ITEP's Research Priorities
CNN Business: This Tax Would Make Wealthy Corporations Pay Their Fair Share
November 24, 2021
Corporate America has perfected the art of dodging the taxes that everyone else pays. From 2018 to 2020, 39 of the largest companies in America paid zero dollars in federal income taxes, despite reporting a combined $122 billion in profits, according to analysis from the Institute on Taxation and Economic Policy. And 73 others paid […]
State Rundown 11/23: Thankful for Tax Advocates Like You!
November 23, 2021 • By ITEP Staff
Here at ITEP we want to give thanks and say we’re grateful for all of the hard work that advocates in states across the country are doing to secure progressive tax policy victories...
Forbes: How An $80,000 SALT Cap Stacks Up Against A Full Deduction For Those Making $400,000 Or Less
November 19, 2021
Congress seems to be considering two ways to address the Tax Cut and Job Act’s $10,000 cap on the state and local tax (SALT) deduction. The House version of President Biden’s Build Back Better (BBB) bill would raise the cap to $80,000. An alternative plan, first proposed by the Institute on Taxation and Economic Policy […]
The Washington Post: Who would pay more and less in taxes under the House bill
November 19, 2021
The millionaire’s surtax aims to raise taxes on wealthy Americans without touching rates. The alternative minimum tax for corporations aspires to accomplish a similar aim by raising money from profitable corporations without crossing Sinema’s line on rates. In short, it imposes a 15 percent minimum on firms that make more than $1 billion in “book” […]
House Passage of Build Back Better Bill Moves America’s Tax Code in the Right Direction
November 19, 2021 • By Amy Hanauer
The Build Back Better plan that the House passed today will transform the country and make our tax code more progressive, more equitable and better able to pay for crucial priorities.
LGBTQ Nation: Joe Biden’s Build Back Better Act will give tax refunds to some same-sex couples
November 18, 2021
In 2013, the Supreme Court ruled in United States v. Windsor that the federal government must recognize LGBTQ marriages in states that had legalized marriage equality. Per that ruling, the IRS allowed married LGBTQ taxpayers to claim benefits dating back to 2010. The Build Back Better Act, however, would allow those benefits to date back […]
Common Dreams: Elizabeth Warren Releases Blueprint to End ‘Free Ride’ for Tax-Dodging US Billionaires
November 18, 2021
According to the report—which is based on data Warren’s staff compiled from the Institute on Taxation and Economic Policy—although Amazon paid $2.8 billion in federal and foreign income taxes in 2020, its effective tax rate was just 11.5% on global profits totaling $24.3 billion, while the company handed out $118 million in executive compensation. Read […]
Key Reform in Build Back Better Act Would Close Loophole Used by the Rich To Avoid Funding Healthcare
November 18, 2021 • By Joe Hughes
The proposal in the Democrats’ Build Back Better proposal applies the 3.8 percent Net Investment Income Tax to all profit distributions from partnerships and S-corporations so that this income of wealthy pass-through business owners no longer escapes.
Tax Credit Reforms in Build Back Better Would Benefit a Diverse Group of Families
November 18, 2021 • By Aidan Davis
The CTC and EITC provisions would have a particularly profound effect on the poorest 20 percent of Americans, who all will have incomes of less than $22,000 in 2022. Taken together, the EITC and CTC changes would lift the average income of these households by more than 10 percent.
Analysis of the House of Representatives’ Build Back Better Legislation
November 18, 2021 • By Carl Davis, Steve Wamhoff
If the bill becomes law, in 2022 federal taxes would go up for the average taxpayer among the richest one percent and down for the average taxpayer in other income groups.
Report Illustrates How 70 Corporations Could Be Affected by Minimum Tax Proposal in the Build Back Better Act
November 18, 2021 • By Matthew Gardner
Amazon, Bank of America, Facebook, FedEx, General Motors, Google, Netflix, PayPal, T-Mobile and Verizon are just a few of the 70 corporations that would have paid more taxes under the Democrats’ proposed Corporate Profits Minimum Tax (CPMT) if it had been in effect in 2020 according to a new report from Sen. Elizabeth Warren’s office with estimates verified by the Institute on Taxation and Economic Policy.
