Preface
I am proud to make history with the presentation of this budget to the National Assembly. It has been the product of the hard work of several of my predecessors, including Presidents Talbott and Langley, and Minister Michael Von Streusser. This budget does what I think is an excellent job of balancing today's priorities with tomorrow's needs and it is my hope that it will be enacted into law as soon as possible.
The Budget
Code:
Defense 11.5*
– incl. subsidies for ENDTech 2
International Affairs 1
Industry, Trade, Commerce 2.5**
Regional Development 2
International Aid 0***
Transport (domestic and international) 2
Public works and utilities (water, sewers, dams etc.) 2.5
Postal service 0.5
Navigation and shipping 0.5
Energy 2
Natural resources and mining 3.0
– subsidies for Recom 2.5
Forestry and fisheries 1****
-subsidies for impacted industries .5
Agriculture 5
– farm subsidies 4
Law enforcement and administration of justice 7.5
Coast Guard and customs 1.5
Immigration and citizenship 0.5
Environment 1.5
Health 29
- subsidies for Medicure 26
Social insurance 13
- subsidies for Omnicare 12
Labour and welfare 31
- unemployment benefits 20
- social aid 3
– pension fund contributions 7
Family and youth 6
– child benefits 4
Education 32.5
- schools and kindergartens 22
- universities and colleges 9.5*****
Language, culture and communities 1.5
Communication and media 1
Sports 1.5
Science and technology 1.5
National parks 0.5
General administration 1
Debt service 14
Total expenditure 177
Code:
Revenue
Income tax 76
Corporate profit tax 15^
Indirect business tax and non-tax accruals 46
Health care premiums 13
Interest 7
Natural resources and mining 21
Estate Tax ??^^
Profits from Marticon sale ??^^^
Total revenue at least 178
End Notes
*This is a reduction of 2.5 Billion Ducats which had been allocated for weapon procurement. This has become difficult because of the US Weapon embargo as well as the lack of a Military Reform Bill. It is esential that this funding would be at least restored, if not increased, in future budgets.
**This decrease in funds reflects the elimination of Marticon subsides
***We attend to our needs now. The repetitive failure to produce a budget has had a lasting impact on Eutopia and so we must spend our tax dollars here at the moment. It would be my hope that this could be restored as early as the next budget.
****This is a budget increase for these hard hit industries. This is especially needed as a result of the Marticon privatization. This subsidy should be eliminated upon the signing of a new NAFA and as the overall economy improves.
*****This reduction reflects the decreased costs the government now incurs thanks to closed campuses and the lack of continued support for private universities. The amount spent on Higher Education will remain greater than it was before the Higher Education Reform Bill was passed.
^This might decrease slightly because of the Marticon privatization despite the fact that the bill as written would indicate that there would be no decrease
^^This would be a tax, applied at the median income tax level, on the wealthiest .1% of estates when someone dies. This tax, affecting a very small percentage of the population, would hopefully allow the government more leeway in future budgets for places where there might need to be increases, such as military spending.
^^^All revenues from this would be required to go to Debt Reduction. The advantages of long term debt deduction are clear as it would allow for a reduction in debt service and a corresponding ability to either lower taxes or increase program funding.
