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PSLmodels / Tax-Calculator

USA Federal Individual Income and Payroll Tax Microsimulation Model
https://taxcalc.pslmodels.org
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Feature Request: Ability to Vary the Age of the Young Child Tax Credit Bonus (Between Ages 1-6) #2483

Open Thirdhuman opened 3 years ago

Thirdhuman commented 3 years ago

I'd like to recommend that the PSL Tax calculator incorporate additional age-based parameters for the young child bonus to the child tax credit. This would be an incredibly valuable policy parameter for family-policy.

Countries throughout the world use different young child bonus varying age-thresholds for their child benefits delivered (ranges between 1 and 6). Even in the United States, we've seen proposals for varying years (5 or 6 is most common). Crucially, allowing for the CTC bonus to be restricted down to age 1 allows for the calculation of "baby bonuses".

MattHJensen commented 3 years ago

@Thirdhuman, thanks very much for this recommendation. The downside is a bigger memory footprint for Tax-Calculator, but I want add the core features that you think would be most valuable. Would nu1, nu5, nu6 suffice, or do you think adding nu2, nu3, nu4 would also be used if available?