New York Times: A proposed minimum tax would hit Amazon, Facebook and others, a report shows
November 18, 2021
“Giant corporations have figured out how to game the system so that the costs of running this country are borne by hardworking families while these big corporations scoop up all of the profits and pay little or nothing in taxes,” Ms. Warren said in an interview. “It’s time to put a stop to that.” Ms. […]
ITEP Statement on President Biden Signing the Infrastructure Investment and Jobs Act
November 15, 2021 • By Amy Hanauer
America does better when we invest in our people, our places and our planet. The infrastructure bill that President Biden signed today will restore and strengthen our physical infrastructure, making repairs and improvements that are long overdue. Now Congress needs to take the next step and pass legislation that taxes wealthy people and corporations to pay for our care and climate infrastructure.
Newsweek: Families Could Get $1,800 per Child Tax Credit, but Must Register Now
November 15, 2021
The child tax credit was expanded under President Joe Biden’s American Rescue Plan in March in a bid to reduce child poverty. The Institute on Taxation and Economic Policy estimated it would benefit around 83 million children and significantly reduce child poverty in the U.S. The latest round of the monthly child tax credit payments […]
Salon: Meet Tom Suozzi, the Democrat who wants tax cuts for the rich jammed into Build Back Better
November 12, 2021
Suozzi has for months pushed a total repeal of the cap, which would cost taxpayers about $85 billion per year, according to the nonpartisan Committee for a Responsible Federal Budget (CFRB). If the cap were fully repealed, 86% of the benefits would go to the richest 5%, according to the left-leaning Institute on Taxation and […]
State Rundown 11/10: It’s Beginning to Look a Lot Like…Election Season?!
November 10, 2021 • By ITEP Staff
If the leaves are turning colors and you find yourself walking out of the office into pitch-black darkness, it only means that time of the year is upon us—and no, I'm not talking about the holiday season. Before that, it’s the equally important election season...
The Hill: Democrats at odds over SALT changes
November 10, 2021
The left-leaning Institute on Taxation and Economic Policy released an analysis finding that the House proposal would provide more of its benefits to households in the top 1 percent of income than the Senate one. The think tank also estimated that the Senate proposal would be less expensive in the near-term. Both House and Senate […]
Paying The Estate Tax Shouldn’t Be Optional for the Super Rich
November 9, 2021 • By Carl Davis
ProPublica this year released multiple exposés revealing how the nation’s wealthiest individuals and families avoid taxes on an unimaginable scale. Most recently, it uncovered Republican and Democratic elected officials and political appointees who used complex strategies to avoid taxes. Richard Painter, a White House ethics lawyer under George W. Bush, said these revelations should be “troubling […]
PennLive: Several billionaires received federal direct relief payments, report says
November 8, 2021
Institute on Taxation and Economic Policy responded to the controversy via Twitter: “This disgrace is why we need real tax reform.” Tax reform is exactly what Democratic lawmakers have been advocating. These lawmakers argue billionaires and other wealthy individuals should pay more in taxes out of fairness. Read more
New York Post: At least 18 billionaires got COVID stimulus checks, report claims
November 8, 2021
The Institute on Taxation and Economic Policy, a left-leaning think tank, called ProPublica’s findings a “disgrace” that shows “why we need real tax reform.” Read more
The Washington Post: Biden’s minimum tax proposal could hit these ultra-profitable corporations
November 8, 2021
In 2020, 55 profitable corporations paid no federal income tax, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank. Biden noted the statistic while announcing his budget plan, saying “If they report big profits to their shareholders, they should be paying taxes. It’s that simple.” Read more
Star-Ledger: On SALT, Dems push tax relief for the rich, not the middle class
November 8, 2021
It’s true: Eliminating the limit on the SALT deduction would be more costly than the other parts of Biden’s social spending agenda, including the extension of the child tax credit, universal pre-K, affordable childcare and more. Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy, echoed this point: “We could be […]
1945: How Is This Possible? Billionaire George Soros Received A Stimulus Check
November 8, 2021
In response to the eye-opening findings, the Institute on Taxation and Economic Policy tweeted: “This disgrace is why we need real tax reform.” Read more
CBSNews.com: At least 18 billionaires got federal stimulus checks, report says
November 5, 2021
“This disgrace is why we need real tax reform,” the Institute on Taxation and Economic Policy, a left-leaning think tank, said on Twitter about the findings. Read more
Democrats Seek to Eliminate the Stock Buyback Advantage
November 4, 2021 • By Joe Hughes
An important reform in the bill before Congress would tax stock buybacks in a way that is more comparable to how dividends are taxed. Corporations would be required to pay a tax equal to 1 percent of their stock repurchases, ensuring that profits shifted to shareholders in this way are subject to some federal tax.
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