Alex Welch – Page 18

ITEP Work in Action May 26, 2021
The Arizona Center for Economic Progress: Flat Tax Exacerbates Inequalities for Households of Color

Arizona’s elected leaders have created a tax code that is upside down and regressive– meaning that those with low incomes pay a much higher share of their income in taxes…
blog May 25, 2021
How Biden’s Plan Would Crack Down on Wealthy Tax Evaders

The Treasury Department released a report explaining what the administration’s tax enforcement plan would do—and how it fits into the president’s overall plan to collect more revenue from profitable corporations and individuals making more than $400,000 a year.
brief May 25, 2021
Income Tax Increases in the President’s American Families Plan

President Biden’s American Families Plan includes revenue-raising proposals that would affect only very high-income taxpayers.[1] The two most prominent of these proposals would restore the top personal income tax rate to 39.6 percent and eliminate tax breaks related to capital gains for millionaires. As this report explains, these proposals would affect less than 1 percent of taxpayers and would be confined almost exclusively to the richest 1 percent of Americans. The plan includes other tax increases that would also target the very well-off and would make our tax system fairer. It would raise additional revenue by more effectively enforcing tax laws already on the books.
May 24, 2021
Emma Sifre

Emma Sifre joined ITEP in 2021. As a Senior Data Analyst, Emma supports ITEP’s microsimulation model and conducts research on the different effects of tax policy changes on race, income, and geography. Prior to joining ITEP, Emma researched domestic social policy at the Congressional Research Service.
ITEP Work in Action May 21, 2021
New Hampshire Fiscal Policy Institute: Elimination of the Interest and Dividends Tax Would Disproportionately Benefit High-Income Individuals

A new analysis of the proposed elimination of New Hampshire’s Interest and Dividends Tax shows nearly nine out of every ten dollars of the tax reduction would flow to the…
blog May 18, 2021
IRS Clock Runs Out, Saving 14 Large Companies $1.3 Billion

Each year, corporations publicly state that some of the tax breaks they claim are unlikely to withstand scrutiny from tax authorities. And each year, corporations report that they will keep some of the dubious tax breaks they declared in previous years simply because the statute of limitations ran out before tax authorities made any conclusions. This suggests that, perhaps because of cuts to its enforcement budget, the IRS is not even investigating corporations that publicly announce they have claimed tax breaks that tax authorities would likely find illegal.
blog May 17, 2021
State and Local Lessons on Tax Day 2021

Take a minute on this Tax Day to reflect on all that you survived, accomplished, and contributed to the collective good this past year, and be proud. There is always more work to be done to build the communities we desire, and paying your share is what allows that work to continue.
blog May 17, 2021
Research That Presents an Airtight Case for Taxing the Rich

Taxes not only provide revenue so we can have a functioning government, they also shape broader society. Currently economic inequality is one of the most pressing challenges of our time. ITEP has produced research over the years that shows the nation’s overall tax system (local, state and federal combined) is barely progressive. With real tax reform that centers ordinary people, tax policy can help create a more equitable society.
media mention May 17, 2021
AZ Central: Flat tax plan could decimate Arizona revenue, benefit a few. Don’t buy it

This is not a tax plan that will benefit most Arizonans. According to an analysis of the plan by the Institute on Taxation and Economic Policy, 53% of the tax…
ITEP Work in Action May 17, 2021
Massachusetts Budget & Policy Center: Ending the Tax Penalty Against Working Immigrants: MA Should Follow Other States Extending EITC to Immigrant Tax Filers

The Earned Income Tax Credit (EITC) is a key program for reducing poverty in the United States. Together with the federal Child Tax Credit, these low-income federal credits lifted 7.5…
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.
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.
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.
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.
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…

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