From 4b79c3530ab69c65f9efde43774ce3721f4b0fcb Mon Sep 17 00:00:00 2001 From: vrathi101 <72925608+vrathi101@users.noreply.github.com> Date: Tue, 22 Oct 2024 21:04:52 +0000 Subject: [PATCH 1/3] Update 2025 taxes for IRS posted parameter updates --- changelog_entry.yaml | 4 ++ .../gov/irs/capital_gains/brackets.yaml | 12 ++++ .../parameters/gov/irs/credits/eitc/max.yaml | 9 ++- .../gov/irs/credits/estate/base.yaml | 5 +- .../irs/deductions/qbi/phase_out/start.yaml | 7 +++ .../standard/aged_or_blind/amount.yaml | 12 ++-- .../gov/irs/deductions/standard/amount.yaml | 12 ++-- .../dependent/additional_earned_income.yaml | 3 + .../deductions/standard/dependent/amount.yaml | 4 +- .../gov/irs/income/amt/brackets.yaml | 3 + .../gov/irs/income/amt/exemption/amount.yaml | 12 ++-- .../income/amt/exemption/phase_out/start.yaml | 12 ++-- .../parameters/gov/irs/income/bracket.yaml | 63 ++++++++++--------- 13 files changed, 104 insertions(+), 54 deletions(-) diff --git a/changelog_entry.yaml b/changelog_entry.yaml index e69de29bb2d..992ef7d96a7 100644 --- a/changelog_entry.yaml +++ b/changelog_entry.yaml @@ -0,0 +1,4 @@ +- bump: minor + changes: + added: + - 2025 IRS tax posted parameter updates. diff --git a/policyengine_us/parameters/gov/irs/capital_gains/brackets.yaml b/policyengine_us/parameters/gov/irs/capital_gains/brackets.yaml index fcae6e56f02..f6fa0903ba0 100644 --- a/policyengine_us/parameters/gov/irs/capital_gains/brackets.yaml +++ b/policyengine_us/parameters/gov/irs/capital_gains/brackets.yaml @@ -15,6 +15,8 @@ thresholds: unit: currency-USD period: year reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .03 Maximum Capital Gains Rate + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=7 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=8 - title: 2023 IRS data release @@ -46,6 +48,7 @@ thresholds: 2022-01-01: 55_800 2023-01-01: 59_750 2024-01-01: 63_000 + 2025-01-01: 64_750 JOINT: values: 2013-01-01: 72_500 @@ -60,6 +63,7 @@ thresholds: 2022-01-01: 83_350 2023-01-01: 89_250 2024-01-01: 94_050 + 2025-01-01: 96_700 SEPARATE: values: 2013-01-01: 36_250 @@ -74,6 +78,7 @@ thresholds: 2022-01-01: 41_675 2023-01-01: 44_625 2024-01-01: 47_025 + 2025-01-01: 48_350 SINGLE: values: 2013-01-01: 36_250 @@ -88,6 +93,7 @@ thresholds: 2022-01-01: 41_675 2023-01-01: 44_625 2024-01-01: 47_025 + 2025-01-01: 48_350 SURVIVING_SPOUSE: values: 2013-01-01: 72_500 @@ -102,6 +108,7 @@ thresholds: 2022-01-01: 83_350 2023-01-01: 89_250 2024-01-01: 94_050 + 2025-01-01: 96_700 2: HEAD_OF_HOUSEHOLD: values: @@ -117,6 +124,7 @@ thresholds: 2022-01-01: 488_500 2023-01-01: 523_050 2024-01-01: 551_350 + 2025-01-01: 566_700 JOINT: values: 2013-01-01: 450_000 @@ -131,6 +139,7 @@ thresholds: 2022-01-01: 517_200 2023-01-01: 553_850 2024-01-01: 583_750 + 2025-01-01: 600_050 SEPARATE: values: 2013-01-01: 225_000 @@ -145,6 +154,7 @@ thresholds: 2022-01-01: 258_600 2023-01-01: 276_900 2024-01-01: 291_850 + 2025-01-01: 300_000 SINGLE: values: 2013-01-01: 400_000 @@ -159,6 +169,7 @@ thresholds: 2022-01-01: 459_750 2023-01-01: 492_300 2024-01-01: 518_900 + 2025-01-01: 533_400 SURVIVING_SPOUSE: values: 