Submitted for consideration. Primary changes from the previous submission are the inclusion of section VII. Exemptions, Extensions, and Future Standards and the lengthening of all terms to comply.
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Submitted for consideration. Primary changes from the previous submission are the inclusion of section VII. Exemptions, Extensions, and Future Standards and the lengthening of all terms to comply.
This version of the Clean Eutopia Act eliminates the issues expressed in the second paragraph of the ECB's previous report on the bill. The ECB stands by its observations in the other two paragraphs, however.
In addition, it should be noted that the ECB anticipates a modest increase in MoI spending under the "Environmental Protection" budget line to cover the costs of monitoring and regulation under this version of the Act, as with the President's proposal on the same subject.
In addition, it should be noted that the ECB anticipates a modest increase in MoI spending under the "Environmental Protection" budget line to cover the costs of monitoring and regulation under this version of the Act, as with the President's proposal on the same subject.
Pers.
I am submitting the following Constitutiional Change to the Speaker's Office. I do not suppose that this change will have any economic impact.
Wheras the current Constitution prohibits acting Cabinet Members from sitting in the General Assembly in Section 3.
Be it Resolved that We change the constitution to allow Cabinet Members to sit in the Assembly and debate and vote with all the rights conferred upon them.
Revised Constitution Section 3.:
The four additional members shall be the Attorney General, Finance Minister, Interior Minister, and Social Services Minister; and any other future cabinet positions.
I am submitting the following Constitutiional Change to the Speaker's Office. I do not suppose that this change will have any economic impact.
Wheras the current Constitution prohibits acting Cabinet Members from sitting in the General Assembly in Section 3.
Be it Resolved that We change the constitution to allow Cabinet Members to sit in the Assembly and debate and vote with all the rights conferred upon them.
Revised Constitution Section 3.:
The four additional members shall be the Attorney General, Finance Minister, Interior Minister, and Social Services Minister; and any other future cabinet positions.
I do not expect there to be any significant change in federal expenditure, since I believe the number of prisoners awaiting the death penalty is low enough for their execution or continued incarceration to have a negligible effect on the budget. Your comments are welcomed.
The ECB issues the following impact reports:
Death Penalty Abolition Act: The ECB notes that, due to the increased costs of maintaining prisoners on death row, abolishing the death penalty would lower government expenditures by approximately .5 BP per term.
Eutopian Felony Act: The ECB feels that the Act would result in a negligible increase in government expenditure as prisoners are put to 'involuntary servitude', and must be accomodated for such.
Arms Privatization Act: This act would result in a negligible increase in government revenue as new companies would be taxed. However, the restrictions and ENDTech's considerable head start gives the Eutopian armed forces little reason to shop around.
Additionally, Per von Hapsburg is reminded that when requesting ECB impact reports, a proposed impact report MUST be included. Any further bills submitted without a proposed report will not be processed.
Death Penalty Abolition Act: The ECB notes that, due to the increased costs of maintaining prisoners on death row, abolishing the death penalty would lower government expenditures by approximately .5 BP per term.
Eutopian Felony Act: The ECB feels that the Act would result in a negligible increase in government expenditure as prisoners are put to 'involuntary servitude', and must be accomodated for such.
Arms Privatization Act: This act would result in a negligible increase in government revenue as new companies would be taxed. However, the restrictions and ENDTech's considerable head start gives the Eutopian armed forces little reason to shop around.
Additionally, Per von Hapsburg is reminded that when requesting ECB impact reports, a proposed impact report MUST be included. Any further bills submitted without a proposed report will not be processed.
In advance of the upcoming elections, the ECB will be accepting no further bill proposals for Term XIII. Current bills will be processed as soon as is practicable. Legislators are advised to hold additional proposals until after the elections.
