diff --git a/taxcalc/reforms/Clinton2016.json b/taxcalc/reforms/Clinton2016.json new file mode 100644 index 000000000..548cfdf82 --- /dev/null +++ b/taxcalc/reforms/Clinton2016.json @@ -0,0 +1,63 @@ +// Title: Select Provisions from the Clinton Tax Plan +// Reform_File_Author: Cody Kallen +// Reform Reference: https://www.hillaryclinton.com/briefing/factsheets/2016/01/12/investing-in-america-by-restoring-basic-fairness-to-our-tax-code/ +// Reform Description: +// - 4% surcharge on AGI above $5 million ($2.5 million for married filing separately) (1) +// - Establishment of the "Fair Share Tax" at a 30% rate (aka the Buffett rule) (2) +// - Limit the tax value of itemized deductions to 28% (3) +// - Expansion of the Child Tax Credit and Additional CHild Tax Credit for children under 5 (4) +// - Including more business income in the base for the Net Investment Income Tax (5) +// Reform_Parameter_Map: +// - 1: _AGI_surtax* +// - 2: _FST_AGI_trt +// - 3: _ID_BenefitCap* +// - 4: CTC_c_under5_bonus, ACTC_rt_bonus_under5family +// - 5: NIIT_PT_taxed +{ + "policy": { + "_AGI_surtax_trt": + {"2017": [0.04]}, + "_AGI_surtax_thd": + {"2017": [[5.0e6, 5.0e6, 2.5e6, 5.0e6, 5.0e6, 2.5e6]]}, + "_FST_AGI_trt": + {"2017": [0.3]}, + "_ID_BenefitCap_Switch": + {"2017": [[true, true, true, true, true, true, false]]}, + "_ID_BenefitCap_rt": + {"2017": [0.28]}, + "_CTC_c_under5_bonus": + {"2017": [1000]}, + "_ACTC_rt_bonus_under5family": + {"2017": [0.3]}, + "_NIIT_PT_taxed": + {"2017": [true]} + } +} +// Note: Due to ack of detail, data or modeling capability, many of Clinton's proposed tax changes cannot be scored. +// These omitted provisions include: +// - New structure on capital gains taxes: +// - 39.6% if held less than 2 years +// - 36% if held 2-3 years +// - 32% if held 3-4 years +// - 28% if held 4-5 years +// - 24% if held 5-6 years +// - 20% if held 6 years or longer +// - Limit contributions to tax-deferred and tax-free retirement accounts +// - Limit tax benefits of like-kind exchanges +// - Reduce estate tax exemption to $3.5 million ($7 million for couples) +// - Progressive estate tax rates, with top rate of 65 percent +// - Tax unrealized gains at death for high-income taxpayers +// - Tax carried interest at ordinary tax rates +// - A 20% credit for caregiver expenses +// - Up to $5000 in tax relief for excessive health care costs +// - Financial risk fee on large banks +// - Tax on high-frequency trading +// - Expand small business expensing (Section 179) +// - Expand cash expensing for small businesses +// - Expand start-up deduction, create a small business deduction +// - Expand ACA credit for small businesses +// - Create business tax credits for profit-sharing and apprenticeships +// - Repeal the Cadillac Tax on high-cost health plans +// - New rules to prevent corporate inversions +// - Limit net interest deduction to share in consolidated financial statements +// - "Exit tax" on US multinationals that become foreign residents