2013-01-01: 450_000 @@ -173,3 +184,4 @@ thresholds: 2022-01-01: 517_200 2023-01-01: 553_850 2024-01-01: 583_750 + 2025-01-01: 600_050 diff --git a/policyengine_us/parameters/gov/irs/credits/eitc/max.yaml b/policyengine_us/parameters/gov/irs/credits/eitc/max.yaml index 12d60ffb388..cca8785814b 100644 --- a/policyengine_us/parameters/gov/irs/credits/eitc/max.yaml +++ b/policyengine_us/parameters/gov/irs/credits/eitc/max.yaml @@ -12,8 +12,8 @@ brackets: 2022-01-01: 560 2023-01-01: 600 2024-01-01: 632 + 2025-01-01: 649 # CBO forecast. - 2025-01-01: 648 2026-01-01: 662 2027-01-01: 675 2028-01-01: 689 @@ -34,6 +34,7 @@ brackets: 2022-01-01: 3_733 2023-01-01: 3_995 2024-01-01: 4_213 + 2025-01-01: 4_328 # CBO forecast. 2025-01-01: 4_318 2026-01-01: 4_413 @@ -56,8 +57,8 @@ brackets: 2022-01-01: 6_164 2023-01-01: 6_604 2024-01-01: 6_960 + 2025-01-01: 7_152 # CBO forecast. - 2025-01-01: 7_136 2026-01-01: 7_292 2027-01-01: 7_444 2028-01-01: 7_588 @@ -78,8 +79,8 @@ brackets: 2022-01-01: 6_935 2023-01-01: 7_430 2024-01-01: 7_830 + 2025-01-01: 8_046 # CBO forecast. - 2025-01-01: 8_028 2026-01-01: 8_204 2027-01-01: 8_374 2028-01-01: 8_536 @@ -96,6 +97,8 @@ metadata: # Skip uprating to avoid uprating the thresholds. label: EITC maximum amount by number of children reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .06 Earned Income Credit + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=9 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=10 - title: 2023 IRS data release diff --git a/policyengine_us/parameters/gov/irs/credits/estate/base.yaml b/policyengine_us/parameters/gov/irs/credits/estate/base.yaml index c1975138a83..4477e63f9a6 100644 --- a/policyengine_us/parameters/gov/irs/credits/estate/base.yaml +++ b/policyengine_us/parameters/gov/irs/credits/estate/base.yaml @@ -4,6 +4,8 @@ metadata: label: Estate tax credit base exclusion amount period: year reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .41 Unified Credit Against Estate Tax + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=18 - title: 26 U.S. Code § 2010 - Unified credit against estate tax - (c)(3)(A) href: https://www.law.cornell.edu/uscode/text/26/2010 - title: What's New - Estate and Gift Tax - Basic Exclusion Amount for Year of Death @@ -51,4 +53,5 @@ values: 2021-01-01: 11_700_000 2022-01-01: 12_060_000 2023-01-01: 12_920_000 - 2024-01-01: 13_610_000 + 2024-01-01: 13_610_000 + 2025-01-01: 13_990_000 diff --git a/policyengine_us/parameters/gov/irs/deductions/qbi/phase_out/start.yaml b/policyengine_us/parameters/gov/irs/deductions/qbi/phase_out/start.yaml index 848b4956fb3..447176d5f2d 100644 --- a/policyengine_us/parameters/gov/irs/deductions/qbi/phase_out/start.yaml +++ b/policyengine_us/parameters/gov/irs/deductions/qbi/phase_out/start.yaml @@ -6,6 +6,8 @@ metadata: breakdown: - filing_status reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .27 Qualified Business Income + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=15 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=17 - title: 2023 IRS data release @@ -26,6 +28,7 @@ HEAD_OF_HOUSEHOLD: 2022-01-01: 170_050 2023-01-01: 