SENATE BILL: WHITE HOUSE BUDGET PROPOSAL (On the President's Desk)

[ModerateCoward]

I would like to offer two amendments

Income Taxes
1M+              60%

This one needs no explanation

Gasoline Tax (20 cents/gallon)

33 billion is spent for highways, gas tax at 12c only brings in 20 billion, I don't think we should be subsidizing them.

Hello there....

[Senator North Carolina Yankee]

Nay, simply because it is a substantial threshold to cross, without compensatory changes attached to the actually spending increase.


Vote on Amendment 49:19:

Aye (7): AndrewPA, Ben, ILV, sbane, Scott, and TJ in Cleve
Nay (2): NC Yankee, and Wormyguy
Abstain (0):

Didn't Vote (1): Clarence

With seven votes in the affirmative, the amendment has passed.

[Senator North Carolina Yankee]

Income Taxes
1M+              60%

Sponsor Feedback: Uncertain Response
Status: Awaiting Clarification

Gasoline Tax (20 cents/gallon)

Sponsor Feedback: Uncertain Response
Status: Awaiting Clarificaiton

Income Taxes
 9.5K-35K     13%10%          
 35K-80K      24%21%

 1M-2.5M     50%52%        
 2.5M+        60%61%

Sponsor Feedback: No Response found within the timeout period
Status: Error, please enter response ASAP!!!

[shua]

64% of that increase in net spending is the result of the current amendment at vote, 49:19. 

Yes, the amendment I oppose.

I'd like to see the changes from the last budget.

Also, Shua, that reminds me that I am going to need your help with the regional budget when you get a chance.

I have discussed some of the major changes in my penultimate post in the GM update thread.  I think it'd be great if the President can provide more details here, though I may try to as well.

I'll be glad to help with your regional budget, but I'll have more of a chance after this budget bill is squared away.

This will cost us a considerable amount of tax revenue (about $150 B by my quick calculations) since so many more people pay the lower brackets.

It will cost some, but I don't think anywhere near that much. I can do the calculations once I finish the ones I'm doing for Ben.

[Senator Ben]

Friendly on 49:22, unfriendly on 49:21 and 49:23.

I've got a tax Amendment dealing with corporate rates and income which will add at least $50B, so if we could please hold off on income and corporate rates until then, it'd be much appreciated.

[ModerateCoward]

Friendly on 49:22, unfriendly on 49:21 and 49:23.

I've got a tax Amendment dealing with corporate rates and income which will add at least $50B, so if we could please hold off on income and corporate rates until then, it'd be much appreciated.

Ok we'll proceed with 49:22 and I'll wait on 49:21, and 23 is your child(so you specified the sponsor of the amendment incorrectly Yankee). Does this count as sufficient response?

[Governor Scott]

For now, I will withdraw my amendment.  I still think we need to cut taxes on the lowest income group, but I would like to see what Ben has to offer first.

[Senator Ben]

Here's my Amendment related to income and corporate taxes, resulting in a net increase of $35.5B from the original.

Income Taxes:   $ 1,466.3 1,459.9 B                  
 by tax bracket                   
9.5K-35K     13 10 %          65.8 50.7 B                  
 35K-80K      24 23%        224.2 192.8 B                  
 80K-170K    28 30%        250.1 240.6 B                  
 170K-368K  35 36%        239.8 243.2 B                  
 368K-1M     40 43%        214.7 224.4 B                  
 1M-2.5M     50 57%        175.2 190.1 B                   
 2.5M+        60 64%        296.5 318.1 B                   
                  
Corporate Taxes:  $ 378.7 429.6 B                    
 rates                  
 0-50K          12 10%                   
 50-75K         23 21%                      
 75K-100K     30 27%                  
 100K-335K    31%                     
 335K-10M     33%                  
 10M-15M      34 38%                  
 15M+           35 44%

[shua]

$44.5 B actually. ( of course, those numbers are just estimates)

[Frodo]

Here's my Amendment related to income and corporate taxes, resulting in a net increase of $35.5B from the original.

