taxcalc 4.6.3__tar.gz → 5.0.4__tar.gz

{taxcalc-4.6.3/taxcalc.egg-info → taxcalc-5.0.4}/PKG-INFO

@@ -1,6 +1,6 @@
 Metadata-Version: 2.4
 Name: taxcalc
-Version: 4.6.3
+Version: 5.0.4
 Summary: Tax-Calculator
 Home-page: https://github.com/PSLmodels/Tax-Calculator
 Download-URL: https://github.com/PSLmodels/Tax-Calculator

{taxcalc-4.6.3 → taxcalc-5.0.4}/docs/about/releases.md

@@ -4,6 +4,26 @@ Go [here](https://github.com/PSLmodels/Tax-Calculator/pulls?q=is%3Apr+is%3Aclose
 for a complete commit history.
 
 
+2025-07-02 Release 5.0.0
+------------------------
+(last merged pull request is
+[#2920](https://github.com/PSLmodels/Tax-Calculator/pull/2920))
+
+**This is a major release with changes that make Tax-Calculator incompatible with earlier releases.**
+
+**API Changes**
+- Rename two OASDI benefit taxation policy parameters
+[[#2918](https://github.com/PSLmodels/Tax-Calculator/pull/2918) by Martin Holmer]
+- Remove `PT_rt?` and `PT_brk?` and four associated `PT_*` parameters
+[[#2919](https://github.com/PSLmodels/Tax-Calculator/pull/2919) by Martin Holmer]
+- Remove several, but not all, policy parameters that limit itemized deductions
+[[#2920](https://github.com/PSLmodels/Tax-Calculator/pull/2920) by Martin Holmer]
+
+**New Features**
+
+**Bug Fixes**
+
+
 2025-06-13 Release 4.6.3
 ------------------------
 (last merged pull request is

{taxcalc-4.6.3 → taxcalc-5.0.4}/docs/contributing/RELEASING.md

@@ -16,7 +16,7 @@ In the top-level Tax-Calculator directory, do the following:
 
 --> on branch X-Y-Z, edit docs/about/releases.md to finalize X.Y.Z info
 
---> specify release X.Y.Z in setup.py and taxcalc/__init__.py and docs/index.md
+--> specify release X.Y.Z in setup.py, taxcalc/__init__.py, docs/index.md
 
 --> run `python update_pcl.py`  [to update policy_current_law.json if needed]
 

{taxcalc-4.6.3 → taxcalc-5.0.4}/docs/guide/make/make_params.py

@@ -142,8 +142,6 @@ def paramtextdf(df, ptype):
             txt += ' for: [single, mjoint, mseparate, headhh, widow]  \n'
         elif nvalues == 4:
             txt += ' for: [0kids, 1kid, 2kids, 3+kids]  \n'
-        elif nvalues == 7:
-            txt += ' for: [med, sltx, retx, cas, misc, int, char]  \n'
         for cyr, val in zip(row['years'], row['values']):
             if nvalues == 1:
                 val = val[0]

{taxcalc-4.6.3 → taxcalc-5.0.4}/docs/guide/policy_params.md

@@ -186,7 +186,7 @@ _Out-of-Range Action:_ error
 
 ### Social Security Benefit Taxability
 
-####  `SS_thd50`
+####  `SS_thd1`
 _Description:_ The first threshold for Social Security benefit taxability: if taxpayers have provisional income greater than this threshold, up to rate 1 of their Social Security benefit will be subject to tax under current law.
 _Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
 _Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ False
@@ -221,7 +221,7 @@ _Valid Range:_ min = 0 and max = 1
 _Out-of-Range Action:_ error
 
 
-####  `SS_thd85`
+####  `SS_thd2`
 _Description:_ The second threshold for Social Security taxability: if taxpayers have provisional income greater than this threshold, up to rate 2 of their Social Security benefit will be subject to tax under current law.
 _Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
 _Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ False
@@ -1440,78 +1440,6 @@ _Valid Range:_ min = 0 and max = 9e+99
 _Out-of-Range Action:_ error
 