182_100 2024-01-01: 191_950 + 2025-01-01: 197_300 2026-01-01: 0 JOINT: 2013-01-01: 0 @@ -36,6 +39,7 @@ JOINT: 2022-01-01: 340_100 2023-01-01: 364_200 2024-01-01: 383_900 + 2025-01-01: 394_600 2026-01-01: 0 SEPARATE: 2013-01-01: 0 @@ -46,6 +50,7 @@ SEPARATE: 2022-01-01: 170_050 2023-01-01: 182_100 2024-01-01: 191_950 + 2025-01-01: 197_300 2026-01-01: 0 SINGLE: 2013-01-01: 0 @@ -56,6 +61,7 @@ SINGLE: 2022-01-01: 170_050 2023-01-01: 182_100 2024-01-01: 191_950 + 2025-01-01: 197_300 2026-01-01: 0 SURVIVING_SPOUSE: 2013-01-01: 0 @@ -66,4 +72,5 @@ SURVIVING_SPOUSE: 2022-01-01: 340_100 2023-01-01: 364_200 2024-01-01: 383_900 + 2025-01-01: 394_600 2026-01-01: 0 diff --git a/policyengine_us/parameters/gov/irs/deductions/standard/aged_or_blind/amount.yaml b/policyengine_us/parameters/gov/irs/deductions/standard/aged_or_blind/amount.yaml index 10e2b5aa358..d32436a5de6 100644 --- a/policyengine_us/parameters/gov/irs/deductions/standard/aged_or_blind/amount.yaml +++ b/policyengine_us/parameters/gov/irs/deductions/standard/aged_or_blind/amount.yaml @@ -6,8 +6,8 @@ SINGLE: 2022-01-01: 1_750 2023-01-01: 1_850 2024-01-01: 1_950 - # CBO forecast. 2025-01-01: 2_000 + # CBO forecast. 2025-02-01: 2_050 2025-03-01: 2_100 2025-04-01: 2_150 @@ -24,8 +24,8 @@ JOINT: 2022-01-01: 1_400 2023-01-01: 1_500 2024-01-01: 1_550 - # CBO forecast. 2025-01-01: 1_600 + # CBO forecast. 2025-02-01: 1_650 2025-03-01: 1_650 2025-04-01: 1_700 @@ -42,8 +42,8 @@ SEPARATE: 2022-01-01: 1_400 2023-01-01: 1_500 2024-01-01: 1_550 - # CBO forecast. 2025-01-01: 1_600 + # CBO forecast. 2025-02-01: 1_650 2025-03-01: 1_650 2025-04-01: 1_700 @@ -60,8 +60,8 @@ HEAD_OF_HOUSEHOLD: 2022-01-01: 1_750 2023-01-01: 1_850 2024-01-01: 1_950 - # CBO forecast. 2025-01-01: 2_000 + # CBO forecast. 2025-02-01: 2_050 2025-03-01: 2_100 2025-04-01: 2_150 @@ -78,8 +78,8 @@ SURVIVING_SPOUSE: 2022-01-01: 1_400 2023-01-01: 1_500 2024-01-01: 1_550 - # CBO forecast. 2025-01-01: 1_600 + # CBO forecast. 2026-01-01: 1_650 2027-01-01: 1_650 2028-01-01: 1_700 @@ -96,6 +96,8 @@ metadata: label: Additional standard deduction for the blind and aged period: year reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .15 Standard Deduction + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=12 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=14 - title: 2023 IRS data release diff --git a/policyengine_us/parameters/gov/irs/deductions/standard/amount.yaml b/policyengine_us/parameters/gov/irs/deductions/standard/amount.yaml index 7f13156ddc9..0e537aa7294 100644 --- a/policyengine_us/parameters/gov/irs/deductions/standard/amount.yaml +++ b/policyengine_us/parameters/gov/irs/deductions/standard/amount.yaml @@ -8,8 +8,8 @@ SINGLE: 2022-01-01: 12_950 2023-01-01: 13_850 2024-01-01: 14_600 + 2025-01-01: 15_000 # CBO forecast. - 2025-01-01: 14_950 2026-01-01: 8_300 2027-01-01: 8_450 2028-01-01: 8_600 @@ -27,8 +27,8 @@ JOINT: 2022-01-01: 25_900 2023-01-01: 27_700 2024-01-01: 29_200 + 2025-01-01: 30_000 # CBO forecast. - 2025-01-01: 29_900 2026-01-01: 16_600 2027-01-01: 16_900 2028-01-01: 17_200 @@ -46,8 +46,8 @@ SEPARATE: 2022-01-01: 12_950 2023-01-01: 13_850 