Tax Reform and Debt Recovery Budget

Rationale

We appreciate the budget proposal and thorough rationale provided by Imperial Nova Artaris. We agree on the need for a budget that addresses the gaping budget deficit. However, we argue for a more aggressive tax reform as well as fewer reductions in public spending, especially when it comes to welfare and climate services. We are drastically reducing taxes on low earners and slightly lowering the tax burden on middle-income citizens, the majority of Nova Artarians. The raises in taxes on high earners put the tax rate still below that of peer countries. While this increase in income improves the budget outlook, cuts to the largest sections of the budget such as healthcare and retirement have the biggest impact. We have complemented cuts to defense spending with modest increases in education, infrastructure, and housing to focus on improving the lives of our citizens first. We invite discussion about potential changes to individual provisions for future budget votes.