1,134 posts
How to Shut Down Offshore Corporate Tax Avoidance, Full Stop
• By Richard Phillips
A new bill introduced this week by Rep. Mark Pocan (D-WI), the Tax Fairness and Transparency Act, would rip out the offshore corporate tax avoidance system by its roots. This legislation combines into a single, comprehensive bill elements of three pieces of legislation that Rep. Pocan has proposed in previous years. While many drivers of […]
Two New Bills Would Plug Major Loopholes in Our Offshore Corporate Tax System
• By Richard Phillips
A new pair of bills introduced by Representative Lloyd Doggett (D-TX) this week would crack down on loopholes that allow corporations and individuals to avoid paying their fair share in taxes. Rep. Doggett’s Stop Tax Haven Abuse Act, which was sponsored by Senator Sheldon Whitehouse (D-RI) in the Senate, would close a number of the […]
Keystone Research Center: Who Pays for Property Tax Elimination?
• By ITEP Staff
Across all Pennsylvania families, property tax elimination would increase taxes by $334 per family. While property taxes would fall by an average of $1,685 per family, sales and income taxes would rise by over $2,000 on average per family. Moderate-income families (earning between $22,000 and $63,000), many of who live in rural areas, would see […]
Senator Jeff Flake: Tax Rackets: Outlandish Loopholes to Lower Tax Liabilities
• By ITEP Staff
“With a top rate of 40 percent, the U.S. has the highest corporate tax rate in the world.9 Yet, many corporations have not paid any federal income taxes for years.10” Read more here
Testimony before the Alaska House Labor & Commerce Committee On House Bill 36
• By Matthew Gardner
Thank you for the opportunity to testify on the changes House Bill 36 would make to Alaska's tax treatment of pass-through income. The taxation of pass-through business entities has been a focal point of state and federal tax reform debates for over a quarter century, with a dual focus on minimizing the role of tax laws in determining the choice of business entity and on ensuring that the income of all business entities is subject…
Kentucky Center for Economic Policy: Undocumented Immigrants Contribute $37 Million Toward Investments in Kentucky Each Year
• By ITEP Staff
Undocumented immigrants living in Kentucky pay $36.6 million in state and local taxes each year, according to a new report from the Institute on Taxation and Economic Policy. These substantial tax contributions should be acknowledged as lawmakers consider the economic and social impact of immigration policy and enforcement in the U.S. – including a recent […]
New Jersey Policy Perspectives: Undocumented Residents Pay $587 Million a Year in NJ Taxes
• By ITEP Staff
New Jersey’s undocumented immigrants contribute $587 million in state and local taxes, the sixth highest level of all the states. And those contributions would increase by $73 million – the eighth most of all states – under comprehensive immigration reform. These are the key Garden State findings in a new 50-state study released today by […]
Fiscal Policy Institute: Economic Contribution, Taxes Paid, and Occupations of Unauthorized Immigrants in New York State
• By ITEP Staff
There is a widespread misconception that unauthorized immigrants do not pay taxes. Yet, a careful national study prepared by the Institute on Taxation and Economic Policy—and coreleased in New York by the Fiscal Policy Institute with this report—finds that unauthorized immigrants currently pay $1.1 billion in state and local taxes in New York. Read more […]
The Progressive Pulse: New analysis: Most of NC senate’s “middle class” tax cut would actually flow to the wealthy
• By ITEP Staff
BTC’s analysis of SB 325 uses a more robust model developed by the Institute on Taxation and Economic Policy (ITEP), a non-profit, non-partisan organization. ITEP’s microsimulation tax model calculates tax revenue yield and incidence, by income group, of federal, state and local taxes. The model is used in states across the country to analyze state […]
Tax Justice Digest: Offshore Cash, Gas Tax and BAT
• By ITEP Staff
In the Tax Justice Digest we recap the latest reports, blog posts, and analyses from Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Here’s a rundown of what we’ve been working on lately. Corporations Offshore Cash Hoard Grows to $2.6 Trillion U.S. corporations now hold a record $2.6 trillion offshore, a […]
A Comparative Analysis: Tax Rates Paid by Companies for and Against the Border Adjustment Tax
• By Richard Phillips
It’s often noted that corporate tax reform is difficult, in part, because it creates so many winners and losers. As Congress turns its attention to federal corporate tax reform, the House GOP’s proposed border adjustment tax, which is intended to raise enough revenue to justify cutting the corporate tax rate from 35 to 20 percent, […]
The $767 Billion Money Pot Driving Tax Reform
• By Richard Phillips
With the failure of legislation to repeal the Affordable Care Act, the Trump administration and Republicans lawmakers are moving on to corporate tax reform. At the heart of this debate is the problem of corporations shifting their profits to foreign tax havens to avoid U.S. income taxes. A new report by the Institute on Taxation […]
Assessing the Distributional Consequences of Alaska’s House Bill 115 (Version L)
• By Carl Davis
This report contains ITEP's analysis of the distributional and revenue consequences of the revised version of House Bill 115 (Version L) as proposed on March 23, 2017. This proposal would reduce Alaska's Permanent Fund Dividend (PFD) payout and implement a personal income tax based on a modified version of Federal Adjusted Gross Income, with rates ranging from 0 to 7 percent. The analysis was produced using ITEP's Microsimulation Tax Model.
