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config.py
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import pkg_resources
# Get PolicyEngine-US version
try:
PE_VERSION = pkg_resources.get_distribution("policyengine-us").version
except pkg_resources.DistributionNotFound:
PE_VERSION = "unknown"
APP_TITLE = "2024 Election, Personal Household Impact Calculator"
BASELINE_DESCRIPTION = """
This calculator compares how tax proposals from the two major party presidential candidates would affect your household's net income. Enter your household information below to see a personalized analysis of each plan's impact.
**Learn More:**
- [Harris Economic Policy Document](https://kamalaharris.com/wp-content/uploads/2024/09/Policy_Book_Economic-Opportunity.pdf)
- [Trump Campaign Platform](https://rncplatform.donaldjtrump.com/?_gl=1*s9hec5*_gcl_au*MTE5NjQwNTg0MC4xNzI3ODgwOTQw&_ga=2.140186549.721558943.1727880940-379257754.1727880940)
"""
REFORMS_DESCRIPTION = """
This calculator compares the economic proposals of the two major party tickets in the 2024 presidential election:
### Harris Economic Package
The Harris platform includes several major tax reforms:
- **Enhanced Child Tax Credit**: Restoring the 2021 expansion with full refundability and a $2,400 "baby bonus"
[Read our full report on the Harris CTC proposal](https://policyengine.org/us/research/harris-ctc)
- **High Earners Reform**: High earners face a 39.6% tax rate on income above \$418,450 (single) or \$462,400 (married), plus increased Medicare and Net Investment Income tax of 1.2% on income above \$411,000
- **Restored EITC**: Bringing back the expanded American Rescue Plan version of the Earned Income Tax Credit
[Read our full report on the Harris EITC proposal](https://policyengine.org/us/research/harris-eitc)
- **Tip Income Tax Exempt**: Exempting tip income from income tax but not payroll taxes
- **Capital Gains Reform**: Creating a new 28% tax bracket for capital gains income over $1,000,000
### Trump Economic Package
The Trump platform includes:
- **Social Security Tax Exemption**: Eliminating taxes on Social Security benefits for senior citizens
[Read our full report on the Trump Social Security proposal](https://policyengine.org/us/research/social-security-tax-exemption)
- **Tip Income Tax Exempt**: Exempting all tip income from both income and payroll taxes
- **Overtime Tax Exempt**: Exempting all overtime income from income tax but not payroll taxes
- **Import Tariffs**: Implementing a 60% tariff on imported goods from China and a 10% tariff on imported goods from all other countries
- **Auto Loan Interest**: Making auto loan interest tax-deductible as part of itemized deductions
- **SALT Cap Elimination**: Removing the $10,000 cap on state and local tax (SALT) deduction in 2025
"""
NOTES = f"""
- All calculations are based on projected 2025 tax parameters
- Whether to use standard or itemized deductions is calculated based on the user input
- The calculator uses the PolicyEngine US version {PE_VERSION} microsimulation model
- Net income can not be reduced below zero
- Actual impacts may vary based on individual circumstances and final policy implementations.
- Proposals are modeled based on currently available information and may be updated as more details are released
- We assume that tariffs are fully passed through to consumers in the form of higher prices
- The modeled tariff rates (60% for China, 10% for other countries) are applied on top of any existing tariff rates
"""
ADDITIONAL_POLICIES = """
### Additional Tax & Benefit Proposals Not Currently Modeled
#### Harris Additional Tax Proposals
- **TCJA Extension**
- Extend 2017 tax law provisions selectively based on income:
* Full extension for households earning less than $400,000
* Limited benefits for households earning above $400,000
- Note: This calculator shows 2025 impacts only, before TCJA provisions expire
- **Healthcare Cost Caps**
- Extend Medicare's prescription drug cost limits to all Americans:
* $35 monthly cap on insulin costs
* $2,000 annual cap on out-of-pocket prescription costs
- **Housing Tax Credits**
- Expanding the low-income housing tax credit
- Creating new credits for homebuilding in low-income communities
- **Business Support**
- Increase startup expense deduction from \$5,000 to \$50,000
- Simplify tax filing process for small businesses
- New "America Forward tax credit" for strategic industry investment
- **Corporate Tax Changes**
- Raise corporate tax rate from 21% to 28%
- Increase stock buyback excise tax from 1% to 4%
#### Trump Additional Tax Proposals
- **TCJA Extension**
- Proposed extension of the Tax Cuts and Jobs Act provisions set to expire in 2026
- Note: This calculator shows 2025 impacts only, before TCJA provisions expire
- [Read our full report on the TCJA extension](https://policyengine.org/us/research/tcja-extension)
- **Business Tax Changes**
- Make Tax Cuts and Jobs Act (TCJA) business provisions more generous
- Expand business tax breaks
- **Energy Policy**
- Rescind unspent clean energy tax incentives from Inflation Reduction Act
- Roll back green energy tax breaks
- **Corporate Tax Rate**
- Cut corporate tax rate from 21% to 15% for domestic production
*Note: These additional policies are not currently modeled in the calculator but represent stated policy positions from both campaigns.*
"""