260,000,000,000 annually [text shall be amended in the final version of the budget to specify CUBI goes to parents of underage children only]

Capital Gains Inflation Deduction Act
$15,000,000,000

Paflagonia Support Act
$100,000,000

Hubert H. Humphrey Helping Hand to the Homeless Act
$50,000,000

Total: $2.20248 trillion (in new expenditures)

Good phucking lord $2 trillion in new spending!?

[𝕭𝖆𝖕𝖙𝖎𝖘𝖙𝖆 𝕸𝖎𝖓𝖔𝖑𝖆]

Is all of that increase in expenditure coming from the revised calculations on the CUBI?

Also a minor correction but that should be the 29th Congress, not the 9th.

Yes it is. It's 1.26 trillions a year... and thanks for spotting the spelling mistake, I had just copied that from Scott's text.

[The world will shine with light in our nightmare]

Just for clarification, authorization bills are separate from budgets, per the new procedure we just passed. So those authorizations should be stand-alone, while this thread should only be for the budget.