Federation Of Northsea Government Budget of 2017

Rationale

Be it enacted by the Legislature that this Act shall establish a balanced fiscal policy designed to provide tax relief to low- and middle-income households, maintain all existing public services, and produce a budget surplus through responsible financial management. The Legislature finds that working families should retain a greater share of their earnings while continuing to receive access to quality public services. Therefore, effective at the beginning of the next fiscal year, the personal income tax rate for low-income taxpayers shall be reduced by twenty percent, and the tax rate for middle-income taxpayers shall be reduced by ten percent. No taxpayer within these income categories shall experience an increase in tax liability under this Act. To ensure that essential government functions remain fully funded, all existing appropriations for public education, healthcare, public safety, transportation infrastructure, and social services shall be maintained near or above current funding levels. The Legislature further directs executive agencies to improve administrative efficiency through modernization initiatives, competitive procurement practices, and the elimination of redundant expenditures. Additional revenue shall be generated through strengthened tax compliance measures, the closure of identified tax loopholes, and the expansion of economic development programs that increase employment and taxable economic activity.