Fortune 500 Companies Hold a Record $2.6 Trillion Offshore
• By Matthew Gardner
All told, Fortune 500 corporations are avoiding up to $767 billion in U.S. federal income taxes by holding more than $2.6 trillion of "permanently reinvested" profits offshore. In their latest annual financial reports, 29 of these corporations reveal that they have paid an income tax rate of 10 percent or less in countries where these profits are officially held, indicating that most of these profits are likely in offshore tax havens.
Corporations’ Offshore Cash Hoard Grew to $2.6 Trillion in 2016
• By ITEP Staff
U.S. corporations now hold a record $2.6 trillion offshore, a sum that ballooned by more than $200 billion over the last year as companies moved more aggressively to shift their profits offshore, according to a new report, Fortune 500 Companies Hold a Record $2.6 Trillion Offshore, released today by the Institute on Taxation and Economic Policy (ITEP).
Tax Justice Digest: 50-State Analysis of GOP Health Care Plan, Ensuring State Sales Taxes Keep Pace with Our Changing Economy
• By ITEP Staff
In the Tax Justice Digest we recap the latest reports, blog posts, and analyses from Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Here’s a rundown of what we’ve been working on lately. State-by-State Analysis of GOP Health Care Plan By now, it’s widely known that the GOP health care plan […]
Kentucky Center for Economic Policy: Tiny Fraction of Wealthiest Kentuckians Gain from Tax Cuts in Health Repeal
• By ITEP Staff
The House plan to repeal healthcare reform, known as the American Health Care Act (AHCA), provides a tax cut to the wealthiest people while reducing the number of Americans with health coverage by an estimated 24 million, according to the Congressional Budget Office. Because Kentucky has relatively few high earners, we benefit even less from the […]
Pennsylvania Budget and Policy Center: The Fair Share Tax to Support Public Investment in Pennsylvania
• By ITEP Staff
This paper puts forward a plan, which we call the Fair Share Tax, that would take a major step toward fixing Pennsylvania’s broken tax system and raise the revenues we need to invest in the public goods that are critical to creating thriving communities and individual opportunity in our state: education, infrastructure, protection for our […]
GOP Healthcare Bill Cuts Insurance Coverage for Millions to Pay for Tax Cuts for the Wealthy; ITEP State-By-State Estimates
• By Richard Phillips
The House GOP’s American Health Care Act is being pushed quickly through the legislative process, with a vote on the House floor scheduled for as early as Thursday. The Republican legislation seeks to pay for the cost of repealing highly progressive taxes enacted as part of the Affordable Care Act by making substantial cuts to […]
Affordable Care Act Repeal Includes a $31 Billion Tax Cut for a Handful of the Wealthiest Taxpayers: 50-State Breakdown
• By Matthew Gardner
Congressional Republicans have proposed legislation that would repeal the Affordable Care Act (ACA), including rolling back a number of tax changes that were enacted to pay for the ACA's health care expansions. Among these tax changes are two targeted income tax increases that took effect in 2013, each of which apply only to a small number of the wealthiest Americans: the net investment tax and additional Medicare tax. Repealing these two taxes would cost over…
The Half Sheet: You Can’t Cut Your Way to Prosperity
• By ITEP Staff
Virginia’s tax system is upside down. Regular Virginians pay a higher share of their income in state and local taxes than the wealthy and powerful. An array of recently proposed schemes to give new handouts to the wealthy and powerful would make it even more unfair. Virginians can’t afford that. As part of our work […]
Taxes and the On-Demand Economy
• By Carl Davis
A growing number of Americans are getting rides or booking short-term accommodations through online platforms such as Uber and Airbnb. This is nothing new in concept; brokers have operated for hundreds of years as go-betweens for producers and consumers. The ease with which this can be done through the Internet, however, has led to millions of people using these services, and to some of the nation's fastest-growing, high-profile businesses. The rise of this on-demand sector,…
Debunking the 35 Percent Corporate Tax Myth
• By Richard Phillips
For years, the number one tax policy talking point from corporate lobbyists has been the claim that the United States has the highest corporate tax rate in the world. The story then goes that this high tax rate is driving away business and Congress should move to dramatically lower it. A new study by the […]
Tax Justice Digest: New Eight-Year Data Reveals Corporations Aren’t Paying Their Fair Share
• By ITEP Staff
In the Tax Justice Digest we recap the latest reports, blog posts, and analyses from Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Here’s a rundown of what we’ve been working on lately. New Study Explores the 35 Percent Corporate Tax Myth A comprehensive, eight-year study of profitable Fortune 500 corporations […]
Georgia Budget and Policy Institute: Targeted Fix to Income Tax Package Can Deliver Georgians a Win
• By ITEP Staff
Georgia lawmakers are considering a large income tax proposal with three sound tax policy reforms alongside one serious shortcoming. On the plus side, the current bill proposes to boost families with a new Georgia Earned Income Tax Credit (EITC), close an outdated loophole and index several broadly available exemptions to ensure they keep pace with […]
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