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clear all
set more off
set maxvar 10000
set mem 500m
*Set path
***
*cd ---- specify path to \data_replication\scf\proc_data\
local ourprocdata "./our_proc"
local output "./output"
use taxsim2001.dta, clear
*use our processed data
*use "`ourprocdata'/taxsim2001.dta", clear
****************************************************************************************
****************************************************************************************
*Rent
rename X708 rent
rename X709 per_rent
replace rent=rent*12 if per_rent==4 //monthly
replace rent=rent*12*4.34 if per_rent==2 //weekly
replace rent=rent*12*2.17 if per_rent==3 //biweekly
replace rent=rent*4 if per_rent==5 //quarterly
replace rent=rent*2 if per_rent==11 //twice per year
replace rent=rent*6 if per_rent==12 //every two months
replace rent=rent*12*2 if per_rent==31 //twice a month
replace rent=. if per_rent==-1 //none
replace rent=. if per_rent==-7 //other
gen HELS=cond(X1005-X1004>0,0,max(X1005,0)) // some people report more debt than they took initially
*Create year first mortgage was taken
rename X802 year_main_mtg
rename X902 year_main_mtg2
rename X1002 year_main_mtg3
replace year_main_mtg=. if year_main_mtg==0
gen mtg_age = 2001 - year_main_mtg
replace year_main_mtg2=. if year_main_mtg2==0
replace year_main_mtg3=. if year_main_mtg3==0
gen mtg_age2=(2001-year_main_mtg2)
gen mtg_age3=(2001-year_main_mtg3)
*Create number of years agreed for payment for first mortgage
rename X806 nr_years_mtg_at_origin
replace nr_years_mtg_at_origin=. if nr_years_mtg_at_origin<=0
*generate dummy for whether anyone in the household itemizes on their tax return (either jointly or separately)
gen itemizer = 1 if X7367==1 | X7368==1 | X7369==1
replace itemizer = 0 if itemizer==.
*Clean
drop J*
drop X*
********************************************************************************
*Create wealth variables
********************************************************************************
*Value of all houses
replace houses=. if houses<0
replace oresre=. if oresre<0
gen house_val=houses
*Homeownership status
gen ownership=housecl
*liquid assets
gen l_assets=max(othfin,0)+max(checking,0)+max(saving,0)+max(mma,0)+max(cds,0)+max(nmmf,0)+max(savbnd,0)+max(stocks,0)+max(bond,0)+oresre+nnresre
*mortgage debt
gen m_debt=max(NH_MORT,0)-max(HELS,0)
drop m_debt
gen m_debt=max(NH_MORT,0)+max(heloc,0)
*HELOC
gen helocs=max(heloc,0)+max(HELS,0)
*liquid debt
gen l_debt=max(ccbal,0)+max(resdbt,0)
*Wealth (net worth)
gen wealth=house_val+l_assets-l_debt-m_debt
gen hnworth=house_val-m_debt
*Age of head
gen age_head=age
*Generate positive house values
gen h1=house_val if house_val>=0
******
replace inc=inc/equiv
replace h1=h1/equiv
******
******************************
*Drop observation with wealth above 80th percentile
******************************
pctile pct = wealth [w=wgt], nq(100) genp(percent)
gen pk1=pct if percent==80
egen mean_pk1=mean(pk1)
drop if wealth>mean_pk1
*Drop households that are too young or too old
drop if age_head<25
drop if age_head>85
********************************************************************************************************************************************8
*Fraction of homeowners that itemize
preserve
replace ownership=0 if ownership!=1
collapse (mean) itemizer [weight=wgt] if ownership==1
gen res=itemizer
replace res = round(res, 0.01)
gen title="Fraction of homeowners that itemize"
save moment1.dta, replace
restore
********************************************************************************************************************************************************
*-------------------------------------------------------------------------------------------------------------------------------------------------------
********************************************************************************************************************************************************
*Fraction of homeowners with mortgage (LTV>0) that itemize
preserve
replace ownership=0 if ownership!=1
gen mdebt=m_debt/equiv
gen ALAI=mdebt/h1
collapse (mean) itemizer [weight=wgt] if ownership==1 & ALAI>0
gen res=itemizer
replace res = round(res, 0.01)
gen title="Fraction of homeowners with mortgage (LTV>0) that itemize"
save moment2.dta, replace
restore
forval x=1(1)2{
use moment`x'.dta, clear
keep res title
duplicates drop
save moment`x'.dta, replace
}
use moment1.dta, clear
forval x=2(1)2{
append using moment`x'.dta
}
order title res
***
cd ..
outsheet using "`output'/tabA12_itemize.csv", replace c
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