SB 110-25: Federal Budget FY2023

[GM Team Member and Senator WB]

I commend the already immense deficit reduction here, which doesn't even involve delaying our much-needed space exploration!

[GM Team Member and Senator WB]

Regarding the Financial Transaction Tax, I found this document from the CRS:
https://sgp.fas.org/crs/misc/R42078.pdf
which also led to another document analyzing something relatively similar to what we passed:
https://www.taxpolicycenter.org/sites/default/files/alfresco/publication-pdfs/2000587-financial-transaction-taxes.pdf

Rough estimate here but I'd say it's around $80 billion?

[GM Team Member and Senator WB]

Using the report I linked before as a base, my estimate is 497.2 Billion/10 years for the 0.1% on bonds and debentures, plus another 305.4 billion/10 years for the 0.5% on stocks. I'm not sure for the 0.005% in section III.3 of the bill which I'll link here: https://talkelections.org/FORUM/index.php?topic=466793.msg8290450#msg8290450

Even then that brings us up to approximately 80.26 Billion per year, on average. That'd bring the deficit down to 30.26 Billion/year, even with the CUBI remaining the same which is quite amazing.

[GM Team Member and Senator WB]

Any idea for the remaining part of the transaction tax?

[GM Team Member and Senator WB]

Any idea for the remaining part of the transaction tax?

How does this compare with the previous estimate that WD linked?

My current estimates already covered 80 billion or so of that estimate, but considering that the last section is easily the most expansive (and with the smallest % to make up for that), I'm willing to believe that $220 billion figure from the analysis he linked in the thread.

[GM Team Member and Senator WB]

Nay to raising taxes on low-earners.

[GM Team Member and Senator WB]

The way the amendment is worded doesn’t seem that way to me, because the way it looked it made the first group from 0/25k be 0-13k instead but switch to abstain since I’m not a fan of the higher income cuts

[GM Team Member and Senator WB]

Administration of justice ($51.911752.29175 Billion)             
$27.157 Billion  $10 billion.... Federal law enforcement
$13.938 Billion.... Federal litigation and judicial activities             
$6.2687 Billion..... Federal prison system
$0.38 Billion….. Treating Incarcerated Prisoners Humanely Act (one-time)     
$0.00005 Billion….. TACMIF allocation for the above
$4.24 Billion..... Criminal justice assistance 
$0.74 Billion..... Federal Penitentiary Reform Act Provisions     
$-0.432 Billion…. General Criminal Justice Savings

amendment

I assume the 27.157 billion is supposed to be crossed out and replaced with 10 billion, correct?

[GM Team Member and Senator WB]

Anyway, the previous DeadPrez and Cao amendments being declared friendly and with no objections have been adopted. Objection being noted on DeadPrez's new amendments, opening a vote for 96 hours for both, for time's sake and since I believe we've had that precedent before.

Amendment 1:

Section 1: Revenues

Income Taxes:  $ 2,117,044,276,550.00  ($ 2,117.04 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%   0% $ 12,700,800,000.00 ($ 12.70 billion)
 13K-50k      15%  0%   $ 297,239,775,000.00 ($ 297.24 billion)
 50K-75k       5%
75-130K   25% 15%   $ 812,899,937,500.00 ($ 812.90 billion)
 130K-210K  31%  $452,282,000,000.00 ($ 452.28 Billion)    
 210K-413K  38%  $317,099,000,000.00 ($ 317.10 Billion)
 413K-441K  45%   $ 68,463,281,250.00 ($ 68.46 billion)
 441K+      45% 50%   $ 156,359,482,800.00 ($ 156.36 billion)

Amendment 2:

Administration of justice ($51.911752.29175 Billion)              
$27.157 Billion  $10 billion.... Federal law enforcement
$13.938 Billion.... Federal litigation and judicial activities              
$6.2687 Billion..... Federal prison system
$0.38 Billion….. Treating Incarcerated Prisoners Humanely Act (one-time)      
$0.00005 Billion….. TACMIF allocation for the above
$4.24 Billion..... Criminal justice assistance  
$0.74 Billion..... Federal Penitentiary Reform Act Provisions      
$-0.432 Billion…. General Criminal Justice Savings

As always, Aye, Nay or Abstain, senators.

[GM Team Member and Senator WB]

Abstain on both, I am a budget hawk but I'm realistic and I agree with yankee that the raises don't seem to make up for it.

[GM Team Member and Senator WB]

Abstain

[GM Team Member and Senator WB]

nay and nay.