 
-####  `ID_AmountCap_rt`
-_Description:_ The gross allowable amount of specified itemized deductions is capped at this percent of AGI.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 9e+99
-2014: 9e+99
-2015: 9e+99
-2016: 9e+99
-2017: 9e+99
-2018: 9e+99
-2019: 9e+99
-_Valid Range:_ min = 0 and max = 9e+99
-_Out-of-Range Action:_ error
-
-
-####  `ID_AmountCap_Switch`
-_Description:_ The cap on itemized deduction benefits applies to the benefits derived from the itemized deductions specified with this parameter.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ bool
-_Known Values:_
- for: [med, sltx, retx, cas, misc, int, char]
-2013: [True, True, True, True, True, True, True]
-2014: [True, True, True, True, True, True, True]
-2015: [True, True, True, True, True, True, True]
-2016: [True, True, True, True, True, True, True]
-2017: [True, True, True, True, True, True, True]
-2018: [True, True, True, True, True, True, True]
-2019: [True, True, True, True, True, True, True]
-_Valid Range:_ min = False and max = True
-_Out-of-Range Action:_ error
-
-
-### Ceiling On The Benefit Of Itemized Deductions As A Percent Of Deductible Expenses
-
-####  `ID_BenefitCap_rt`
-_Description:_ The benefit from specified itemized deductions is capped at this percent of the total deductible expenses.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 1.0
-2014: 1.0
-2015: 1.0
-2016: 1.0
-2017: 1.0
-2018: 1.0
-2019: 1.0
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `ID_BenefitCap_Switch`
-_Description:_ The cap on itemized deduction benefits applies to the benefits derived from the itemized deductions specified with this parameter.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ bool
-_Known Values:_
- for: [med, sltx, retx, cas, misc, int, char]
-2013: [True, True, True, True, True, True, True]
-2014: [True, True, True, True, True, True, True]
-2015: [True, True, True, True, True, True, True]
-2016: [True, True, True, True, True, True, True]
-2017: [True, True, True, True, True, True, True]
-2018: [True, True, True, True, True, True, True]
-2019: [True, True, True, True, True, True, True]
-_Valid Range:_ min = False and max = True
-_Out-of-Range Action:_ error
-
-
 ### Charity
 
 ####  `ID_Charity_crt_cash`
@@ -2035,78 +1963,6 @@ _Valid Range:_ min = 0 and max = 9e+99
 _Out-of-Range Action:_ error
 
 
-### Surtax On Itemized Deduction Benefits Above An AGI Threshold
-
-####  `ID_BenefitSurtax_trt`
-_Description:_ The benefit from specified itemized deductions exceeding the credit is taxed at this rate. A surtax rate of 1 strictly limits the benefit from specified itemized deductions to the specified credit. In http://www.nber.org/papers/w16921, Feldstein, Feenberg, and MacGuineas propose a credit of 2% of AGI against a 100% tax rate; in their proposal, however, a broader set of tax benefits, including the employer provided health exclusion, would be taxed.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.0
-2014: 0.0
-2015: 0.0
-2016: 0.0
-2017: 0.0
-2018: 0.0
-2019: 0.0
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `ID_BenefitSurtax_crt`
-_Description:_ The surtax on specified itemized deductions applies to benefits in excess of this fraction of AGI. In http://www.nber.org/papers/w16921, Feldstein, Feenberg, and MacGuineas propose a credit of 2% of AGI against a 100% tax rate; in their proposal, however, a broader set of tax benefits, including the employer provided health exclusion, would be taxed.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 1.0
-2014: 1.0
-2015: 1.0
-2016: 1.0
-2017: 1.0
-2018: 1.0
-2019: 1.0
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `ID_BenefitSurtax_em`
-_Description:_ This amount is subtracted from itemized deduction benefits in the calculation of the itemized deduction benefit surtax. With ID_BenefitSurtax_crt set to 0.0 and ID_BenefitSurtax_trt set to 1.0, this amount serves as a dollar limit on the value of itemized deductions.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ True
-_Value Type:_ float
-_Known Values:_
- for: [single, mjoint, mseparate, headhh, widow]
-2013: [0.0, 0.0, 0.0, 0.0, 0.0]
-2014: [0.0, 0.0, 0.0, 0.0, 0.0]
-2015: [0.0, 0.0, 0.0, 0.0, 0.0]
-2016: [0.0, 0.0, 0.0, 0.0, 0.0]
-2017: [0.0, 0.0, 0.0, 0.0, 0.0]
-2018: [0.0, 0.0, 0.0, 0.0, 0.0]
-2019: [0.0, 0.0, 0.0, 0.0, 0.0]
-_Valid Range:_ min = 0 and max = 9e+99
-_Out-of-Range Action:_ error
-
-
-####  `ID_BenefitSurtax_Switch`
-_Description:_ The surtax on itemized deduction benefits applies to the benefits derived from the itemized deductions specified with this parameter.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ bool
-_Known Values:_
- for: [med, sltx, retx, cas, misc, int, char]
-2013: [True, True, True, True, True, True, True]
-2014: [True, True, True, True, True, True, True]
-2015: [True, True, True, True, True, True, True]
-2016: [True, True, True, True, True, True, True]
-2017: [True, True, True, True, True, True, True]
-2018: [True, True, True, True, True, True, True]
-2019: [True, True, True, True, True, True, True]
-_Valid Range:_ min = False and max = True
-_Out-of-Range Action:_ error
-
-
 ## Capital Gains And Dividends
 
 ### AMT - Long Term Capital Gains And Qualified Dividends
@@ -2551,429 +2407,6 @@ _Out-of-Range Action:_ error
 
 ### Pass-Through
 
-####  `PT_rt1`
-_Description:_ The lowest tax rate, applied to the portion of income from sole proprietorships, partnerships and S-corporations below tax bracket 1.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.1
-2014: 0.1
-2015: 0.1
-2016: 0.1
-2017: 0.1
-2018: 0.1
-2019: 0.1
-2020: 0.1
-2021: 0.1
-2022: 0.1
-2023: 0.1
-2024: 0.1
-2025: 0.1
-2026: 0.1
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_brk1`
-_Description:_ Income from sole proprietorships, partnerships and S-corporations below this threshold is taxed at tax rate 1.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ True
-_Value Type:_ float
-_Known Values:_
- for: [single, mjoint, mseparate, headhh, widow]
-2013: [8925.0, 17850.0, 8925.0, 12750.0, 17850.0]
-2014: [9075.0, 18150.0, 9075.0, 12950.0, 18150.0]
-2015: [9225.0, 18450.0, 9225.0, 13150.0, 18450.0]
-2016: [9275.0, 18550.0, 9275.0, 13250.0, 18550.0]
-2017: [9325.0, 18650.0, 9325.0, 13350.0, 18650.0]
-2018: [9525.0, 19050.0, 9525.0, 13600.0, 19050.0]
-2019: [9700.0, 19400.0, 9700.0, 13850.0, 19400.0]
-2020: [9849.38, 19698.76, 9849.38, 14063.29, 19698.76]
-2021: [9921.28, 19842.56, 9921.28, 14165.95, 19842.56]
-2022: [10015.53, 20031.06, 10015.53, 14300.53, 20031.06]
-2023: [10173.78, 20347.55, 10173.78, 14526.48, 20347.55]
-2024: [10370.13, 20740.26, 10370.13, 14806.84, 20740.26]
-2025: [10577.53, 21155.07, 10577.53, 15102.98, 21155.07]
-2026: [10802.0, 21603.0, 10802.0, 15464.0, 21603.0]
-_Valid Range:_ min = 0 and max = PT_brk2
-_Out-of-Range Action:_ error
-
-
-####  `PT_rt2`
-_Description:_ The second lowest tax rate, applied to the portion of income from sole proprietorships, partnerships and S-corporations below tax bracket 2 and above tax bracket 1.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.15
-2014: 0.15
-2015: 0.15
-2016: 0.15
-2017: 0.15
-2018: 0.12
-2019: 0.12
-2020: 0.12
-2021: 0.12
-2022: 0.12
-2023: 0.12
-2024: 0.12
-2025: 0.12
-2026: 0.15
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_brk2`
-_Description:_ Income from sole proprietorships, partnerships and S-corporations below this threshold and above tax bracket 1 is taxed at tax rate 2.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ True
-_Value Type:_ float
-_Known Values:_
- for: [single, mjoint, mseparate, headhh, widow]
-2013: [36250.0, 72500.0, 36250.0, 48600.0, 72500.0]
-2014: [36900.0, 73800.0, 36900.0, 49400.0, 73800.0]
-2015: [37450.0, 74900.0, 37450.0, 50200.0, 74900.0]
-2016: [37650.0, 75300.0, 37650.0, 50400.0, 75300.0]
-2017: [37950.0, 75900.0, 37950.0, 50800.0, 75900.0]
-2018: [38700.0, 77400.0, 38700.0, 51800.0, 77400.0]
-2019: [39475.0, 78950.0, 39475.0, 52850.0, 78950.0]
-2020: [40082.92, 80165.83, 40082.92, 53663.89, 80165.83]
-2021: [40375.53, 80751.04, 40375.53, 54055.64, 80751.04]
-2022: [40759.1, 81518.17, 40759.1, 54569.17, 81518.17]
-2023: [41403.09, 82806.16, 41403.09, 55431.36, 82806.16]
-2024: [42202.17, 84404.32, 42202.17, 56501.19, 84404.32]
-2025: [43046.21, 86092.41, 43046.21, 57631.21, 86092.41]
-2026: [43959.0, 87918.0, 43959.0, 58844.0, 87918.0]
-_Valid Range:_ min = PT_brk1 and max = PT_brk3
-_Out-of-Range Action:_ error
-
-
-####  `PT_rt3`
-_Description:_ The third lowest tax rate, applied to the portion of income from sole proprietorships, partnerships and S-corporations below tax bracket 3 and above tax bracket 2.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.25
