ITEP's Research Priorities
Financial Times: Silicon Valley’s Elite Rattled by Prospect of Tax on Unrealized Gains
August 30, 2024
A novel proposal to tax the unrealised gains of wealthy Americans has incited fury from Silicon Valley’s richest investors. US vice-president Kamala Harris, the Democratic nominee for the 2024 presidential election, rolled out a tax plan last week aimed at raising nearly $5tn over a decade. It included support for the controversial tax proposal, which was also part of President Joe Biden’s federal budget plan for 2025.
AFP Fact Check: Posts Misrepresent Harris Tax Plan on Unrealized Capital Gains
August 30, 2024
Social media posts claim Kamala Harris' economic plan, were she elected president, would force Americans to pay tax on the rise in value of assets such as homes and stock investments, even if they are not sold. This is mostly false; the proposal in the current Biden administration's budget calls for a tax on "unrealized gains" on certain assets -- but only for households with a net worth of at least $100 million, or an estimated 0.01 percent of taxpayers.
The Independent: What We Know About Kamala Harris’s Tax Plans
August 28, 2024
Kamala Harris has pledged that strengthening America’s middle class will be a “defining goal” of her presidency, if elected. In her keynote address at the Democratic National Convention, Harris envisioned what she called an “opportunity economy” anchored by a “middle class tax cut that will benefit more than 100 million Americans,” standing in stark contrast to Donald Trump’s sweeping tax cuts that largely benefit America’s wealthiest households.
American University Center for Latin American & Latino Studies: Mass Deportations Could Create a US Recession
August 27, 2024
Irregular immigration is one of the most important issues in the presidential campaigns of the candidates, Republican Donald Trump and Democrat Kamala Harris. On the one hand, the Biden administration, of which Vice President Harris is part, restricted the number of asylum seekers entering the country, and on the other hand, Republicans are promising the “largest mass deportation program in US history” if they win the White House this fall.
ITEP’s Carl Davis: Pyramids, Cascades, and the Taxation of Business Inputs
August 26, 2024
ITEP Research Director Carl Davis gave this presentation to the New Mexico Revenue Stabilization and Tax Policy Committee on August 23, 2024. View the slides here.
MarketWatch: Kamala Harris Backs Biden’s Tax Proposals — Including a Tax on Unrealized Capital Gains
August 26, 2024
n the first few days of Kamala Harris’s 2024 presidential campaign, experts told MarketWatch that her stances on taxes probably would closely resemble those of President Joe Biden.
Steven Moore Sanchez
August 26, 2024 • By ITEP Staff
As Development Manager, Steven manages ITEP’s fundraising strategy and activities, helping to grow and sustain the organization. Prior to joining ITEP, Steven served as Development Coordinator at the National Low Income Housing Coalition, where he managed relations with donor partners and collaborated closely with senior staff on development activities. He previously worked as a Development […]
The Lever: Will Harris Finally Kill Wall Street’s Infamous Tax Break?
August 26, 2024
s part of their new 2024 party platform, Democrats have promised to close a notorious tax loophole that has long allowed Wall Street billionaires to pay a far lower tax rate than most Americans. Likewise, Vice President Kamala Harris has reportedly signaled she supports ending this tax break, which could net billions in government revenue.
Here’s a Tip: Keep the Taxation of Tips As-Is
August 16, 2024 • By Joe Hughes
The no tax on tips idea isn't a new one, but it's always been abandoned because it's practically impossible to do without creating new avenues for tax avoidance. Despite its embrace by the candidates from both major parties, this policy idea would do little to help the roughly 4 million people who work in tipped occupations while creating a host of problems.
La Opinión: Los indocumentados que Trump quiere deportar aportan millones de dólares a la economía
August 15, 2024
En una entrevista con la cadena ABC el pasado domingo, el compañero de fórmula de Donald Trump en la mancuerna presidencial republicana, JD Vance, evadió responder cuál será el proceso para identificar y deportar a millones de indocumentados, la pieza central de su campaña, y se limitó a recitar las usuales frases que son código de movilización para su base: frontera “abierta”, muro, criminales.
Local Tax Trends in 2024
August 14, 2024 • By Kamolika Das
Many cities, counties, and townships across the country are in a difficult, or at least unstable, budgetary position. Localities are responding to these financial pressures in a variety of ways with some charging ahead with enacting innovative reforms like short-term rental and vacancy taxes, and others setting up local tax commissions to study the problem.
America’s Voice: Immigrants Contribute a Lot – Just Ask the Researchers
August 13, 2024
Recent research from the Institute on Taxation and Economic Policy (ITEP) reveals that undocumented immigrants contributed an astounding $96.7 billion in federal, state, and local taxes in 2022. Six of the most immigrant-populous states accounted for a combined $21.1 billion of these contributions, with California leading the way at $8.5 billion in tax revenue. The research further showed that these workers pay into programs that they’re barred from accessing, and in most areas pay higher state and local tax rates than their wealthiest neighbors.
