Alex Welch – Page 11

blog September 7, 2022
Romney Child Tax Credit Plan Would Leave Millions of Children Worse Off and Raise Taxes for the Average Black Family

Sen. Romney’s plan would expand the Child Tax Credit and offset the costs by scaling back other tax benefits. All told, it would raise taxes on a fourth of all kids in the U.S. This includes about a fourth of the children among the poorest fifth of U.S. families.
report September 7, 2022
National and State-by-State Estimates of Two Approaches to Expanding the Child Tax Credit

The Romney Child Tax Credit plan would leave a quarter of children worse off compared to current law and help half as many low-income children as the 2021 expansion of the credit.
blog August 18, 2022
Gimmicky Sales Tax Holidays Are Short-Term and Ineffective

Everyone loves a deal, so it’s no surprise why the appeal of the state sales tax holiday continues to persist. This year, 20 states will forgo more than $1 billion in combined revenue to enact a variety of sales tax holidays that—like most things that are too good to be true—will do little to provide meaningful benefits and instead undermine funding for public services.
news release August 12, 2022
ITEP: Inflation Reduction Act is Biggest Corporate Tax Reform in Decades

Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, issued the following statement on “The Inflation Reduction Act (IRA) of 2022,” the reconciliation bill passed today by…
blog August 12, 2022
Lawmakers Must Choose Between Funding the IRS or Protecting Wealthy Tax Cheaters

Grasping for some way to criticize the popular Inflation Reduction Act as it approaches final passage, Congressional Republicans have decided to attack its provisions that will reverse a decade of…
blog August 9, 2022
What Tax Provisions are in the Senate-Passed Inflation Reduction Act?

The Inflation Reduction Act approved by the Senate on Aug. 7 would raise more than $700 billion in new revenue over a decade by closing corporate tax loopholes, empowering the…
news release August 7, 2022
Inflation Reduction Act Will Increase Tax Fairness, Reduce Inequality

Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, issued the following statement on “The Inflation Reduction Act (IRA) of 2022,” the reconciliation bill passed today by…
blog August 5, 2022
They Might Really Do It: The Senate Is About to Reform Our Tax Code

For now, the Senate is poised to reverse cuts to the IRS enforcement against wealthy tax evaders for the first time in a decade, crack down on tax-dodging by huge corporations for the first time since 1986, and finally address the method increasingly used by corporations to transfer income to shareholders to avoid federal taxes. The multi-decade winning streak of corporate lobbyists and special interests who have practically written many of our tax laws in recent years is about to come to an end.
blog August 5, 2022
Corporations are Shifting Profits to Wealthy Investors Tax-Free—Stock Buyback Tax Would Change That

Senate Democrats have announced an agreement on the Inflation Reduction Act that, among other changes to a previous version of the bill, would apply a 1 percent tax on corporations repurchasing their own stock. This proposal was included in the House-passed Build Back Better Act last year and was estimated at that time to raise $124 billion over 10 years. This measure would ensure that income transferred from corporations to wealthy shareholders does not continue to escape taxation.
blog August 5, 2022
Corporate Minimum Tax Examples: Apple Would Likely Pay More, 3M Would Not

Apple, one of the largest corporations in the United States despite manufacturing most of its physical products offshore, would likely pay the corporate minimum tax that is included in the Inflation Reduction Act that the Senate is debating this week. 3M, a manufacturer that has about 40 percent of its workforce in the United States, likely would not pay the corporate minimum tax if current trends in the company’s profits and taxes continue, because it is already paying above 15 percent of its profits in taxes.
August 3, 2022
Jon Whiten

Jon leads ITEP’s work to shape the public debate around tax policy and ensure that policymakers, advocates, and other stakeholders are using ITEP’s data and analysis in order to make sound decisions.
media mention August 2, 2022
Bloomberg Tax Op-Ed: Manchin-Schumer Deal Takes Sensible Aim at Corporate Tax Dodging

