Ohio Bottom Income Tax Bracket After 2021

[DTrim99]

Ohio's bottom tax bracket is 0% up to $26,500. However, once taxpayers exceed this threshold, they owe $360.69 plus whatever tax liability is created via the non-zero tax brackets. We currently set the bottom tax bracket in our model as a rate by dividing the starting tax amount and the income threshold. This needs to be updated as these numbers are different from when the rate was first calculated in 2021. The rate needs to be changed from 0.01385 to 0.01361 for tax years after 2021. However, we might want to rethink how we display this in the web app since it could be confusing for users. Interested in feedback.

Ohio annual tax tables

policyengine-us/policyengine_us/parameters/gov/states/oh/tax/income/rates.yaml

Lines 1 to 57 in 149f3ca

	description: Ohio limits its tax rate, depending on modified adjusted gross income for the taxable year for trusts and estates.
	brackets:
	- threshold:
	2021-01-01: 0
	rate:
	# The first $25,000 income are not taxed; Ohio has a tax cliff.
	# This is the rate implied by the starting tax amount $346.16
	# divided by $25,000.
	# Separately, we add a variable for being tax exempt, set if income
	# is below $25,000.
	2021-01-01: 0.01385
	- threshold:
	values:
	2021-01-01: 25_000
	2022-01-01: 26_050
	2023-01-01: 26_050
	uprating:
	parameter: gov.irs.uprating
	rounding:
	type: downwards
	interval: 50
	rate:
	2021-01-01: 0.02765
	2023-01-01: 0.0275
	- threshold:
	values:
	2021-01-01: 44_250
	2022-01-01: 46_100
	2023-01-01: 100_000
	uprating:
	parameter: gov.irs.uprating
	rounding:
	type: downwards
	interval: 50
	rate:
	2021-01-01: 0.03226
	2023-01-01: 0.03688
	2024-01-01: 0.035
	- threshold:
	values:
	2021-01-01: 88_450
	2022-01-01: 92_150
	2023-01-01: 115_300
	2024-01-01: .inf
	rate:
	2021-01-01: 0.03688
	2023-01-01: 0.0375
	2024-01-01: 0.035
	- threshold:
	values:
	2021-01-01: 110_650
	2022-01-01: 115_300
	2023-01-01: .inf
	rate:
	2021-01-01: 0.0399
	2023-01-01: 0.0375
	metadata: