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media mention May 16, 2021 Business Insider: Jeff Bezos’ support for Biden’s corporate tax hike means nothing if Amazon can still dodge paying their fair share in taxes
This number should not come as a shock; some of the most profitable companies – often those that represent the future of the economy – have long looked for ways… -
media mention May 16, 2021 Mississippi Today: Mississippi could help long-neglected poor with Rescue Plan payments
For instance, those earning less than $16,100 pay 10.2% of their income on state and local taxes, primarily because of Mississippi’s high sales tax rate, which includes the 7% tax… -
media mention May 15, 2021 Associated Press: IRS to the rescue? Tax audits eyed for infrastructure cash
The Internal Revenue Service has estimated the tax gap is $440 billion per year. But IRS Commissioner Charles Rettig stunned his audience at a recent Senate hearing when he offered… -
blog May 14, 2021 State Tax Codes & Racial Inequities: An Illinois Case Study
Earlier this year, ITEP released a report providing an overview of the impacts of state and local tax policies on race equity. Against a backdrop of vast racial disparities in income and wealth resulting from historical and current injustices both in public policy and in broader society, the report highlights that how states raise revenue to invest in disparity-reducing investments like education, health, and childcare has important implications for race equity.
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media mention May 14, 2021 Jacobin: In Washington State, the Left Won a Major Victory for Taxing the Rich
Last week, Washington State passed a capital gains tax aimed at the state’s ultra-wealthy. The tax is historic because Washington, despite its progressive reputation, until now had the worst tax… -
blog May 13, 2021 Nearly 20 Million Will Benefit if Congress Makes the EITC Enhancement Permanent
Overall, the EITC enhancement would provide a $12.4 billion boost in 2022 if made permanent, benefiting 19.5 million workers. It would have a particularly meaningful impact on the bottom 20 percent of eligible households who would receive more than three-fourths of the total benefit. Forty-one percent of households in the bottom 20 percent of earners would benefit, receiving an average income boost of 6.3 percent, or $740 dollars.
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blog May 12, 2021 Arizonans Voted to Tax the Rich. Now Lawmakers Want to Undo Most of That.
In 2018, Arizona teachers took part in a national wave of teacher walkouts, protesting inadequate education funding and some of the lowest teacher pay in the nation—direct results of the state’s penchant for deep tax cuts and its decision to levy some of the lowest tax rates in the country on high-income families.
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ITEP Work in Action May 11, 2021 Open Sky Policy Institute: LB 64: A costly measure that is unlikely to impact retiree migration
LB 64, a bill slated for second-round debate on today’s legislative agenda, is a costly measure that would give wealthy retirees a sizable tax break under the premise of keeping… -
brief May 6, 2021 Effects of the President’s Capital Gains and Dividends Tax Proposals by State
President Biden’s proposal to eliminate the lower income tax rate on capital gains (profits from selling assets) and stock dividends for millionaires would affect less than half of one percent (0.4 percent) of U.S. taxpayers if it goes into effect in 2022. The share of taxpayers affected would be less than 1 percent in every state.
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ITEP Work in Action May 6, 2021 Open Sky Policy Institute: Policy brief — LB 432: A big tax cut for corporations
LB 432, which will soon be up for debate on select file, would give a sizable tax cut to corporations and their shareholders. The vast majority of the tax cut… -
ITEP Work in Action May 5, 2021 Open Sky Policy Institute: Policy Brief — LR 11CA presents a dangerous, untested proposal
Under the proposed 10.64% tax rate, and with the allowance, the Institute on Taxation and Economic Policy (ITEP) finds that all income groups would receive a tax cut on average,… -
media mention May 5, 2021 Forbes: President Biden’s Capital Gains Tax Plan
So, what’s the problem? What could be the downside of raising the taxes on a small portion of Americans to help needy children and kids go to college? Just 0.7%… -
ITEP Work in Action May 4, 2021 Washington Governor’s Office: Inslee signs economic justice legislation to help working families
Gov. Jay Inslee today signed an economic justice legislative package, including the Working Families Tax Credit and the capital gains excise tax, that starts the process of making Washington’s upside-down… -
ITEP Work in Action May 4, 2021 Idaho Center for Fiscal Policy: House Bill 389 and Idaho’s Property Tax Circuit Breaker
House Bill 389 is a complicated bill that would affect many different components of the Idaho property tax statute. Revenue from property taxes, both for real property and business personal… -
media mention May 4, 2021 OPB: Washington Gov. Jay Inslee signs capital gains tax into law even as legal challenges loom
While Democrats and Republicans came together around the tax credit, the capital gains tax fiercely divided the two parties. Throughout the legislative session, Democrats insisted a tax on capital gains… -
media mention May 4, 2021 New York Times: Amazon Had a Big Year, but Paid No Tax to Luxembourg
Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a left-leaning research group in Washington, said Amazon’s Luxembourg filing showed why there was such urgency, not… -
media mention May 4, 2021 Daily Kos: Study: Non-wealthy to benefit most from Biden’s tax and spending plans, especially in red states
For those who aren’t policy wonks—and who somehow can’t decide whether Joe Biden is a compassionate family man or a rapacious baby’s blood aficionado—it can be difficult to suss out… -
media mention May 4, 2021 Yahoo! Finance: Only the ‘lucky few’ will pay higher taxes under Biden’s plan, analysis finds
President Joe Biden is planning to raise revenue to fund his infrastructure plans through numerous tax hikes that would mostly hit the top 0.7% of Americans, a new analysis found.… -
media mention May 3, 2021 MarketWatch: The fight over SALT is heating up. What’s next?
“I’m surprised that it just continues to come up,” said Tracy Gordon, acting director of the Urban-Brookings Tax Policy Center. “In Washington there seems to be this broad consensus that… -
media mention May 1, 2021 New York Times: Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds
There’s no debate that the SALT deduction goes mostly to wealthier taxpayers. About 85% of its benefits accrue to the richest 5% of households, according to an analysis by the… -
media mention May 1, 2021 Business Insider: America’s wealthiest added $195 billion to their fortunes in Biden’s first 100 days
While the richest Americans saw gains under Biden, he’s making moves to tax them more heavily to offset the cost of his next big expenditure: an infrastructure package that encompasses everything from… -
media mention May 1, 2021 The Sacramento Bee: California parents would get big tax breaks under Biden proposal. Here’s how much to expect
Low and middle income families struggling to pay for child care and other expenses would see big new tax breaks through 2025 under the White House’s new child tax credit… -
media mention April 30, 2021 Coinspeaker: Joe Biden to Fund Education and Childcare by Implementing American Families Plan
According to a report by ITEP (institute On Taxation And Economic Policy), the top part of the scheme will restore the top personal income tax rate to 39.6%. The plan… -
media mention April 30, 2021 NBC News: The soul of the post-Trump GOP isn’t in D.C., it’s in the nation’s statehouses
All in all, the proposed capital gains and income tax hikes would affect less than 1 percent of taxpayers, according to an analysis by the Institute on Taxation and Economic… -
media mention April 30, 2021 Associated Press: A Look At How US Corporations Manage the Tax System
Last year, more than 50 of the largest U.S. companies actually paid nothing in federal income taxes, even though they reported $40 billion in pretax profits as a group, according…