13,721
edits
Economy of Urcea: Difference between revisions
m
→Debt
m (→Debt) |
|||
| Line 66: | Line 66: | ||
===Debt=== | ===Debt=== | ||
The [[Government of Urcea]] run a budget deficit every year betweem [[1967]] and [[2026]]. Traditionally, relatively low nation-wide taxation and a [[Royal_and_Provincial_Tax_Act_of_2020#Background|complicated tax code]] were combined with generous social safety net programs and a large military to create large budget shortfalls every year, beginning in the [[Occidental Cold War]]. However, the passage of the [[Royal and Provincial Tax Act of 2020]] dramatically increased government revenues beginning in FY2021-22, though deficits persisted due to costs associated with the large-scale rearmament necessary to fight the [[Final War of the Deluge]]. In FY2026-27, Urcea ran its first budget surplus in sixty years as the military returned to peacetime footing but the increased tax revenues remained from the 2020 reform. | The [[Government of Urcea]] run a budget deficit every year betweem [[1967]] and [[2026]]. Traditionally, relatively low nation-wide taxation and a [[Royal_and_Provincial_Tax_Act_of_2020#Background|complicated tax code]] were combined with generous social safety net programs and a large military to create large budget shortfalls every year, beginning in the [[Occidental Cold War]]. However, the passage of the [[Royal and Provincial Tax Act of 2020]] dramatically increased government revenues beginning in FY2021-22, though deficits persisted due to costs associated with the large-scale rearmament necessary to fight the [[Final War of the Deluge]]. In FY2026-27, Urcea ran its first budget surplus in sixty years as the military returned to peacetime footing but the increased tax revenues remained from the 2020 reform. | ||
Urcea's subdivisions and municipalities are generally prohibited by law from passing unbalanced budgets, meaning that most provincial and local governments run small incidental deficits. The majority of provincial and local government debt occurs through publicly approved bonds. | |||
==Regulation== | ==Regulation== | ||