ECB Term XIII
Budget Report
Budget Report
Code:
Term XIII Term XIII Term XIV
Approved Actual Projected
[b]President[/b]
Government Admin. 4.5 4.5 4.5
Defense 8 7.25 (VPA) 7.25 (VPA)
Foreign Intelligence 1.25 1 1
Foreign Aid 0.5 0.5 0.5
Foreign Affairs 1.5 1 1
[b]Attorney General[/b]
Federal Law Enf. 5.75 5.25 (NRA) 5.25 (NRA)
Domestic Intelligence 2 2 2
Border Protection 1 1 1
Court System 3 3 3
[b]Interior Minister[/b]
Land Transportation 3 4 (IEA) 4 (IEA)
Air Transportation 1.5 2 (IEA) 2 (IEA)
Sea Transportation 3.5 3 (IEA) 3 (IEA)
Coast Guard 3 3 3
Environ. Protection 1 1 1.25 (CEA)
National Parks 1.25 1 1
Postal Service 2 2 2
Government Media 2.75 2.75 2.75
[b]Finance Minister[/b]
Industry and Labor 6.5 7.25 (STMCSB) 7.25 (STMCSB)
Trade and Customs 4 4 4
Natural Resources 3 3 3
Treasury Enforcement 2 2 2
[b]Social Services Minister[/b]
Public Health 9 9 9
Welfare 13 13 13
Omnicare 8 8 8
Sports 1 1 1
Education 4 4 4
Science and Research 2.25 2 2
Drug Control 1 0.5 (NRA) 0.5 (NRA)
[b]Anticipated Income[/b] 100 97.5 102.75
[b]Total Expenditures[/b] 98.75 98 98.25
[b]Surplus/Deficit[/b] 1.25 -0.5 4Notes:
- "Approved" is the budget passed by the General Assembly; "Actual" is the amount actually spent. Under current ECB budgetary protocols, no division of the federal government is permitted to exceed its approved spending, but may fall short of spending its approved amount based on GA action. Divisions which received an approved increase but partial or no concurrent GA action to spend the approved amount continued at their Term XII levels.
- "Projected" is the anticipated "Actual" budget one Term from now, assuming current trends continue; the ECB makes no guarantees about the accuracy of these projections.
- Bills with major economic impact are listed in the budget documentationm as follows. VPA = Veteran's Pension Act; NRA = Narcotics Reform Act; CEA = Clean Eutopia Act; IEA = Infrastructure Expansion Act; STMCSB = Shipping, Transportation and Maritime Construction Stimulus Bill. Income may include the effects of these bills as well as other, non-legislative economic trends.
- Term XIII's actual deficit has been deducted anticipatorily from the Term XIV Projected Surplus.
The following bill is sent to the ECB for an impact assessment. The drafter wishes to express that the report is not needing too swiftly and, thus, the bank should take its time within reason.
It is the belief of the drafter that the act will cause a small increase to the Environment Protection portion of the interior minister's budget in the coming term, whatever that figure turns out to be due to the cost of tax credits and enforcement. Though the bill is establishing a new regulation, it’s terms are not harsh enough, by international standards, to damage to ability to the government budget to balance or the local industry to function. The act should, however, serve to foster the profitability of Eutopia's small automobile industry in the long run by forcing its products be comparable to the models currently marketed elsewhere in the world, therefore encouraging sector growth and job creation.
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The following is submitted for assessment:
Prelimnary impact report: Negligible economic impact. The small increased costs resulting in necessary increased investigation in some murder/manslaughter cases should roughly be countered by reduced cost resulting from the number of murder/manslaughter cases that may be dismissed immediately.
Prelimnary impact report: Negligible economic impact. The small increased costs resulting in necessary increased investigation in some murder/manslaughter cases should roughly be countered by reduced cost resulting from the number of murder/manslaughter cases that may be dismissed immediately.
Submitted:
............
While I stand by my oringinal proposed economic impact report for the Tax Relief and Reform Act, I would also like to request additional information. The proposed federal budget allows for tax cuts that will result in up to 0.75 BP in lost revenue. I would like to get an idea of how large a cut it would take for there to be a net drop in revenues of 0.75 BP.
I believe a tax cut/reform of the following structure would get us there.
- The federal corporate tax rate shall be decreased uniformily as to result in a 1 BP decrease in revenue under current economic conditions.
- The federal income tax rate shall be decreased uniformily as to result in a 1.5 BP decrease in revenue under current economic conditions.
- The minimum threshold for each federal income tax bracket shall be increased uniformly as to result in a 0.5 BP decrease in revenue under current economic conditions.
