{"action":"closed","issue":{"url":"https://api.github.com/repos/open-source-economics/Tax-Calculator/issues/862","repository_url":"https://api.github.com/repos/open-source-economics/Tax-Calculator","labels_url":"https://api.github.com/repos/open-source-economics/Tax-Calculator/issues/862/labels{/name}","comments_url":"https://api.github.com/repos/open-source-economics/Tax-Calculator/issues/862/comments","events_url":"https://api.github.com/repos/open-source-economics/Tax-Calculator/issues/862/events","html_url":"https://github.com/open-source-economics/Tax-Calculator/issues/862","id":170971256,"number":862,"title":"Parameterize a \"Buffet Rule\"","user":{"login":"MattHJensen","id":8301092,"avatar_url":"https://avatars.githubusercontent.com/u/8301092?v=3","gravatar_id":"","url":"https://api.github.com/users/MattHJensen","html_url":"https://github.com/MattHJensen","followers_url":"https://api.github.com/users/MattHJensen/followers","following_url":"https://api.github.com/users/MattHJensen/following{/other_user}","gists_url":"https://api.github.com/users/MattHJensen/gists{/gist_id}","starred_url":"https://api.github.com/users/MattHJensen/starred{/owner}{/repo}","subscriptions_url":"https://api.github.com/users/MattHJensen/subscriptions","organizations_url":"https://api.github.com/users/MattHJensen/orgs","repos_url":"https://api.github.com/users/MattHJensen/repos","events_url":"https://api.github.com/users/MattHJensen/events{/privacy}","received_events_url":"https://api.github.com/users/MattHJensen/received_events","type":"User","site_admin":false},"labels":[],"state":"closed","locked":false,"assignee":{"login":"andersonfrailey","id":20684675,"avatar_url":"https://avatars.githubusercontent.com/u/20684675?v=3","gravatar_id":"","url":"https://api.github.com/users/andersonfrailey","html_url":"https://github.com/andersonfrailey","followers_url":"https://api.github.com/users/andersonfrailey/followers","following_url":"https://api.github.com/users/andersonfrailey/following{/other_user}","gists_url":"https://api.github.com/users/andersonfrailey/gists{/gist_id}","starred_url":"https://api.github.com/users/andersonfrailey/starred{/owner}{/repo}","subscriptions_url":"https://api.github.com/users/andersonfrailey/subscriptions","organizations_url":"https://api.github.com/users/andersonfrailey/orgs","repos_url":"https://api.github.com/users/andersonfrailey/repos","events_url":"https://api.github.com/users/andersonfrailey/events{/privacy}","received_events_url":"https://api.github.com/users/andersonfrailey/received_events","type":"User","site_admin":false},"assignees":[{"login":"andersonfrailey","id":20684675,"avatar_url":"https://avatars.githubusercontent.com/u/20684675?v=3","gravatar_id":"","url":"https://api.github.com/users/andersonfrailey","html_url":"https://github.com/andersonfrailey","followers_url":"https://api.github.com/users/andersonfrailey/followers","following_url":"https://api.github.com/users/andersonfrailey/following{/other_user}","gists_url":"https://api.github.com/users/andersonfrailey/gists{/gist_id}","starred_url":"https://api.github.com/users/andersonfrailey/starred{/owner}{/repo}","subscriptions_url":"https://api.github.com/users/andersonfrailey/subscriptions","organizations_url":"https://api.github.com/users/andersonfrailey/orgs","repos_url":"https://api.github.com/users/andersonfrailey/repos","events_url":"https://api.github.com/users/andersonfrailey/events{/privacy}","received_events_url":"https://api.github.com/users/andersonfrailey/received_events","type":"User","site_admin":false}],"milestone":null,"comments":4,"created_at":"2016-08-12T22:31:11Z","updated_at":"2016-09-19T17:52:32Z","closed_at":"2016-09-19T17:52:32Z","body":"Clinton's tax plan includes a Buffet Rule.\r\n\r\nAll I can find from Clinton's [own documents](https://www.hillaryclinton.com/briefing/factsheets/2016/01/12/investing-in-america-by-restoring-basic-fairness-to-our-tax-code/) is this:\r\n\r\n> Hillary will reiterate her call for the “Buffett Rule,” which ensures that those making more than $1 million per year pay at least an effective tax rate of 30 percent. \r\n\r\nTPC implemented something much more complicated in [their analysis](https://www.hillaryclinton.com/briefing/factsheets/2016/01/12/investing-in-america-by-restoring-basic-fairness-to-our-tax-code/) of her proposal: \r\n\r\n [From TPC:](http://www.taxpolicycenter.org/publications/analysis-hillary-clintons-tax-proposals): \r\n\r\n> Q2. The documentation states that Secretary Clinton would propose the “Buffett Rule” to ensure\r\n> that “millionaires must pay at least a 30 percent effective rate.” Does Secretary Clinton’s\r\n> version of the Buffett Rule differ in any way from the version that was proposed in the\r\n> Administration’s FY2016 budget, described as follows in the Treasury Green Book (available\r\n> at https://www.treasury.gov/resource-center/tax-policy/Documents/GeneralExplanations-FY2016.pdf):\r\n> \r\n> The proposal would impose a new minimum tax, called the Fair Share Tax (FST), on high income\r\n> taxpayers. The tentative FST would equal 30 percent of AGI less a credit for charitable\r\n> contributions. The charitable credit would equal 28 percent of itemized charitable contributions\r\n> allowed after the overall limitation on itemized deductions (so called Pease limitation). The final\r\n> FST would be the excess, if any, of the tentative FST over the sum of the taxpayer’s (1) regular\r\n> income tax (after certain credits) including the 3.8-percent net investment income tax, (2) the\r\n> alternative minimum tax, and (3) the employee portion of payroll taxes. The set of certain credits\r\n> subtracted from regular income tax would exclude the foreign tax credit, the credit for tax\r\n> withheld on wages, and the credit for certain uses of gasoline and special fuels. The amount of\r\n> FST payable (i.e., the excess of tentative FST over regular tax) would be phased in linearly\r\n> starting at $1 million of AGI ($500,000 in the case of a married individual filing separate\r\n> return). The FST would be fully phased in at $2 million of AGI ($1 million in the case of a married\r\n> individual filing a separate return). \r\n> \r\n> \r\n> A2. We assume the Secretary’s version of the Buffett Rule would be the same as the\r\n> Administration’s proposal with the exceptions that the AGI thresholds would be indexed for\r\n> inflation after 2015 and that the proposal would be effective 01/01/2017.\r\n\r\nI don't think we need to go to so much work to implement something Clinton hasn't proposed. \r\n\r\nHow about a simpler approach: \r\n\r\nX% of AGI minimum tax for taxpayers with AGI over Y, with the tax phased in linearly at Z% for every dollar of AGI. \r\n\r\nDefaults would be X = 0, Y = $1mm, Z = 1\r\n\r\nThe final FST would be the excess, if any, of the tentative FST over the sum of the taxpayer’s (1) regular income tax (after certain credits) including the 3.8-percent net investment income tax, (2) the alternative minimum tax, and (3) the _employee portion_ of payroll taxes. \r\n\r\nNote that this will need to be calculated after the benefit surtax, if any. \r\n\r\n\r\n\r\n\r\n"}}
{"actor":{"display_login":"martinholmer"}}