Various efforts have been made to revive the 2021 tax credit, which was wildly popular and is considered the “gold standard,” to CTC advocates, according to Joe Hughes, a Federal Policy Analyst at the Institute on Taxation and Economic Policy, a non-profit, non-partisan tax policy organization. It’s also popular across party lines: A poll from Zero to Three and Morning Consult found that 85% of respondents want Congress to reinstate the 2021 CTC — 94% of Democrats and 77% of Republicans. But no effort in that direction has yet been successful.
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media mention January 29, 2024 Fatherly: What the New Child Tax Credit Would — and Wouldn’t — Do for Families
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media mention January 29, 2024 CBS News: Vermont Wants to Fix Income Inequality by Raising Taxes on the Rich
Across the U.S., the rich generally pay a lower share of their income in taxes than low earners, according to the Institute on Taxation and Economic Policy (ITEP). A recent analysis by the left-leaning think tank found that the average effective state and local tax rate paid by residents to their home state is 7.2% for the top 1% of earners; for the lowest-earning 20%, that rate tops 11%.
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media mention January 29, 2024 CBS News: 14 States are Cutting Individual Income Taxes in 2024. Here are Where Taxpayers are Getting a Break
The reductions represent a continuation of “tax cut fever,” as termed by the left-leaning Institute on Taxation and Economic Policy (ITEP). The drive to cut state taxes began during the pandemic when many states found themselves flush with tax revenue. With coffers fat, lawmakers sought to provide some relief to their constituents, typically through tax rebates or rate reductions.
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blog January 24, 2024 New Mexico Making Tremendous Progress Making Taxes Less Regressive
Recent tax reforms have helped to bring greater balance to New Mexico’s tax code. A new in-depth look at taxes in all 50 states finds New Mexico is an emerging leader, though there’s still plenty of room for improvement.
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ITEP Work in Action January 24, 2024 Hawai’i Appleseed Center for Law and Economic Justice: Rebalance Hawaii’s Upside-Down Tax Code to Achieve Prosperity for All
Our state tax code makes the situation worse. A comprehensive analysis of state and local taxes across the country shows that Hawaii is the third-worst state when it comes to taxing struggling working families. Households in the lowest income category pay an effective tax rate of 14.1%, while the richest 1% pay an effective tax rate of 10.1%
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media mention January 23, 2024 New York Times: Vermont Becomes Latest State to Propose Wealth Taxes
Lawmakers in Vermont are introducing legislation this week that would impose new taxes on the state’s wealthiest residents, joining a growing national campaign being pushed by Democrats who believe that the measures will gain traction as states reckon with post-pandemic budget squeezes
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ITEP Work in Action January 23, 2024 Oregon Center for Public Policy: Oregon’s Tax System is Fundamentally Unfair, but We Can Fix It
If you were designing a tax system from scratch, who would you tax at a higher rate: a low-income family struggling to pay the rent and put food on the table, or a rich family making way more money than they spend?
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media mention January 23, 2024 Editorial: Florida Shines at Favoring the Rich, Punishing the Poor
But there’s one category in which Florida is unarguably first — first of the worst. The state has the nation’s most regressive state and local tax structure. That’s the judgment of ITEP, the progressive Institute on Taxation and Economic Policy, which ranks states every five years
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ITEP Work in Action January 23, 2024 The Commonwealth Institute: How the Governor’s Proposal Increases Taxes for Low-Income Families, Gives Significant Cuts to the Wealthy
When we all pitch in our fair share, we can invest in the programs and services that help everyone to thrive, like public education, affordable housing, and more. But Virginia’s tax code is upside-down, where those with the most pay the least taxes as a share of income.
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media mention January 23, 2024 Audio: ITEP’s Carl Davis Discusses North Carolina’s Upside-Down Tax Code
Ever since Republicans took control of the North Carolina legislature in 2011, they’ve passed income tax cut after income tax cut and bragged repeatedly of the supposed enormous benefits this has afforded to average North Carolinians