As stated in my proposed impact report, a reduction in taxes allows for more monies to be dedicated towards consumerism, investment, and expansion. This will in turn create more economic growth, helping to offset the loss in revenues from the original cuts. I believe the following cuts will result in roughly the loss of 0.75 BP worth of revenue once economic growth is factored in.
............
While I stand by my oringinal proposed economic impact report for the Tax Relief and Reform Act, I would also like to request additional information. The proposed federal budget allows for tax cuts that will result in up to 0.75 BP in lost revenue. I would like to get an idea of how large a cut it would take for there to be a net drop in revenues of 0.75 BP.
I believe a tax cut/reform of the following structure would get us there.
- The federal corporate tax rate shall be decreased uniformily as to result in a 1 BP decrease in revenue under current economic conditions.
- The federal income tax rate shall be decreased uniformily as to result in a 1.5 BP decrease in revenue under current economic conditions.
- The minimum threshold for each federal income tax bracket shall be increased uniformly as to result in a 0.5 BP decrease in revenue under current economic conditions.
As stated in my proposed impact report, a reduction in taxes allows for more monies to be dedicated towards consumerism, investment, and expansion. This will in turn create more economic growth, helping to offset the loss in revenues from the original cuts. I believe the following cuts will result in roughly the loss of 0.75 BP worth of revenue once economic growth is factored in.
A slew of ECB reports are issued, as the staff trickles back in, having been on "Budget Holiday", as they call it.
Vehicle Exhaust Regulations Bill: The ECB anticipates a negligible fiscal impact due to the regulations enacted by this bill, but considers any hypothetical benefit to the automobile industry too speculative to account for.
Property Defense Rights Act: The ECB concurs with the MGA's analysis, and expects a negligible fiscal impact from this bill.
(A yellow sticky note has been appended to the Act, evidently left by a researcher -- whether it was left in intentionally or not is unclear. It reads "May stimulate the funerary services industry!")
Tax Relief and Reform Act: The ECB disagrees with the MGA's fiscal conclusions. Modest cuts of this nature are unlikely to stimulate growth to the extent anticipated by the Speaker in the foreseeable future. Indeed, any such growth analysis is inherently speculative, as Eutopians may utilize such tax relief to pay down debt or engage in other non-stimulative activity. The only fiscal impact the ECB can be assured of is a reduction in revenue of 1 BP.
Naval Acquisition Act: With the passage of the Philippe-Leary-Glasser Amendment, the ECB concurs with the MGA's analysis.
Regarding the additional information requested regarding tax cuts, the ECB would recommend the Speaker to its analysis of the TRRA. It is highly doubtful that tax cuts of 3 BP might be expected to generate 2.25 BP in increased revenues immediately. Such a level of cuts might be expected to generate no more than .25 BP this term, and indeterminate growth in terms to come.
Vehicle Exhaust Regulations Bill: The ECB anticipates a negligible fiscal impact due to the regulations enacted by this bill, but considers any hypothetical benefit to the automobile industry too speculative to account for.
Property Defense Rights Act: The ECB concurs with the MGA's analysis, and expects a negligible fiscal impact from this bill.
(A yellow sticky note has been appended to the Act, evidently left by a researcher -- whether it was left in intentionally or not is unclear. It reads "May stimulate the funerary services industry!")
Tax Relief and Reform Act: The ECB disagrees with the MGA's fiscal conclusions. Modest cuts of this nature are unlikely to stimulate growth to the extent anticipated by the Speaker in the foreseeable future. Indeed, any such growth analysis is inherently speculative, as Eutopians may utilize such tax relief to pay down debt or engage in other non-stimulative activity. The only fiscal impact the ECB can be assured of is a reduction in revenue of 1 BP.
Naval Acquisition Act: With the passage of the Philippe-Leary-Glasser Amendment, the ECB concurs with the MGA's analysis.
Regarding the additional information requested regarding tax cuts, the ECB would recommend the Speaker to its analysis of the TRRA. It is highly doubtful that tax cuts of 3 BP might be expected to generate 2.25 BP in increased revenues immediately. Such a level of cuts might be expected to generate no more than .25 BP this term, and indeterminate growth in terms to come.
