PolicyEngine · vrathi101 · Oct 22, 2024 · Oct 22, 2024 · Oct 22, 2024
diff --git 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
@@ -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
@@ -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
@@ -34,8 +34,8 @@ 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
       2027-01-01: 4_505
       2028-01-01: 4_593
@@ -56,8 +56,8 @@ 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 +78,8 @@ 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 +96,8 @@ 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
@@ -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
@@ -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
@@ -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
@@ -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/...yengine_us/parameters/gov/irs/deductions/standard/dependent/additional_earned_income.yaml b/...yengine_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
@@ -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
@@ -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
@@ -40,8 +42,8 @@ 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
         2027-01-01: 248_800
         2028-01-01: 253_700