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

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Aye

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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

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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.

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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.

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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.
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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.

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The problem is that afaik we don’t have the numbers the GM uses for the tax calculations. I have old ones that use the same brackets and percentages, but I don’t know if we can alter the brackets themselves with those numbers accurately. Some of us need to sit down and just try to work it out here.

The GM doesn't do the tax calculations, the CG if it was filled should do it. Presuming that I care, I'll probably provide calculations for the income tax in the next few days.

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aye

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aye