2024-01-01: 14_600 + 2025-01-01: 15_000 # CBO forecast. - 2025-01-01: 14_950 2026-01-01: 8_300 2027-01-01: 8_450 2028-01-01: 8_600 @@ -65,8 +65,8 @@ HEAD_OF_HOUSEHOLD: 2022-01-01: 19_400 2023-01-01: 20_800 2024-01-01: 21_900 + 2025-01-01: 22_500 # CBO forecast. - 2025-01-01: 22_450 2026-01-01: 12_150 2027-01-01: 12_400 2028-01-01: 12_650 @@ -84,8 +84,8 @@ SURVIVING_SPOUSE: 2022-01-01: 25_900 2023-01-01: 27_700 2024-01-01: 29_200 + 2025-01-01: 30_000 # CBO forecast. - 2025-01-01: 29_900 2026-01-01: 16_600 2027-01-01: 16_900 2028-01-01: 17_200 @@ -102,6 +102,8 @@ metadata: breakdown: - filing_status reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .15 Standard Deduction + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=12 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=14 - title: 2023 IRS data release diff --git a/policyengine_us/parameters/gov/irs/deductions/standard/dependent/additional_earned_income.yaml b/policyengine_us/parameters/gov/irs/deductions/standard/dependent/additional_earned_income.yaml index 6326ceae8f2..6fd35627704 100644 --- a/policyengine_us/parameters/gov/irs/deductions/standard/dependent/additional_earned_income.yaml +++ b/policyengine_us/parameters/gov/irs/deductions/standard/dependent/additional_earned_income.yaml @@ -2,9 +2,12 @@ description: Addition to earned income for the standard deduction if claimed as values: 0001-01-01: 350 2022-01-01: 400 + 2025-01-01: 450 metadata: unit: currency-USD reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .15 Standard Deduction + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=12 - title: 2023 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-22-38.pdf#page=13 - title: 2022 IRS data release diff --git a/policyengine_us/parameters/gov/irs/deductions/standard/dependent/amount.yaml b/policyengine_us/parameters/gov/irs/deductions/standard/dependent/amount.yaml index 44d7c26b84c..18615589ce2 100644 --- a/policyengine_us/parameters/gov/irs/deductions/standard/dependent/amount.yaml +++ b/policyengine_us/parameters/gov/irs/deductions/standard/dependent/amount.yaml @@ -5,8 +5,8 @@ values: 2022-01-01: 1_150 2023-01-01: 1_250 2024-01-01: 1_300 - # CBO forecast. 2025-01-01: 1_350 + # CBO forecast. 2026-01-01: 1_350 2027-01-01: 1_400 2028-01-01: 1_400 @@ -19,6 +19,8 @@ values: metadata: unit: currency-USD reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .15 Standard Deduction + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=12 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=14 - title: 2023 IRS data release diff --git a/policyengine_us/parameters/gov/irs/income/amt/brackets.yaml b/policyengine_us/parameters/gov/irs/income/amt/brackets.yaml index 068fafac53b..25b8d92d5e0 100644 --- a/policyengine_us/parameters/gov/irs/income/amt/brackets.yaml +++ b/policyengine_us/parameters/gov/irs/income/amt/brackets.yaml @@ -5,6 +5,8 @@ metadata: rate_unit: /1 label: Alternative Minimum Tax brackets reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .11 Exemption Amounts for Alternative Minimum Tax + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=10 - title: 26 U.S. Code § 55 - Alternative minimum tax imposed (b)(1)(A) href: https://www.law.cornell.edu/uscode/text/26/55#b_1_A - title: 2024 IRS data release @@ -40,6 +42,7 @@ brackets: 2022-01-01: 206_100 2023-01-01: 220_700 2024-01-01: 232_600 + 2025-01-01: 239_100 # CBO forecast. 