NPR Planet Money: The Economic Mind of Tim Walz
August 13, 2024
In recent weeks, Minnesota Gov. Tim Walz burst from relative obscurity to co-headlining the Democratic presidential ticket. Walz’s career rocket launch was fueled by his cutting political rhetoric, folksy midwestern charm, jovial dad vibes, and progressive principles and accomplishments.
The Washington Examiner: The Coming Multifront Battle Over the Corporate Tax Rate
August 12, 2024
Next year is likely to see the biggest battle over the taxation of corporations in nearly a decade, a multifront engagement that will pit free marketers and big business against Democrats and populists. The corporate tax rate is set to be a point of negotiation in a historic “fiscal cliff” scheduled for next year, when the individual portions of the Trump tax cuts expire.
USA Today: Trump’s Lies About Undocumented Immigrants Hide the Truth: They Pay Their Share of Taxes
August 9, 2024
These payments fund essential public services and immigrants' own paths to legal status. Misinformation about undocumented immigrants in America is harmful and leads to stereotypes and policies that not only hurt immigrants but Americans and businesses, too.
State Rundown 8/8: States Laying the Groundwork for Future Tax Battles
August 8, 2024 • By ITEP Staff
Whether they’re in a special session, gearing up for one, or prepping for 2025, states around the country are focusing on important tax fights...
Every Texan: Undocumented Texans Paid $4.9 billion in State and Local Taxes in 2022.
August 8, 2024
Undocumented immigrants are essential contributors to Texas’ economy and robust job growth. Regardless of their citizenship or immigration status, immigrant families pay state and local taxes to support vital public services that benefit all of us, such as schools and colleges, roads, parks, and libraries. A new report from the Institute on Taxation and Economic Policy (ITEP) confirms in 2022 1.9 million undocumented Texans paid a hefty $4.9 billion in state and local taxes.
ABC News: What is Tim Walz’s Record on the Economy? Look at Minnesota.
August 8, 2024
Minnesota Gov. Tim Walz, the Democratic vice presidential nominee, has enacted economic policies in the state on key issues like job creation and taxes. The track record, stretching back to 2018, indicates how he may approach such issues if granted the nation's second-highest office. His positions could also help shape perceptions of the Harris-Walz ticket on the economy, which ranks as one of the most important issues among voters. Here's what to know about where Walz stands on key economic issues:
Bangor Daily News: Immigrants Add Value to the US
August 8, 2024
With so much focus on immigration, there is unfortunately much false information being shared about immigrants and their impact on the U.S. One common misperception is that immigrants are a drain on the economy. A recent national report adds new information to debunk such arguments. According to the Institute on Taxation and Economic Policy, undocumented immigrants paid nearly $100 billion in federal, state and local taxes in 2022. More than half went to the federal government.
Mother Jones: How Trump’s “Mass Deportation” Plan Would Ruin America
August 8, 2024
This election cycle, former President Donald Trump has made one campaign promise the most prominent: Mass deportation. It is a long-standing vow. In 2016, Trump said he would deport the 11 million undocumented immigrants living in the United States. Once in the White House, he ordered sweeping worksite raids, enacted a ban on travelers from Muslim-majority countries, and deliberately separated migrant families, many of whom have yet to be reunited.
New York Times: A Walzonomics Primer
August 7, 2024
It’s been nearly 24 hours since Kamala Harris announced Gov. Tim Walz of Minnesota as her running mate, catapulting him into the national spotlight. Unlike other candidates for the position, including Gov. Josh Shapiro of Pennsylvania and Senator Mark Kelly of Arizona, the Midwestern politician hasn’t been closely scrutinized — until now. Here’s where he stands on some key business issues.
Fox Business: Kamala Harris’ VP Pick: What to Know About Tim Walz’s Economic Track Record
August 7, 2024
Minnesota Gov. Tim Walz's economic track record is under the microscope after Vice President Harris' decision Tuesday to select Walz as her running mate on the Democratic Party's 2024 ticket.
Minnesota Stands Out for Its Moderately Progressive Tax Code
August 6, 2024 • By Carl Davis
Minnesota stands apart from the rest of the country with a moderately progressive tax system that asks slightly more of the rich than of low- and middle-income families. Recent reforms signed by Gov. Tim Walz have contributed to this reality.
Audio: ITEP’s Marco Guzman on Taxes Paid by Texas Undocumented Immigrants
August 6, 2024
Marco appeared on Texas Public Media’s The Source on August 4, 2024. Listen to the clip here.
Yahoo Finance: The Economic Risk of Trump’s Deportation Plan
August 6, 2024
The surge of migrants entering the United States during part of Joe Biden’s presidency has played to Donald Trump’s signature issue. Trump launched his first campaign for president in 2015 with an anti-immigrant rant, and the issue has worked for him ever since. So Trump, in his third campaign for president, has raised his bid on the issue, promising the “mass deportation” of up to 20 million people if he wins a second term.
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