PolicyEngine / policyengine-taxsim

TAXSIM emulator using the PolicyEngine US federal and state tax calculator
MIT License
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LTCG not in Taxable Income, various states #66

Open feenberg opened 3 weeks ago

feenberg commented 3 weeks ago

I checked:

36 OR 14 IL 07 CT 09 DC 33 NY 18 KY

and in none of them does a single 2023 taxpayer with 81000 of ltcg and no deductions or dependents show any taxable iincome (v36) or state tax (siitax).

MaxGhenis commented 3 weeks ago

@PavelMakarchuk is this states that levy a different rate structure for cg vs other income?

feenberg commented 1 week ago

I don't think long term gains are considered in any state. I gave a single taxpayer 10000000 in ltcg and got these results by state:

state          v36     siitax
2                  0         0
3                  0         -50
4                  0         0
5                  0         -1117
6                  0         -661
7                  0         0
8                  0         0
9                  0         0
10                 0         0
11                 0         0
12                 0         -440
13                 0         0
14                 0         0
15                 0         0
16                 0         0
17                 0         0
18                 0         0
19                 0         0
20                 0         -200
21                 0         -500
22                 0         -310
23                 0         -425.6000061
24                 0         -1750
25                 0         0
26                 0         0
27                 0         0
28                 0         0
29                 0         0
30                 -2400     0
31                 0         -1000
32                 0         -881
33                 0         -660
34                 -22125    0
35                 0         0
36                 0         0
37                 0         -80
38                 0         -1000
39                 0         0
40                 0         -250
41                 0         0
42                 0         0
43                 0         0
44                 0         0
45                 0         0
46                 0         -1000
47                 0         0
48                 0         0
49                 0         0
50                 0         0

The negative values for Taxable Income (v36) probably signify errors in the calculators for NH and NJ.

PavelMakarchuk commented 2 days ago

@noman404 we would need to long_term_capital_gains (person level) to the household inputs to fix this issue