-2014: 0.25
-2015: 0.25
-2016: 0.25
-2017: 0.25
-2018: 0.22
-2019: 0.22
-2020: 0.22
-2021: 0.22
-2022: 0.22
-2023: 0.22
-2024: 0.22
-2025: 0.22
-2026: 0.25
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_brk3`
-_Description:_ Income from sole proprietorships, partnerships and S-corporations below this threshold and above tax bracket 2 is taxed at tax rate 3.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ True
-_Value Type:_ float
-_Known Values:_
- for: [single, mjoint, mseparate, headhh, widow]
-2013: [87850.0, 146400.0, 73200.0, 125450.0, 146400.0]
-2014: [89350.0, 148850.0, 74425.0, 127550.0, 148850.0]
-2015: [90750.0, 151200.0, 75600.0, 129600.0, 151200.0]
-2016: [91150.0, 151900.0, 75950.0, 130150.0, 151900.0]
-2017: [91900.0, 153100.0, 76550.0, 131200.0, 153100.0]
-2018: [82500.0, 165000.0, 82500.0, 82500.0, 165000.0]
-2019: [84200.0, 168400.0, 84200.0, 84200.0, 168400.0]
-2020: [85496.68, 170993.36, 85496.68, 85496.68, 170993.36]
-2021: [86120.81, 172241.61, 86120.81, 86120.81, 172241.61]
-2022: [86938.96, 173877.91, 86938.96, 86938.96, 173877.91]
-2023: [88312.6, 176625.18, 88312.6, 88312.6, 176625.18]
-2024: [90017.03, 180034.05, 90017.03, 90017.03, 180034.05]
-2025: [91817.37, 183634.73, 91817.37, 91817.37, 183634.73]
-2026: [106452.0, 177343.0, 88671.0, 151975.0, 177343.0]
-_Valid Range:_ min = PT_brk2 and max = PT_brk4
-_Out-of-Range Action:_ error
-
-
-####  `PT_rt4`
-_Description:_ The tax rate applied to the portion of income from sole proprietorships, partnerships and S-corporations below tax bracket 4 and above tax bracket 3.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.28
-2014: 0.28
-2015: 0.28
-2016: 0.28
-2017: 0.28
-2018: 0.24
-2019: 0.24
-2020: 0.24
-2021: 0.24
-2022: 0.24
-2023: 0.24
-2024: 0.24
-2025: 0.24
-2026: 0.28
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_brk4`
-_Description:_ Income from sole proprietorships, partnerships and S-corporations below this threshold and above tax bracket 3 is taxed at tax rate 4.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ True
-_Value Type:_ float
-_Known Values:_
- for: [single, mjoint, mseparate, headhh, widow]
-2013: [183250.0, 223050.0, 111525.0, 203150.0, 223050.0]
-2014: [186350.0, 226850.0, 113425.0, 206600.0, 226850.0]
-2015: [189300.0, 230450.0, 115225.0, 209850.0, 230450.0]
-2016: [190150.0, 231450.0, 115725.0, 210800.0, 231450.0]
-2017: [191650.0, 233350.0, 116675.0, 212500.0, 233350.0]
-2018: [157500.0, 315000.0, 157500.0, 157500.0, 315000.0]
-2019: [160725.0, 321450.0, 160725.0, 160700.0, 321450.0]
-2020: [163200.16, 326400.33, 163200.16, 163174.78, 326400.33]
-2021: [164391.52, 328783.05, 164391.52, 164365.96, 328783.05]
-2022: [165953.24, 331906.49, 165953.24, 165927.44, 331906.49]
-2023: [168575.3, 337150.61, 168575.3, 168549.09, 337150.61]
-2024: [171828.8, 343657.62, 171828.8, 171802.09, 343657.62]
-2025: [175265.38, 350530.77, 175265.38, 175238.13, 350530.77]
-2026: [221997.0, 270300.0, 135150.0, 246148.0, 270300.0]
-_Valid Range:_ min = PT_brk3 and max = PT_brk5
-_Out-of-Range Action:_ error
-
-
-####  `PT_rt5`
-_Description:_ The third highest tax rate, applied to the portion of income from sole proprietorships, partnerships and S-corporations below tax bracket 5 and above tax bracket 4.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.33
-2014: 0.33
-2015: 0.33
-2016: 0.33
-2017: 0.33
-2018: 0.32
-2019: 0.32
-2020: 0.32
-2021: 0.32
-2022: 0.32
-2023: 0.32
-2024: 0.32
-2025: 0.32
-2026: 0.33
