The current income tax system is really unfair to the wealthy as the highest bracket is over half of their income and the second one is half, while many in this country pay absolutely nothing in income taxes. I would like to eliminate the 60% tax bracket without wrecking the almost-balanced nature of the budget. Here’s my attempt at an amendment:
WHITE HOUSE BUDGET PROPOSAL
Income Taxes: $
1,466.3 1,451.4 B
by tax bracket
0-9.5K
0 5%
0 15 B (?)
9.5K-35K
13 10%
65.8 B 75.9 B
35K-80K
24 25%
224.2 B 233.5 B
80K-170K 28 250.1 B
170K-368K 35 239.8 B
368K-1M 40 214.7 B
1M-2.5M 50
175.2 422.3 B
2.5M+ 60 296.5 Corporate Taxes: $ 378.7 B
rates
0-50K 12%
50-75K 23%
75K-100K 30%
100K-335K 31%
335K-10M 33%
10M-15M 34%
15M+ 35%
National Broadcaster Levy $ 18.6 B
Individual (0.25% > $50K) $ 13.9 B
Corporate (0.5% > $350K) $ 4.7 B
Healthcare Taxes $ 697.7 B
Healthcare Payroll Tax (CSSRA sec.4) $ 687.4 B
4.5% Apr-Jun 2012, 6% Jul-Aug 2012, 6.5% Sep-Dec 2012, 2013
Health Insurance Tax (ANHA sec.2c) $ 10.3 B
Excise Taxes $ 51.2 B
Gasoline Tax (
12 20 cents/gallon) $
19.2 32.0 B
Cigarette and Tobacco Taxes
(43 cents/pack, plus 2% or 4% for various products)* $ 6.9 B
Alcohol Tax (various rates per unit, plus 4% tax)* $ 10.2 B
Marijuana Tax (28% tax) $ 14.9 B
*(National Sin Tax Act, as amended)
Carbon Taxes ($25-30/ton) $ 152.7 B
Domestic $ 133.6 B
Carbon Import Tax $ 19.1 B
Special Program Taxes
Plastic Bag Tax (Environmental Fund) $ 4.9 B
Chain Business Differential Tax (SBA Fund) $ 33.1 B
Oil Spill Protection Tax (5% on profits > $1B) $7.2 B
Electrical Power Transmission Network Tax (0.65 c/kW-h) $23.6 B
Customs Duties $ 58.2 B
Other Revenue (Sales, Earnings, Fees, Etc.) $ 83.4 B
Total Revenue $2,976.3 Billion
Budget Update: Part 2A - Tax Credits
Dependent Child Tax Credit 115 B
Education Tax Credits
Higher Education 75 B
Elementary/Secondary 3.5 B
Earned Income Tax Credit 46.3 B
Adoption and Foster Care Credit 1.1 B
Carbon Tax Residential Relief Credits
Carbon Tax Electricity Credit 11.6 B
Heating Fuel Consumption Credit 6.2 B
Fuel Efficiency Reimbursement 4.1 B
Corporate Clean Energy Credit
2.7 B 1.2 B Alternate Energy R&D Credits 3.4 B
Nuclear Waste Reprocessing Credit 2.9 B
Public Transportation Tax Credit 6.4 B
First-time Homebuyer Credit 2.8 B
Retirement Savings Credits 2.5 B
Individual Business Credits 2.2 B
Foreign Tax Credit 13.1 B
TOTAL $
298.8 297.3 Billion
Budget Update- Part 2B Direct Spending
TOTAL Direct Spending = $
2.767.9 2.769.9 Trillion
Military Spending ($356.63 billion)
$95.00 billion ... Military personnel
$115.20 billion ... Operation and maintenance
$60.00 billion .... Procurement
$50.00 billion .... Research, development, test and evaluation
$15.25 billion .... Military Construction, Family Housing and Other
$18.29 billion .... Atomic Energy Defense Activities
$2.89 billion ..... Defense Related activities
Afghanistan Operations ($29.0 billion)
$19.0 billion ..... Military Operations
$10.00 billion .... Reconstruction aid
Military Retirement ($
140.5 152.5 billion)
$46.5 billion .... Military retirement
$40 billion .... Income security for veterans
$9 billion ...... Veterans education, training, and rehabilitation
$ 2 billion….. Veterans mental health resources
$
42 50 billion ..... Hospital and medical care for veterans and retired military
$
1 5 billion ...... Housing and other veterans benefits and services
International affairs ($24.15 billion)
$15.00 billion ...... International development and humanitarian assistance
$3.0 billion ...... International military aid
$5.0 billion ...... Conduct of foreign affairs
$1.15 billion ...... Foreign information and exchange activities
General science, space, and technology (
$23.97$18.97 billion)
$5.62 $7.92 billion ...... National Science Foundation programs
$3.44 $4.44 billion ...... Department of Energy general science programs
$14.91 $6.91 billion ..... Space flight, research, and supporting activities
Non-Defense Energy Spending (
$14.62 $9.62 billion)
$0.73 billion ...... Energy supply
$1.03 billion ...... Energy conservation and preparedness
$0.36 billion ...... Energy information, preparedness, & regulation
$12.5 billion $7.5 billion ...... Go Green Fund