To the ECB:
I have several questions regarding your analysis of the Tax Relief and Reform Act. While it is almost certain that some of the tax savings will be spent towards debt reducion or other non-growth activities, this generally only happens on a large scale when consumer confidence is low or taxes are already so low, that they do not hinder growth in any measurable fashion. Given that our tax scale is not ultra-low, it seems that consumer confidence may be the issue. Does the ECB have any consumer confidence information? Given the rosey projections for growth this coming term, it seems counter intuitive that consumer confidence would low and thus dampen investment and consumer purchases.
Furthermore, even with depressed consumer confidence, some of the funds freed up would result in increased pro-growth activity. A dollar for dollar decrease in revenues for the proposed tax cuts is highly unlikely.
However, part of your report seems to indicate you believe tax cuts will result in little to no immediate growth, but may have positive long term affects. If this is your stance, some clarification would be helpful. Some rough estimates of when we could see growth and to what extent would be most appreciated.
- Colin Leary
PS. In adopting the impact report for the Naval Aquisition Act, it is reasonable to assume that your organization also approves of the impact report for the Clean Technology Act. However, the bill and it's impact report are still officially pending. If possible, could your organization publish its approval/denial/modifications in regards to the proposed impact report.
I have several questions regarding your analysis of the Tax Relief and Reform Act. While it is almost certain that some of the tax savings will be spent towards debt reducion or other non-growth activities, this generally only happens on a large scale when consumer confidence is low or taxes are already so low, that they do not hinder growth in any measurable fashion. Given that our tax scale is not ultra-low, it seems that consumer confidence may be the issue. Does the ECB have any consumer confidence information? Given the rosey projections for growth this coming term, it seems counter intuitive that consumer confidence would low and thus dampen investment and consumer purchases.
Furthermore, even with depressed consumer confidence, some of the funds freed up would result in increased pro-growth activity. A dollar for dollar decrease in revenues for the proposed tax cuts is highly unlikely.
However, part of your report seems to indicate you believe tax cuts will result in little to no immediate growth, but may have positive long term affects. If this is your stance, some clarification would be helpful. Some rough estimates of when we could see growth and to what extent would be most appreciated.
- Colin Leary
PS. In adopting the impact report for the Naval Aquisition Act, it is reasonable to assume that your organization also approves of the impact report for the Clean Technology Act. However, the bill and it's impact report are still officially pending. If possible, could your organization publish its approval/denial/modifications in regards to the proposed impact report.
Preliminary Economic Impact Report:
Slight reduction of law enforcement costs will result from this bill. Regulations are less stringent and there is less red tape, and so costs of gun control under the RFRA should be slightly less than those under the RoFA. Because of the lack of a concrete connection between the stringency or laxness of gun control and crime rates, we cannot and do not predict a measurable increase or decrease in violent crimes, and this portion of law enforcement spending should remain the same. We also predict a pick-up of the firearms industry, but it will likely have only a negligible effect on the economy.
Per Leary,
The ECB does not and will not debate matters of policy. Due to the uncertain nature of tax cuts as economic stimulation, the only projection the ECB can issue with certainty is that tax cuts of 1 BP will result in a 1 BP reduction in revenue. Stimulatory effects are unpredictable, both in amount and when they will be seen. The ECB declines to issue any further word on this bill.
The ECB does not and will not debate matters of policy. Due to the uncertain nature of tax cuts as economic stimulation, the only projection the ECB can issue with certainty is that tax cuts of 1 BP will result in a 1 BP reduction in revenue. Stimulatory effects are unpredictable, both in amount and when they will be seen. The ECB declines to issue any further word on this bill.
Clean Technology Act: With the passage of the Philippe-Leary-Glasser Amendment, the ECB concurs with the MGA's analysis.
Reformed Firearms Regulation Act: The ECB generally concurs with the Minister's analysis that any reduced costs in law enforcement would be balanced out by increased activity in the firearms industry, and feels that the act would result in negligible impact on the economy.
Reformed Firearms Regulation Act: The ECB generally concurs with the Minister's analysis that any reduced costs in law enforcement would be balanced out by increased activity in the firearms industry, and feels that the act would result in negligible impact on the economy.
This legislation is expected to have a negligible impact. It is expected that the Commisioner of Interests, as the head of a very small branch of government, will not need funding sufficient to make a difference to the budget.
I would like to request an ECB report on the overall economic effects of the Lazarus Act.