ITEP's Research Priorities
NPR: This Tax Loophole for Wealthy Donors Just Got Bigger
December 29, 2017
One of the changes, according to the Institute on Taxation & Economic Policy, which advocates for a “fair and sustainable” tax system, allows far more wealthy donors in 10 states to turn a profit through “donations” to private school scholarships. Yes, you read that right. If your income is high enough, you can actually make […]
Nasdaq: The New GOP Tax Law and Millennials
December 29, 2017
Still there remains much confusion on what will happen to Jane and Joe’s taxes. From CBS: Tax experts are combing through the legislation to get a handle on how its new tax brackets and treatments of everything from bonds to charitable donations will impact their clients. Meanwhile, Republican leaders say the tax bill will put more money […]
The Observer: ITEP Responds to MacArthur on GOP Tax Plan
December 28, 2017
Excerpt from op-ed by Meg Wiehe: Rep. Tom MacArthur’s Dec. 27 op-ed cherry-picked data from analyses by my organization, the Institute on Taxation and Economic Policy (ITEP), to bolster his misguided claim that New Jerseyans are against the GOP-Trump tax plan because they don’t have the proper information. This suggestion insults his constituents’ intelligence. Polling […]
The Washington Journal: Greater Washington’s Achilles’ heel on tax cuts: Its pricey real estate
December 28, 2017
Greater Washington’s high median income should have set up the region to reap more than its share of $1.5 trillion in tax cuts passed by Congress and signed by President Donald Trump this month — but the region’s high real estate values will blunt its impact for many regional taxpayers. The D.C. metro area reported […]
The Street: General Electric Has Seen Almost $70 Billion of Its Value Disappear in 2017
December 27, 2017
GE was one of 18 Fortune 500 companies that paid no net federal income taxes between 2008 and 2015, a study by the Institute on Taxation and Economic Policy found. Though GE did report paying some federal taxes in 2010, its overall rate during the period has been negative. In 2016, the company earned $10 […]
Alternet: Republican Tax Plan Opens Backdoor to Federally Supported School Vouchers
December 25, 2017
Another voucher-like provision Republicans put into the tax code will not have as much immediate impact as the 529 extension but may have much more negative and wide-reaching effects long-term. As an analysis by the Institute on Taxation and Economic Policy explains, a loophole added to the tax bill in conference “reward[s] some of the nation’s […]
Vanity Fair: “You All Just Got a Lot Richer”
December 24, 2017
When Donald Trump and the Republican party unveiled its precious tax legislation, outside analysts immediately noted that the bill seemed designed to favor a slim subset of Americans. The Institute on Taxation and Economic Policy, for example, found that almost a third of the plan’s benefits would go to the wealthiest 1 percent of Americans […]
Corporate America, You Just Got a $650 Billion Tax Cut! What Are You Going to Do Next?
December 22, 2017 • By Matthew Gardner
While many Fortune 500 CEO’s likely had to restrain themselves from preemptively shouting “we’re going to Disneyland” in an homage to the Disney Corporation’s trademark ad spot involving the winner of each year’s Super Bowl, it’s pretty understandable that several of them—including known tax avoiders AT&T, Boeing, Comcast and Wells Fargo—would preemptively make grandiose promises that they will reserve part of their tax cuts for the little people who made it all possible.
Fortune: Real Estate Investors Will Love This Last-Minute Change to the Tax Plan
December 22, 2017
This is an excerpt from an op-ed by ITEP Senior Fellow Steve Wamhoff that appeared in Fortune. A last-minute change to the just-passed tax plan that would benefit real estate investors like Donald Trump should surprise no one. He loudly opposed 1986 tax reform legislation because it shut down tax shelters for real estate investors […]
Pittsburgh Post-Gazette: Tax Changes Could Help Parochial Schools
December 22, 2017
As a result, a preferred private school gets funding, which it must use to offset tuition for low-income students. The donor loses almost nothing. There are certain tax situations in which business owners can give, say, $10,000 and see their total tax bill drop by more than that amount, said Carl Davis, research director at […]
Investors’ Business Daily: GE Cash Crunch That Hit Dividend May Get Worse Under Trump Tax Cuts
December 22, 2017
Companies had held off on paying income taxes on foreign earnings until those funds are returned, or repatriated, to the U.S. The 35% domestic rate has led several companies to stockpile profits abroad, leading to charges of tax avoidance. Several profitable U.S. companies paid an effective tax rate far less than 35% between 2008 and […]
Associated Press: Windfall for Workers Too?
December 22, 2017
Since the Senate passed its initial tax overhaul, 32 companies have announced share buybacks totaling $83.7 billion, Schumer’s office said. Matthew Gardner, a senior fellow at the liberal Institute on Taxation and Economic Policy, said companies have been sitting on large cash holdings for years that easily could have gone to workers before the tax […]
Washington Post: The Finance 202: Trump pledged to slash a key break for investment managers. Here’s the inside story of how he failed.