Natural resources and environment ($36.06 billion)
$5.45 billion ..... Water resources
$9.07 billion ..... Conservation and land management
$3.12 billion ..... Recreational & Park resources
$8.42 billion ..... Pollution control and abatement
$4.9 billion ....... Environmental Fund from plastic bag tax
$5.1 billion ....... Other natural resources
Agriculture ($14.5 billion)
$11.00 billion ..... Farm income stabilization & crop insurance
$3.50 billion ...... Agricultural research and services
Commerce and Housing Loan Programs ($6.82 billion)
$-4.28 billion ..... Federal Housing Loan Programs
$2.17 billion ...... Postal service
$-0.96 billion ..... Deposit insurance
$7.96 billion ...... Universal service fund
$1.93 billion ...... Other advancement of commerce
Transportation ($87.27 billion)
$33.13 billion ..... Highways and highway safety
$18 billion ......... High speed rail (Transportation Infrastructure Investment Act)
$10 billion ...... Other Mass transit
$2.81 billion ...... Railroads
$17.26 billion ..... Air Transportation
$5.65 billion ...... Water transportation
$0.42 billion ...... Other transportation
Community and regional development ($59.96 billion)
$6.25 billion ...... Community development
$8.36 billion ...... Area and regional development
$10.15 billion ...... Disaster relief and insurance
$2.5 billion ........ Homeless Shelter Emergency Housing
$32.7 billion ...... Small Business Association
Education (
$120.95 $118.95 billion)
$57.57 billion ..... Elementary, Secondary & Vocational education
$42.72 billion ..... Higher education
$3.23 $1.23 billion ...... Research and general education
Training, labor and unemployment ($11.6 billion)
$10 billion ...... Training and employment
$1.6 billion ....... Labor law, statistics, and other administration
Atlasian National Healthcare ($1229.13 billion)
$299.27 billion ... IDS Community Health Partnership
$278.07 billion ... ME Community Health Partnership
$140.18 billion ... MW Community Health Partnership
$257.89 billion ... NE Community Health Partnership
$231.71 billion ... PA Community Health Partnership
$21.81 billion ..... Central Administration Costs
Non-ANH Health Spending ($37.07 billion)
$4.7 billion ....... Disease control, public health and bioterrorism
$29.36 billion ... Health research and training
$3.01 billion ..... Food safety and occupational health and safety
Civilian Retirement (Social Security excluded) ($72.02 billion)
$4.89 billion ...... Civilian retirement and disability insurance
$58.22 billion .... Federal employee retirement and disability
$8.91 billion ...... Federal employees' and retired employees' health benefits
Atlasian National Broadcaster ($6.35 billion)
$4.6 billion …. Infrastructure buliding and acquisition
$1.75 billion …. Initial start up costs
Aid to Low-Income Families ($182.96 billion)
$67 billion ..... Housing assistance
$87.58 billion ..... Food stamps
$21 billion ...... Other nutrition programs (WIC, school lunches)
$4.8 billion ....... Child care funds
$2.58 billion ...... Other aid to low-income families
General Family Support ($27.06 billion)
$8 billion ...... Foster care and adoption assistance
$2.92 billion ...... Child support and family support programs
$16.14 billion ..... Social and family services
Administration of justice ($29.79 billion)
$7.25 billion ..... Federal law enforcement
$7.46 billion ..... Border security and immigration
$7.6 billion ..... Federal litigation and judicial activities
$3.26 billion ...... Federal prison system
$4.22 billion ...... Criminal justice assistance
General government administration ($13.3 billion)
$2.75 billion ...... Legislative functions
$0.95 billion ...... Executive office programs
$7.6 billion ....... IRS & other fiscal operations
$2 billion ...... Other general government
Interest on debt ($244.73 billion)
$244.73 billion .... Net Interest[/size]
***************************************
SUMMARY: Current Projected Figures for 2012
Direct Spending $
2767.9 2757.9 billion
Tax Credits $
298.8 297.3 billion
TOTAL Expenditures $
3,061.3 3049.8 billion
REVENUE $2,978.5 $2,976.3 Billion
EXPENDITURES -$3,061.3 -$3,060.8 billion
BALANCE -$ 82.8 -$87.5 Billion 
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