CBO Feb 2024 update

[bodiyang]

This PR is to update Tax-Calculator for the Feb 2024 CBO baseline update.

This is also the next step work to the Tax-Data CBO update, which update Tax-Calculator with the new files of weights, ratios, growth factors.

The latest budget year will extend to 2034 after the completion of this work.

[codecov]

Codecov Report

All modified and coverable lines are covered by tests ✅

Project coverage is 99.42%. Comparing base (b10f4bf) to head (7a210be).
Report is 1 commits behind head on master.

Additional details and impacted files

@@           Coverage Diff           @@
##           master    #2729   +/-   ##
=======================================
  Coverage   99.42%   99.42%           
=======================================
  Files          13       13           
  Lines        2593     2593           
=======================================
  Hits         2578     2578           
  Misses         15       15           

Flag	Coverage Δ
unittests	99.42% <100.00%> (ø)

Flags with carried forward coverage won't be shown. Click here to find out more.

Files	Coverage Δ
taxcalc/growdiff.py	100.00% <100.00%> (ø)
taxcalc/policy.py	100.00% <100.00%> (ø)

[martinholmer]

@bodiyang, What is the timing for PR #2729?
Will it be ready for review this week?
Will it be merged by the end of the month?

cc @jdebacker

[bodiyang]

@bodiyang, What is the timing for PR #2729? Will it be ready for review this week? Will it be merged by the end of the month?

cc @jdebacker

This PR is completed. I think it is good to merge at anytime.

Will leave it a day for review ~ aim to merge within this week

[martinholmer]

@bodiyang, Thanks for the PR #2729 timing information.

I have two questions:

(1) In the initial comment you make in #2729, you said:

This is also the next step work to the Tax-Data CBO update, which update Tax-Calculator with the new files of weights, ratios, growth factors.

Can you please clarify? Did you mean "which updated Tax-Calculator"?
That is, have the new "weights, ratios, growth factors" from the 2024 CBO projection already been incorporated into the Tax-Calculator master branch?

(2) Exactly how did you generate the new 2026 parameter amounts in the policy_current_law.json file included in this pull request?

[bodiyang]

@bodiyang, Thanks for the PR #2729 timing information.

I have two questions:

(1) In the initial comment you make in #2729, you said:

This is also the next step work to the Tax-Data CBO update, which update Tax-Calculator with the new files of weights, ratios, growth factors.

Can you please clarify? Did you mean "which updated Tax-Calculator"? That is, have the new "weights, ratios, growth factors" from the 2024 CBO projection already been incorporated into the Tax-Calculator master branch?

(2) Exactly how did you generate the new 2026 parameter amounts in the policy_current_law.json file included in this pull request?

Hi Martin,

For these two issues:

(1) Not in the master branch yet. It is exactly this PR to incorporate the new weights, ratio, growth factor files.

The CBO update has two steps: First step is to update Tax-Data with the new CBO baseline, where new weights, ratio, growth factor files will be generated; Second step is to update Tax-Calculator with these new files.
~ This PR is the Second step

(2) The 2026 values in policy_current_law.json is generated by running ppp.py script.

Bodi

[martinholmer]

In PR #2729 @bodiyang said:

(1) The CBO update has two steps: First step is to update Tax-Data with the new CBO baseline, where new weights, ratio, growth factor files will be generated; Second step is to update Tax-Calculator with these new files.
~ This PR is the Second step

(2) The 2026 values in policy_current_law.json is generated by running ppp.py script.

@bodiyang, Thanks for the quick answers to my two questions.

But I'm still a little confused about question (1).

Looks like taxdata PR #439 was merged into the taxdata repository's master branch about two weeks ago.

Have those changes been incorporated into the Tax-Calculator master branch?
I'm asking because you are using the future tense when you say the "new weights, ratio, growth factor files will be generated".

[bodiyang]

In PR #2729 @bodiyang said:

(1) The CBO update has two steps: First step is to update Tax-Data with the new CBO baseline, where new weights, ratio, growth factor files will be generated; Second step is to update Tax-Calculator with these new files.
~ This PR is the Second step
(2) The 2026 values in policy_current_law.json is generated by running ppp.py script.

@bodiyang, Thanks for the quick answers to my two questions.

But I'm still a little confused about question (1).

Looks like taxdata PR #439 was merged into the taxdata repository's master branch about two weeks ago.

Have those changes been incorporated into the Tax-Calculator master branch? I'm asking because you are using the future tense when you say the "new weights, ratio, growth factor files will be generated".

Sorry about the confusion by future tense. (by mistake, should say "are generated")

This PR is the work to incorporate the files from Tax-Data PR 439 into Tax-Calculator's master branch.

(Yes, Tax-Data PR 439 was merged two weeks ago; This PR is to incorporate the changes from there)

[martinholmer]

In PR #2729, @bodiyang said:

This PR is the work to incorporate the files from PSLmodels/taxdata#439 into Tax-Calculator's master branch.

OK, I understand now. Thanks for clarifying.
Looking forward to this PR being merged very soon.
Thanks for your effort in preparing it.

[jdebacker]

@bodiyang Thanks for following up on my review and Martin's questions. This PR looks good to me. Merging now.