December 22, 2017
From the Institute on Taxation and Economic Policy: AT&T’s Tax Rate for Past 8 Years: 8.1% Boeing’s Tax Rate for Past 8 Years: 5.4% The idea that a new lower tax rate is really driving their recent PR stunts is nonsense Read more
CBS News: Bonuses for Some Workers After Tax Bill Passes
December 22, 2017
Matthew Gardner, a senior fellow at the liberal Institute on Taxation and Economic Policy, said companies have been sitting on large cash holdings for years that easily could have gone to workers long before the tax cuts passed Wednesday. Chicago-based Boeing, for example, had $8.8 billion at the end of 2016. “If these companies had […]
Kentucky Center for Economic Policy: Passage of the Dream Act Would Benefit Kentucky
December 21, 2017
The Institute on Taxation and Economic Policy (ITEP) estimates that 6,000 (formerly) DACA-eligible Kentuckians currently contribute a total of $8.1 million in local and state taxes annually through sales and excise taxes, property taxes and income taxes. Their effective tax rate of 9.1 percent is higher than that paid by the wealthiest 1 percent of […]
Policy Matters Ohio: Crackdown on Dreamers could cost Ohio millions
December 21, 2017
If DACA recipients stay in Ohio after losing work authorization they could earn lower wages and become less likely to file income tax returns. Without the Dream Act, Ohio can expect to lose at least $5 million in tax revenue, according to the Institute on Taxation and Economic Policy (ITEP). Read more here
WJLA: Republicans Predict Voters Will Like Tax Bill Once They See Benefits
December 21, 2017
Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, said it is important to look beyond the headlines to put these bonuses in context. An ITEP study found AT&T paid an average effective tax rate of 8.1 percent from 2008 through 2015, for example. “There really weren’t any impediments, in the […]
CNBC: Here’s How the Tax Bill Will Affect the Richest 1 Percent in All 50 States
December 21, 2017
On Wednesday, the House approved a sweeping overhaul of the nation’s tax code. President Donald Trump is expected to sign the legislation soon. As for how it will affect individuals, in general, the more you earn, the more you’ll save on taxes. “There’s clearly no question that the benefits of this tax break are going […]
Wisconsin Budget Project: Giving Young Immigrants a Pathway to Citizenship Would Boost Wisconsin’s Farm Economy
December 20, 2017
According to a new report from the Wisconsin Budget Project, passing the Dream Act and establishing a pathway to citizenship for immigrant youth would help Wisconsin farms and communities by: Expanding Wisconsin’s economy by up to $600 million a year by improving the access that immigrants have to educational and economic opportunity; Increasing state and […]
Wisconsin Budget Project: Dream Act Would Boost Wisconsin Economy and Tax Revenues: Revoking DACA Hurts Both
December 20, 2017
There are 10,000 young immigrants potentially eligible for DACA who call Wisconsin home. They currently contribute a total of $16 million to local and state taxes annually through sales and excise taxes, property taxes, and income tax. Read more here
The Chicago Tribune: The GOP Tax Plan Has a Nasty Surprise for Parents with College-Age Kids
December 20, 2017
“I don’t think they gave it a lot of thought,” said Steve Wamhoff, senior fellow for federal tax policy at the Institute on Taxation and Economic Policy. Currently, all parents can take a $4,150 tax exemption for each child up to age 19 or up to 24 if the child is in college. That reduces […]
USA Today: The new tax plan will make Trump’s family richer, experts say. Here’s how.
December 20, 2017
“Usually when people sell property at a profit, that profit is considered income and taxed,” said Steve Wamhoff, senior fellow for federal tax policy at the nonpartisan Institute on Taxation and Economic Policy. “But some investors are able to set up deals so that technically they are just ‘trading’ one property for another, and they […]
Michigan League for Public Policy: The benefits of Deferred Action for Childhood Arrivals (DACA) on immigrants in Michigan
December 20, 2017
Researchers at the Institute on Taxation and Economic Policy (ITEP) estimate that nationwide, DACA enrollees contribute $2 billion in state and local taxes each year. In Michigan, these young adults contribute $13 million in state and local taxes annually. If federal elected officials fail to pass a replacement to DACA and beneficiaries’ work permits expire, […]
New Jersey Policy Perspectives: Failure to Act on DACA and Dream Act Would Harm New Jersey’s Tax Revenues
December 20, 2017
There are 53,000 young immigrants who were potentially eligible for DACA that call New Jersey home. They have attended our public schools, graduated high school and many have enrolled in our public colleges. And many are our coworkers, our neighbors and loved ones. They currently pay a total of $57 million to state and local […]
Florida Policy Institute: Dream Act: What’s at Stake for Florida?
December 20, 2017
There are 72,000 young immigrants who were potentially eligible for DACA that call Florida home. They currently contribute a total of $78 million to local and state taxes annually through sales and excise taxes, property taxes and income tax. Read more here
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