2025-01-01: 238_500 2026-01-01: 243_800 diff --git a/policyengine_us/parameters/gov/irs/income/amt/exemption/amount.yaml b/policyengine_us/parameters/gov/irs/income/amt/exemption/amount.yaml index 5454103375b..18e2c49a762 100644 --- a/policyengine_us/parameters/gov/irs/income/amt/exemption/amount.yaml +++ b/policyengine_us/parameters/gov/irs/income/amt/exemption/amount.yaml @@ -4,6 +4,8 @@ metadata: period: year uprating: gov.irs.uprating reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .11 Exemption Amounts for Alternative Minimum Tax + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=10 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=11 - title: 2023 IRS data release @@ -34,8 +36,8 @@ HEAD_OF_HOUSEHOLD: 2022-01-01: 75_900 2023-01-01: 81_300 2024-01-01: 85_700 + 2025-01-01: 88_100 # CBO forecast. - 2025-01-01: 87_900 2026-01-01: 70_500 2027-01-01: 71_900 2028-01-01: 73_300 @@ -59,8 +61,8 @@ JOINT: 2022-01-01: 118_100 2023-01-01: 126_500 2024-01-01: 133_300 + 2025-01-01: 137_000 # CBO forecast. - 2025-01-01: 136_700 2026-01-01: 109_700 2027-01-01: 112_000 2028-01-01: 114_200 @@ -84,8 +86,8 @@ SEPARATE: 2022-01-01: 59_050 2023-01-01: 63_250 2024-01-01: 66_650 + 2025-01-01: 68_500 # CBO forecast. - 2025-01-01: 68_350 2026-01-01: 54_850 2027-01-01: 56_000 2028-01-01: 57_100 @@ -109,8 +111,8 @@ SINGLE: 2022-01-01: 75_900 2023-01-01: 81_300 2024-01-01: 85_700 + 2025-01-01: 88_100 # CBO forecast. - 2025-01-01: 87_900 2026-01-01: 70_500 2027-01-01: 71_900 2028-01-01: 73_300 @@ -134,8 +136,8 @@ SURVIVING_SPOUSE: 2022-01-01: 118_100 2023-01-01: 126_500 2024-01-01: 133_300 + 2025-01-01: 137_000 # CBO forecast. - 2025-01-01: 136_700 2026-01-01: 109_700 2027-01-01: 112_000 2028-01-01: 114_200 diff --git a/policyengine_us/parameters/gov/irs/income/amt/exemption/phase_out/start.yaml b/policyengine_us/parameters/gov/irs/income/amt/exemption/phase_out/start.yaml index b77c787004c..b3cc2b6ed1c 100644 --- a/policyengine_us/parameters/gov/irs/income/amt/exemption/phase_out/start.yaml +++ b/policyengine_us/parameters/gov/irs/income/amt/exemption/phase_out/start.yaml @@ -9,6 +9,8 @@ metadata: # TCJA amendment. - title: 26 U.S. Code § 55 - Alternative minimum tax imposed (d)(4)(A)(ii) href: https://www.law.cornell.edu/uscode/text/26/55#d_4_A_ii + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .11 Exemption Amounts for Alternative Minimum Tax + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=11 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=13 - title: 2023 IRS data release @@ -36,8 +38,8 @@ HEAD_OF_HOUSEHOLD: 2022-01-01: 539_900 2023-01-01: 578_150 2024-01-01: 609_350 + 2025-01-01: 626_350 # CBO forecast. - 2025-01-01: 624_900 2026-01-01: 156_700 2027-01-01: 160_000 2028-01-01: 163_100 @@ -61,8 +63,8 @@ JOINT: 2022-01-01: 1_079_800 2023-01-01: 1_156_300 2024-01-01: 1_218_700 + 2025-01-01: 1_252_700 # CBO forecast. - 2025-01-01: 1_249_800 2026-01-01: 209_000 2027-01-01: 213_300 2028-01-01: 217_400 @@ -86,8 +88,8 @@ SEPARATE: 2022-01-01: 539_900 2023-01-01: 578_150 2024-01-01: 609_350 + 2025-01-01: 626_350 # CBO forecast. - 2025-01-01: 624_900 2026-01-01: 104_500 2027-01-01: 106_650 2028-01-01: 108_700 @@ -111,8 +113,8 @@ SINGLE: 2022-01-01: 539_900 2023-01-01: 578_150 2024-01-01: 609_350 + 2025-01-01: 626_350 # CBO forecast. - 2025-01-01: 624_900 2026-01-01: 156_700 2027-01-01: 160_000 2028-01-01: 163_100 @@ -136,8 +138,8 @@ SURVIVING_SPOUSE: 2022-01-01: 1_079_800 2023-01-01: 1_156_300 2024-01-01: 1_218_700 + 2025-01-01: 1_252_700 # CBO forecast. - 2025-01-01: 1_249_800 2026-01-01: 209_000 2027-01-01: 213_300 2028-01-01: 217_400 diff --git a/policyengine_us/parameters/gov/irs/income/bracket.yaml b/policyengine_us/parameters/gov/irs/income/bracket.yaml index 6bca89e8446..055edcd9613 100644 --- a/policyengine_us/parameters/gov/irs/income/bracket.yaml +++ b/policyengine_us/parameters/gov/irs/income/bracket.yaml @@ -12,6 +12,7 @@ rates: # Rate reductions applied in (i) - title: 26 U.S. Code § 1 - Tax imposed (a-d) href: https://www.law.cornell.edu/uscode/text/26/1#i + 1: 2018-01-01: 0.1 2: @@ -42,6 +43,8 @@ thresholds: period: year propagate_metadata_to_children: true reference: + - title: IRS Revenue Procedure 2024-40, 26 CFR 601.602 Tax forms and instructions., SECTION 2. 2025 Adjusted Items, .01 Tax Rate Tables + href: https://www.irs.gov/pub/irs-drop/rp-24-40.pdf#page=5 - title: 2024 IRS data release href: https://www.irs.gov/pub/irs-drop/rp-23-34.pdf#page=5 - title: 2023 IRS data release @@ -67,8 +70,8 @@ thresholds: 2022-01-01: 10_275 2023-01-01: 11_000 2024-01-01: 11_600 + 2025-01-01: 11_925 # CBO forecast. - 2025-01-01: 11_900 2026-01-01: 12_125 2027-01-01: 12_375 2028-01-01: 12_625 @@ -93,8 +96,8 @@ thresholds: 2022-01-01: 20_550 2023-01-01: 22_000 2024-01-01: 23_200 + 2025-01-01: 23_850 # CBO forecast. - 2025-01-01: 23_800 2026-01-01: 24_250 2027-01-01: 24_750 2028-01-01: 25_250 @@ -119,8 +122,8 @@ thresholds: 2022-01-01: 10_275 2023-01-01: 11_000 2024-01-01: 11_600 + 2025-01-01: 11_925 # CBO forecast. - 2025-01-01: 11_900 2026-01-01: 12_125 2027-01-01: 12_375 2028-01-01: 12_625 @@ -145,8 +148,8 @@ thresholds: 2022-01-01: 14_650 2023-01-01: 15_700 2024-01-01: 16_550 + 2025-01-01: 17_000 # CBO forecast. - 2025-01-01: 16_950 2026-01-01: 17_300 2027-01-01: 17_700 2028-01-01: 18_000 @@ -171,8 +174,8 @@ thresholds: 2022-01-01: 20_550 2023-01-01: 22_000 2024-01-01: 23_200 + 2025-01-01: 23_850 # CBO forecast. - 2025-01-01: 23_800 2026-01-01: 24_250 2027-01-01: 24_750 2028-01-01: 25_250 @@ -198,8 +201,8 @@ thresholds: 2022-01-01: 41_775 2023-01-01: 44_725 2024-01-01: 47_150 + 2025-01-01: 48_475 # CBO forecast. - 2025-01-01: 48_350 2026-01-01: 49_250 2027-01-01: 50_300 2028-01-01: 51_250 @@ -224,8 +227,8 @@ thresholds: 2022-01-01: 83_550 2023-01-01: 89_450 2024-01-01: 94_300 + 2025-01-01: 96_950 # CBO forecast. - 2025-01-01: 96_700 2026-01-01: 98_500 2027-01-01: 100_600 2028-01-01: 102_500 @@ -250,8 +253,8 @@ thresholds: 2022-01-01: 41_775 2023-01-01: 44_725 2024-01-01: 47_150 - # CBO forecast. - 2025-01-01: 48_350 + 2025-01-01: 48_475 + # CBO forecast. 2026-01-01: 49_250 2027-01-01: 50_300 2028-01-01: 51_250 @@ -276,8 +279,8 @@ thresholds: 2022-01-01: 55_900 2023-01-01: 59_850 2024-01-01: 63_100 + 2025-01-01: 64_850 # CBO forecast. - 2025-01-01: 64_700 2026-01-01: 66_000 2027-01-01: 67_350 2028-01-01: 68_650 @@ -302,8 +305,8 @@ thresholds: 2022-01-01: 83_550 2023-01-01: 89_450 2024-01-01: 94_300 + 2025-01-01: 96_950 # CBO forecast. - 2025-01-01: 96_700 2026-01-01: 98_500 2027-01-01: 100_600 2028-01-01: 102_500 @@ -329,8 +332,8 @@ thresholds: 2022-01-01: 89_075 2023-01-01: 95_375 2024-01-01: 100_525 + 2025-01-01: 103_350 # CBO forecast. - 2025-01-01: 103_100 2026-01-01: 119_300 2027-01-01: 121_750 2028-01-01: 124_150 @@ -355,8 +358,8 @@ thresholds: 2022-01-01: 178_150 2023-01-01: 190_750 2024-01-01: 201_050 + 2025-01-01: 206_700 # CBO forecast. - 2025-01-01: 206_200 2026-01-01: 198_800 2027-01-01: 202_950 2028-01-01: 206_900 @@ -381,8 +384,8 @@ thresholds: 2022-01-01: 89_075 2023-01-01: 95_375 2024-01-01: 100_525 + 2025-01-01: 103_350 # CBO forecast. - 2025-01-01: 103_100 2026-01-01: 99_400 2027-01-01: 101_475 2028-01-01: 103_450 @@ -407,8 +410,8 @@ thresholds: 2022-01-01: 89_050 2023-01-01: 95_350 2024-01-01: 100_500 + 2025-01-01: 103_350 # CBO forecast. - 2025-01-01: 103_100 2026-01-01: 170_350 2027-01-01: 173_900 2028-01-01: 177_300 @@ -433,8 +436,8 @@ thresholds: 2022-01-01: 178_150 2023-01-01: 190_750 2024-01-01: 201_050 + 2025-01-01: 206_700 # CBO forecast. - 2025-01-01: 206_200 2026-01-01: 198_800 2027-01-01: 202_950 2028-01-01: 206_900 @@ -460,8 +463,8 @@ thresholds: 2022-01-01: 170_050 2023-01-01: 182_100 2024-01-01: 191_950 + 2025-01-01: 197_300 # CBO forecast. - 2025-01-01: 196_825 2026-01-01: 248_850 2027-01-01: 254_000 2028-01-01: 258_950 @@ -486,6 +489,7 @@ thresholds: 2022-01-01: 340_100 2023-01-01: 364_200 2024-01-01: 383_900 + 2025-01-01: 394_600 # CBO forecast. 2035-01-01: 393_650 2036-01-01: 302_950 @@ -512,8 +516,8 @@ thresholds: 2022-01-01: 170_050 2023-01-01: 182_100 2024-01-01: 191_950 + 2025-01-01: 197_300 # CBO forecast. - 2025-01-01: 196_825 2026-01-01: 151_475 2027-01-01: 154_625 2028-01-01: 157_625 @@ -538,8 +542,8 @@ thresholds: 2022-01-01: 170_050 2023-01-01: 182_100 2024-01-01: 191_950 + 2025-01-01: 197_300 # CBO forecast. - 2025-01-01: 196_800 2026-01-01: 275_900 2027-01-01: 281_650 2028-01-01: 287_100 @@ -564,6 +568,7 @@ thresholds: 2022-01-01: 340_100 2023-01-01: 364_200 2024-01-01: 383_900 + 2025-01-01: 394_600 # CBO forecast. 2035-01-01: 393_650 2036-01-01: 302_950 @@ -591,8 +596,8 @@ thresholds: 2022-01-01: 215_950 2023-01-01: 231_250 2024-01-01: 243_725 + 2025-01-01: 250_525 # CBO forecast. - 2025-01-01: 249_950 2026-01-01: 541_000 2027-01-01: 552_250 2028-01-01: 563_000 @@ -617,8 +622,8 @@ thresholds: 2022-01-01: 431_900 2023-01-01: 462_500 2024-01-01: 487_450 + 2025-01-01: 501_050 # CBO forecast. - 2025-01-01: 499_900 2026-01-01: 541_000 2027-01-01: 552_250 2028-01-01: 563_000 @@ -643,8 +648,8 @@ thresholds: 2022-01-01: 215_950 2023-01-01: 231_250 2024-01-01: 243_725 + 2025-01-01: 250_525 # CBO forecast. - 2025-01-01: 249_950 2026-01-01: 270_500 2027-01-01: 276_125 2028-01-01: 281_500 @@ -669,8 +674,8 @@ thresholds: 2022-01-01: 215_950 2023-01-01: 231_250 2024-01-01: 243_700 + 2025-01-01: 250_500 # CBO forecast. - 2025-01-01: 249_950 2026-01-01: 541_000 2027-01-01: 552_250 2028-01-01: 563_000 @@ -695,8 +700,8 @@ thresholds: 2022-01-01: 431_900 2023-01-01: 462_500 2024-01-01: 487_450 + 2025-01-01: 501_050 # CBO forecast. - 2025-01-01: 499_900 2026-01-01: 541_000 2027-01-01: 552_250 2028-01-01: 563_000 @@ -722,8 +727,8 @@ thresholds: 2022-01-01: 539_000 2023-01-01: 578_125 2024-01-01: 609_350 + 2025-01-01: 626_350 # CBO forecast. - 2025-01-01: 624_900 2026-01-01: 543_200 2027-01-01: 554_500 2028-01-01: 565_300 @@ -748,8 +753,8 @@ thresholds: 2022-01-01: 647_850 2023-01-01: 693_750 2024-01-01: 731_200 + 2025-01-01: 751_600 # CBO forecast. - 2025-01-01: 749_850 2026-01-01: 611_100 2027-01-01: 623_800 2028-01-01: 635_950 @@ -774,8 +779,8 @@ thresholds: 2022-01-01: 323_925 2023-01-01: 346_875 2024-01-01: 365_600 + 2025-01-01: 375_800 # CBO forecast. - 2025-01-01: 374_925 2026-01-01: 305_550 2027-01-01: 311_900 2028-01-01: 317_975 @@ -800,8 +805,8 @@ thresholds: 2022-01-01: 539_900 2023-01-01: 578_100 2024-01-01: 609_350 + 2025-01-01: 626_350 # CBO forecast. - 2025-01-01: 624_900 2026-01-01: 577_150 2027-01-01: 589_150 2028-01-01: 600_600 @@ -826,8 +831,8 @@ thresholds: 2022-01-01: 647_850 2023-01-01: 693_750 2024-01-01: 731_200 + 2025-01-01: 751_600 # CBO forecast. - 2025-01-01: 749_850 2026-01-01: 611_100 2027-01-01: 623_800 2028-01-01: 635_950 From f9a86f45f1410b7f992d215fc31a4709c4669cba Mon Sep 17 00:00:00 2001 From: vrathi101 <72925608+vrathi101@users.noreply.github.com> Date: Tue, 22 Oct 2024 21:23:51 +0000 Subject: [PATCH 2/3] removing duplicate key --- policyengine_us/parameters/gov/irs/credits/eitc/max.yaml | 1 - 1 file changed, 1 deletion(-) diff --git a/policyengine_us/parameters/gov/irs/credits/eitc/max.yaml b/policyengine_us/parameters/gov/irs/credits/eitc/max.yaml index cca8785814b..d270f8d8390 100644 --- a/policyengine_us/parameters/gov/irs/credits/eitc/max.yaml +++ b/policyengine_us/parameters/gov/irs/credits/eitc/max.yaml @@ -36,7 +36,6 @@ brackets: 2024-01-01: 4_213 2025-01-01: 4_328 # CBO forecast. - 2025-01-01: 4_318 2026-01-01: 4_413 2027-01-01: 4_505 2028-01-01: 4_593 From 41b1b2e32026840f1670039f6779be1094904a7e Mon Sep 17 00:00:00 2001 From: vrathi101 <72925608+vrathi101@users.noreply.github.com> Date: Tue, 22 Oct 2024 21:30:26 +0000 Subject: [PATCH 3/3] remove duplicate key --- policyengine_us/parameters/gov/irs/income/amt/brackets.yaml | 1 - 1 file changed, 1 deletion(-) diff --git a/policyengine_us/parameters/gov/irs/income/amt/brackets.yaml b/policyengine_us/parameters/gov/irs/income/amt/brackets.yaml index 25b8d92d5e0..2c6c7a5a3ef 100644 --- a/policyengine_us/parameters/gov/irs/income/amt/brackets.yaml +++ b/policyengine_us/parameters/gov/irs/income/amt/brackets.yaml @@ -44,7 +44,6 @@ brackets: 2024-01-01: 232_600 2025-01-01: 239_100 # CBO forecast. - 2025-01-01: 238_500 2026-01-01: 243_800 2027-01-01: 248_800 2028-01-01: 253_700