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_brk5`
-_Description:_ Income from sole proprietorships, partnerships and S-corporations below this threshold and above tax bracket 4 is taxed at tax rate 5.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ True
-_Value Type:_ float
-_Known Values:_
- for: [single, mjoint, mseparate, headhh, widow]
-2013: [398350.0, 398350.0, 199175.0, 398350.0, 398350.0]
-2014: [405100.0, 405100.0, 202550.0, 405100.0, 405100.0]
-2015: [411500.0, 411500.0, 205750.0, 411500.0, 411500.0]
-2016: [413350.0, 413350.0, 206675.0, 413350.0, 413350.0]
-2017: [416700.0, 416700.0, 208350.0, 416700.0, 416700.0]
-2018: [200000.0, 400000.0, 200000.0, 200000.0, 400000.0]
-2019: [204100.0, 408200.0, 204100.0, 204100.0, 408200.0]
-2020: [207243.14, 414486.28, 207243.14, 207243.14, 414486.28]
-2021: [208756.01, 417512.03, 208756.01, 208756.01, 417512.03]
-2022: [210739.19, 421478.39, 210739.19, 210739.19, 421478.39]
-2023: [214068.87, 428137.75, 214068.87, 214068.87, 428137.75]
-2024: [218200.4, 436400.81, 218200.4, 218200.4, 436400.81]
-2025: [222564.41, 445128.83, 222564.41, 222564.41, 445128.83]
-2026: [482682.0, 482682.0, 241341.0, 482682.0, 482682.0]
-_Valid Range:_ min = PT_brk4 and max = PT_brk6
-_Out-of-Range Action:_ error
-
-
-####  `PT_rt6`
-_Description:_ The second higher tax rate, applied to the portion of income from sole proprietorships, partnerships and S-corporations below tax bracket 6 and above tax bracket 5.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.35
-2014: 0.35
-2015: 0.35
-2016: 0.35
-2017: 0.35
-2018: 0.35
-2019: 0.35
-2020: 0.35
-2021: 0.35
-2022: 0.35
-2023: 0.35
-2024: 0.35
-2025: 0.35
-2026: 0.35
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_brk6`
-_Description:_ Income from sole proprietorships, partnerships and S-corporations below this threshold and above tax bracket 5 is taxed at tax rate 6.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ True
-_Value Type:_ float
-_Known Values:_
- for: [single, mjoint, mseparate, headhh, widow]
-2013: [400000.0, 450000.0, 225000.0, 425000.0, 450000.0]
-2014: [406750.0, 457600.0, 228800.0, 432200.0, 457600.0]
-2015: [413200.0, 464850.0, 232425.0, 439000.0, 464850.0]
-2016: [415050.0, 466950.0, 233475.0, 441000.0, 466950.0]
-2017: [418400.0, 470700.0, 235350.0, 444550.0, 470700.0]
-2018: [500000.0, 600000.0, 300000.0, 500000.0, 600000.0]
-2019: [510300.0, 612350.0, 306175.0, 510300.0, 612350.0]
-2020: [518158.62, 621780.19, 310890.1, 518158.62, 621780.19]
-2021: [521941.18, 626319.19, 313159.6, 521941.18, 626319.19]
-2022: [526899.62, 632269.22, 316134.62, 526899.62, 632269.22]
-2023: [535224.63, 642259.07, 321129.55, 535224.63, 642259.07]
-2024: [545554.47, 654654.67, 327327.35, 545554.47, 654654.67]
-2025: [556465.56, 667747.76, 333873.9, 556465.56, 667747.76]
-2026: [484651.0, 545233.0, 272616.0, 514942.0, 545233.0]
-_Valid Range:_ min = PT_brk5 and max = PT_brk7
-_Out-of-Range Action:_ error
-
-
-####  `PT_rt7`
-_Description:_ The highest tax rate, applied to the portion of income from sole proprietorships, partnerships and S-corporations below tax bracket 7 and above tax bracket 6.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.396
-2014: 0.396
-2015: 0.396
-2016: 0.396
-2017: 0.396
-2018: 0.37
-2019: 0.37
-2020: 0.37
-2021: 0.37
-2022: 0.37
-2023: 0.37
-2024: 0.37
-2025: 0.37
-2026: 0.396
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_brk7`