Revenue-raising provisions in the Inflation Reduction Act would bring long-overdue fairness to a tax system that for decades has been eroded by special breaks for the powerful and well-connected, says…
blog August 2, 2022
Opponents of Inflation Reduction Act Call for Continued Tax Avoidance by Large Manufacturers

The biggest revenue-raising provision in the Inflation Reduction Act, the 15 percent minimum tax for corporations that have more than a billion dollars in profits, is under attack from members…
blog August 2, 2022
Top Republican Tax-Writer Falsely Claims that Minimum Tax for Huge Corporations Is a Tax Hike on Middle-Class

Opponents of requiring corporations to pay even a minimum amount of taxes hold an unpopular position. But Sen. Mike Crapo, the top Republican on the Senate Finance Committee and a leader of that opposition, is using a one-sided and incomplete analysis to claim that the corporate minimum tax would raise taxes on low- and middle-income people.
media mention July 28, 2022
The Washington Post: How the Schumer-Manchin Climate Bill Might Impact You and Change the U.S.

“This would certainly be the biggest corporate tax increase in decades,” said Steve Wamhoff, a tax expert at Institute on Taxation and Economic Policy. “We’ve had decades of tax policy…
media mention July 28, 2022
Reuters: Biden Pledge to Tax Wealthy, Companies Revived with Manchin-Led Bill

Biden said during a speech on Thursday that the deal would “for the first time in a long time begin to restore fairness to the tax code – begin to…
news release July 28, 2022
ITEP: Reconciliation Deal Represents “Transformational Change” for U.S. Tax Policy

Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, issued the following statement on “The Inflation Reduction Act of 2022,” the reconciliation bill announced yesterday by Senate…
blog July 22, 2022
Legislative Momentum in 2022: New and Expanded Child Tax Credits and EITCs

State legislatures across the country made investments in their future, centering children, families, and workers by enacting and expanding state Earned Income Tax Credits (EITCs), Child Tax Credits (CTCs), and…
blog July 22, 2022
Most States Used Surpluses to Reduce Taxes But Not in Sustainable or Progressive Ways

The average person on the street would have no idea that many states experienced unprecedented budget surpluses this year. Iowa, for instance, has the most structurally deficient bridges of any…
blog July 19, 2022
The Tax Legislation Debated in Congress Would Reduce Inflation and Help Americans Deal with Rising Costs

Opposing a fully paid-for spending bill because of inflation concerns does not make any sense. Opposing a deficit-reducing bill because of inflation is absurd.
news release July 15, 2022
ITEP: Tax and Climate Provisions Are What Americans Want and Need

In response to conflicting reports on negotiations with Sen. Joe Manchin of West Virginia on tax increases and climate provisions, Amy Hanauer, ITEP Executive Director, released the following statement: Sen. Joe…
media mention July 5, 2022
CNBC: Millions of Calif. families to get ‘inflation relief’ stimulus checks of up to $1,050

Democratic California Gov. Gavin Newsom and Democratic legislative leaders agreed on a $17 billion relief package that includes $9.5 billion in inflation relief funds. Those estimated 23 million California taxpayers will receive…
blog June 30, 2022
No Reason to Water Down the Tax Reforms in the Build Back Better Act

There is no justification for recently reported efforts to scale back the tax reforms in the Build Back Better Act, a bill passed by the House of Representatives in November…
June 23, 2022
State Policy Associate or Policy Analyst (Research Team)

Read as PDF The Institute on Taxation and Economic Policy (ITEP) is a non-profit research organization that analyzes tax laws and tax proposals at the federal, state and local levels. ITEP’s work demonstrates the…
blog June 22, 2022
New ITEP Report Examines the Path to Equitable Tax Policy in the South

“From the inception of the emerging American nation, the South is a central battleground in the struggles for freedom, justice, and equality. It is the location of the most intense…

ITEP's Research Priorities