The vast majority of Senate Democrats joined their Republican colleagues in approving a new corporate tax break related to research in legislation that contains no offsetting corporate tax increases.

President Biden's latest budget plan includes proposals that would raise $2.5 trillion in new revenue. While many of these reforms appeared in his previous budget, some of them are brand new, such as his proposal to prevent basis-shifting in partnerships and his Billionaires Minimum Income Tax.

The Billionaires’ Minimum Income Tax included in President Biden's budget plan would limit an unfair tax break for capital gains income and complement proposals the president has offered previously to limit other tax breaks for capital gains.

The Biden administration should revise regulations from the TCJA to enforce the law as it was written and passed by Congress, not as big banks and multinational corporations have lobbied for it to be enforced.

New corporate tax proposals address the current situation, but ultimately leaders in Washington must fix federal law to tax all corporate profits and stop the tax dodging that is rampant today.

The United States needs to raise more tax revenue to fund investments in the American people. This revenue can be obtained with reforms that would require the richest and wealthiest Americans to pay their fair share to support the society that makes their fortunes possible.

Richest taxpayers would receive $0 benefit under new compromise compared with 51 percent of the benefit of House-passed SALT provision  DOWNLOAD NATIONAL AND STATE-BY-STATE ESTIMATES  In the latest chapter of the saga over SALT, some Senate Democrats are discussing a new compromise that would amend the House-passed provision providing relief from the SALT cap to […]

A new report from ITEP provides policy recommendations to modify the $10,000 cap on federal tax deductions for state and local taxes (SALT), which was signed into law by President Trump as part of the Tax Cuts and Jobs Act.   Because the SALT cap mostly restricts tax deductions for the richest 5 percent of Americans, the best options are to leave the cap as is or replace […]

If the Supreme Court strikes down the Affordable Care Act (ACA), as argued for by the Trump administration and the president’s nominee to the court, Amy Coney Barrett, one under-appreciated result will be a tax break of roughly $40 billion annually for about 3 percent of Americans, who all have incomes of more than $200,000.

Among other important provisions, the HEROES Act includes reforms to the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) to make these tax credits more effective in helping working people and helping parents afford the costs of raising children.

Many Americans sense that the tax code is riddled with unnecessary and costly breaks for big business, but if asked to name one, few would reply “accelerated depreciation.” While they may seem arcane, tax breaks like “full expensing” and other types of accelerated depreciation are among the central problems in our tax code. A new report from ITEP makes the case that any serious tax reform would repeal or sharply curb these provisions.

This week, House Republicans have taken up bills they call tax cuts “2.0.” Most of the attention, so far, has focused on the bill that extends—at great cost—the temporary parts of the Tax Cuts and Jobs Act (TCJA). But other legislation in the package contains provisions that make the whole deal even more tilted toward the richest households, including one that would create “Universal Savings Accounts.” Far from being universal, these new savings vehicles would benefit the same high-income households that enjoy the bulk of the tax cuts from TCJA.

National and State-by-State Data Available for Download Nearly Two-Thirds of Benefits from Repealing the SALT Cap Would Go to the Richest 1 Percent Lawmakers who opposed the Tax Cuts and Jobs Act (TCJA), the federal tax law enacted by President Trump and his allies in Congress last December, rightfully pointed out that the law benefits […]

ITEP's analysis found that when all the major provisions of TCJA are in effect, the richest fifth of households will receive 71 percent of the law’s benefits. It also found that if the temporary provisions are extended at through 2026, the richest fifth of households will receive 65 percent of the benefits of that extension that year.

Media Contact Rep. Kevin Brady, the top tax-writer in the House of Representatives, today called on his colleagues to make permanent the temporary provisions that were enacted as part of the Tax Cuts and Jobs Act (TCJA). These provisions, which will otherwise expire at the end of 2025, mostly benefit the richest households. As illustrated […]

Following is a statement by Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, regarding the report released today by Democrats on the House Oversight and Government Reform Committee addressing tax breaks for real estate developers in the new tax law. “The conclusion of this report should surprise […]