-_Description:_ Income from sole proprietorships, partnerships and S-corporations below this threshold and above tax bracket 6 is taxed at tax rate 7. Default value is essentially infinity.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ True _Is Inflation Indexed:_ True
-_Value Type:_ float
-_Known Values:_
- for: [single, mjoint, mseparate, headhh, widow]
-2013: [9e+99, 9e+99, 9e+99, 9e+99, 9e+99]
-2014: [9e+99, 9e+99, 9e+99, 9e+99, 9e+99]
-2015: [9e+99, 9e+99, 9e+99, 9e+99, 9e+99]
-2016: [9e+99, 9e+99, 9e+99, 9e+99, 9e+99]
-2017: [9e+99, 9e+99, 9e+99, 9e+99, 9e+99]
-2018: [9e+99, 9e+99, 9e+99, 9e+99, 9e+99]
-2019: [9e+99, 9e+99, 9e+99, 9e+99, 9e+99]
-_Valid Range:_ min = PT_brk6 and max = 9e+99
-_Out-of-Range Action:_ error
-
-
-####  `PT_rt8`
-_Description:_ The extra tax rate, applied to the portion of income from sole proprietorships, partnerships and S-corporations above the tax bracket 7.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 1.0
-2014: 1.0
-2015: 1.0
-2016: 1.0
-2017: 1.0
-2018: 1.0
-2019: 1.0
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_EligibleRate_active`
-_Description:_ Eligibility rate of active business income for separate pass-through rates.
-_Notes:_ Active business income defined as e00900 + e26270
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 1.0
-2014: 1.0
-2015: 1.0
-2016: 1.0
-2017: 1.0
-2018: 1.0
-2019: 1.0
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_EligibleRate_passive`
-_Description:_ Eligibility rate of passive business income for mseparate pass-through rates.
-_Notes:_ Passive business income defined as e02000 - e26270
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ False
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ float
-_Known Values:_
-2013: 0.0
-2014: 0.0
-2015: 0.0
-2016: 0.0
-2017: 0.0
-2018: 0.0
-2019: 0.0
-_Valid Range:_ min = 0 and max = 1
-_Out-of-Range Action:_ error
-
-
-####  `PT_wages_active_income`
-_Description:_ Whether active business income eligibility base for PT schedule for includes wages.
-_Notes:_ Only applies if active business income is positive
-_Has An Effect When Using:_ _PUF data:_ False _CPS data:_ False
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ bool
-_Known Values:_
-2013: False
-2014: False
-2015: False
-2016: False
-2017: False
-2018: False
-2019: False
-_Valid Range:_ min = False and max = True
-_Out-of-Range Action:_ error
-
-
-####  `PT_top_stacking`
-_Description:_ Whether taxable income eligible for PT rate schedule is stacked on top of regular taxable income.
-_Has An Effect When Using:_ _PUF data:_ True _CPS data:_ True
-_Can Be Inflation Indexed:_ False _Is Inflation Indexed:_ False
-_Value Type:_ bool
-_Known Values:_
-2013: True
-2014: True
-2015: True
-2016: True
-2017: True
-2018: True
-2019: True
-_Valid Range:_ min = False and max = True
-_Out-of-Range Action:_ error
-
 
 ####  `PT_qbid_rt`
 _Description:_ Fraction of pass-through business income that may be excluded from taxable income.
@@ -3157,7 +2590,7 @@ _Valid Range:_ min = 0 and max = 9e+99
 _Out-of-Range Action:_ error
 
 
-### Regular: Non-AMT, Non-Pass-Through
+### Regular: Non-AMT
 
 ####  `II_rt1`
 _Description:_ The lowest tax rate, applied to the portion of taxable income below tax bracket 1.

{taxcalc-4.6.3 → taxcalc-5.0.4}/docs/index.md

@@ -54,7 +54,7 @@ cross-model validation work with NBER's TAXSIM-35 model is described
 
 ## Latest release
 
-{doc}`4.6.3 (2025-06-13) <about/releases>`
+{doc}`5.0.0 (2025-07-02) <about/releases>`
 
 If you are already using Tax-Calculator, upgrade using the following command:
 ```