Income Taxes:   $ 1,466.3 1,459.9 B                  
 by tax bracket                   
9.5K-35K     13 10 %          65.8 50.7 B                  
 35K-80K      24 23%        224.2 192.8 B                  
 80K-170K    28 30%        250.1 240.6 B                  
 170K-368K  35 36%        239.8 243.2 B                  
 368K-1M     40 43%        214.7 224.4 B                  
 1M-2.5M     50 57%        175.2 190.1 B                   
 2.5M+        60 64%        296.5 318.1 B                   
                  
Corporate Taxes:  $ 378.7 429.6 B                    
 rates                  
 0-50K          12 10%                   
 50-75K         23 21%                      
 75K-100K     30 27%                  
 100K-335K    31%                     
 335K-10M     33%                  
 10M-15M      34 38%                  
 15M+           35 44%

-----------------------

How high can taxes be raised on the wealthy before the law of diminishing returns kicks in? 

[wormyguy]

How high can taxes be raised on the wealthy before the law of diminishing returns kicks in?

Up to 100%, since Shua isn't factoring in Laffer Curve effects (which is silly, IMO).

[Senator Ben]

$44.5 B actually. ( of course, those numbers are just estimates)

Even better

And Frodo, I'd argue not much higher than the 64% we're at now.  The historic peacetime high was 79% in 1936, and that was for people making $80.7M.

[Senator North Carolina Yankee]

Income Taxes
1M+              60%

Sponsor Feedback: Friendly
Status: Senators have 24 hours to object

Gasoline Tax (20 cents/gallon)

Sponsor Feedback: Hostile
Status: On hold per request of sponsor

Income Taxes
 9.5K-35K     13%10%          
 35K-80K      24%21%

 1M-2.5M     50%52%        
 2.5M+        60%61%

Sponsor Feedback: Friendly
Status: Withdrawn

[Senator North Carolina Yankee]

Income Taxes:   $ 1,466.3 1,459.9 B                  
 by tax bracket                   
9.5K-35K     13 10 %          65.8 50.7 B                  
 35K-80K      24 23%        224.2 192.8 B                  
 80K-170K    28 30%        250.1 240.6 B                  
 170K-368K  35 36%        239.8 243.2 B                  
 368K-1M     40 43%        214.7 224.4 B                  
 1M-2.5M     50 57%        175.2 190.1 B                   
 2.5M+        60 64%        296.5 318.1 B                   
                  
Corporate Taxes:  $ 378.7 429.6 B                    
 rates                  
 0-50K          12 10%                   
 50-75K         23 21%                      
 75K-100K     30 27%                  
 100K-335K    31%                     
 335K-10M     33%                  
 10M-15M      34 38%                  
 15M+           35 44%

Sponsor Feedback: Origination
Status: Senators have 24 hours to object.

[Senator Ben]

Yank, 49:22 was friendly; 49:21 was not.

[Senator North Carolina Yankee]

Yank, 49:22 was friendly; 49:21 was not.

WHY CAN'T YOU DO STUFF IN NUMERICAL ORDER?!!!! This is all your fault!!!!

[Senator North Carolina Yankee]

Income Taxes
1M+              60%

Sponsor Feedback: Hostile
Status: On hold by request of the Amendment Sponsor

Gasoline Tax (20 cents/gallon)

Sponsor Feedback: Friendly
Status: Senators have 24 hours to object

Income Taxes
 9.5K-35K     13%10%          
 35K-80K      24%21%

 1M-2.5M     50%52%        
 2.5M+        60%61%

Sponsor Feedback: Friendly
Status: Withdrawn

[wormyguy]

Object

[Senator Ben]

Object

To which one?

[Senator North Carolina Yankee]

Gasoline Tax (20 cents/gallon)

Sponsor Feedback: Friendly
Status: Objection entered by Senator Wormyguy, Vote pending.


I need to leave soon, so this may have to wait till tomorrow. 

[Governor Scott]

Aye.

[Senator North Carolina Yankee]

Aye.

This bill doesn't have a vote on it at present.

[Governor Scott]

Aye.

This bill doesn't have a vote on it at present.

Oh, my mistake.

[Emperor SJoyce]

Aye.

This bill doesn't have a vote on it at present.

Oh, my mistake.

Now there's a campaign ad: "Senator Scott is so liberal he voted for more spending and taxation, even when it wasn't possible to do so!" At least it would be an ad, if you weren't running against a socialist

[Governor Scott]

Aye.

This bill doesn't have a vote on it at present.

Oh, my mistake.

Now there's a campaign ad: "Senator Scott is so liberal he voted for more spending and taxation, even when it wasn't possible to do so!" At least it would be an ad, if you weren't running against a socialist

Derp.