How Will the American Rescue Plan Impact Your 2021 Tax Liability?
Project GitHub Repo: https://github.com/grantseiter/Tax-Cruncher-ARP/
Deployed Application: https://compute.studio/AEIEconomics/Tax-Cruncher-ARP/
The Tax-Cruncher-ARP simulation accepts an individual's information necessary for computing federal tax liabilities and leverages Tax-Calculator, an open-source microsimulation model of federal individual income and payroll tax law. Users can explore how the American Rescue Plan Act of 2021 impacts their 2021 federal tax liability and compare the result to previous law. The Tax-Cruncher-ARP simulation is solely for educational use and should not be used for tax preparation purposes.
Please direct any questions about Tax-Cruncher-ARP to Grant.Seiter@aei.org.
The following American Rescue Plan tax provisions are included in the calculation:
- A $1,400 recovery rebate credit per qualifying household member
- Expansion of the Child Tax Credit
- Expansion of the Earned Income Tax Credit
- Expansion of the Child and Dependent Care Tax Credit
Python
- Grant M. Seiter - American Enterprise Institute (AEI), Washington, D.C.
Disclaimer: The American Enterprise Institute for Public Policy Research (AEI) is a nonpartisan, nonprofit, 501(c)(3) educational organization and does not take institutional positions on any issues. The views expressed here are those of the author(s).