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media mention April 30, 2021 NBC News: Venture capitalists spar over Biden plan to raise their taxes
President Barack Obama’s White House put out a proposal similar to the one Biden’s White House is now offering, according to Steve Wamhoff, the director of federal tax policy at… -
media mention April 30, 2021 Fox Business: Biden’s tax plan would cost wealthiest 1% an extra $160K per year, study shows
That’s according to a new analysis published this week by the Institute on Taxation and Economic Policy, which found that the wealthiest 1% of Americans would pay an extra $159,010… -
media mention April 30, 2021 Associated Press: Biden’s corporate tax plan takes aim at income inequality
“It’s a terrific plan,” said Matthew Gardner, senior fellow at the left-leaning Institute on Taxation and Economic Policy. “We cannot have a sustainable corporate tax system until we solve this… -
media mention April 29, 2021 The Hill: Biden: ‘Trickle-down economics has never worked’
“It’s time for corporate America and the wealthiest 1 percent of Americans to just begin to pay their fair share,” Biden said. “Just their fair share.” The president referenced a… -
media mention April 29, 2021 Yahoo! Finance: Corporate tax hike would require Duke energy to ‘minimize impact’ for customers: CEO
Fifty-five of the largest U.S. companies paid no federal corporate income taxes last year, including Duke Energy, according to a study released by the left-leaning Institute on Taxation and Economic… -
media mention April 29, 2021 Bonners Ferry Herald: House Bill 380 Could be a Double Hit to Revenue and Federal Fiscal Aid (Idaho)
House Bill 380 – which would reduce the number of income tax brackets from seven to five, reduce the remaining income and corporate tax rates as well as provide a… -
media mention April 29, 2021 USA TODAY: Biden cites left-leaning study that 55 of top U.S. companies paid no federal income taxes
The ITEP report was based on a review of annual financial records by the nation’s largest publicly traded companies for their most recent fiscal year. Wamhoff noted that Biden on… -
media mention April 29, 2021 Business Insider: Under Biden’s plan, the top 1% of Americans would pay an extra $100,000 in taxes every year
A new report from the Institute on Taxation and Economic Policy (ITEP) finds that only the highest-earning Americans would see their taxes change if President Biden’s proposed increases to the… -
media mention April 29, 2021 NBC News: How Biden’s taxes hit the richest but skip the suburban base
Biden’s capital gains tax increase would only take effect for people who make more than $1 million per year in total income. Many households with six-figure incomes could even see… -
media mention April 29, 2021 CNBC: Biden wants to raise $1.5 trillion by taxing the rich. Here’s how
The richest 1% of taxpayers, who have an average income of $2.2 million, would shoulder the burden of the tax hike, according to an analysis published by the Institute on… -
media mention April 29, 2021 Bloomberg: N.Y., New Jersey, California Hit Hardest by Biden Tax Changes
President Joe Biden’s plan to ramp up the income tax rate and capital gains tax rate as part of a $1.8 trillion stimulus plan would hit high-tax states like New… -
media mention April 28, 2021 Forbes: What’s in Biden’s American Families Plan?
ARPA expanded the CTC from $2,000 per child to $3,000 per child ages 6 to 17, and $3,600 for children under 6. The plan also gives the option of receiving… -
media mention April 28, 2021 The Center Square: New Jersey politicos want repeal of SALT cap, but report indicates it will worsen racial, wealth ‘inequities’
The ITEP analysis found that repealing “the SALT cap would worsen the racial income and wealth divides by primarily benefiting wealthy white households. It would also likely crowd out other,… -
media mention April 28, 2021 Washington Post: Fact-checking Biden’s 2021 address to Congress
In a report released in April, the left-leaning Institute on Taxation and Economic Policy (ITEP) concluded that 55 profitable companies in the Fortune 500 did not pay any federal income… -
news release April 28, 2021 American Families Plan Proposes Transformational Investments and More Equitable Tax Reform
Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding President Biden’s remarks on the American Families Plan. “Longstanding inequities, deepened by… -
media mention April 28, 2021 Bloomberg: Biden Targets $41 Billion Tax Break for Real Estate Investors
Simply put, that it unfairly benefits wealthier Americans who can afford to make large investments. Middle-class families, meanwhile, are never likely to own many assets outside their own homes and… -
media mention April 28, 2021 Salon: Key Democrats want to keep most of Trump’s corporate tax cut — and slash more taxes for the rich
Of course, many corporations pay no federal income taxes at all. The Trump tax cut doubled the number of companies that had an effective 0% tax rate, according to the… -
media mention April 28, 2021 89.3 WFPL: LG&E’s Parent Company Paid No Federal Taxes Last Year (Kentucky)
In a year when Kentuckians struggled to pay their utilities bills because of a global pandemic, Louisville Gas and Electric’s parent company paid nothing in federal taxes. PPL reported around… -
media mention April 28, 2021 MarketWatch: Some lower-tax states won big in the 2020 Census count. Are Americans moving to escape the taxman?
Carl Davis, research director at the Institute on Taxation and Economic Policy, a left-leaning think tank, sees the Census results quite differently. “I really don’t see a tax story here,”… -
media mention April 28, 2021 CBS News: Some middle-class families will have a tax rate of zero this year — or less
The stimulus checks, CTC and EITC programs are likely to provide a 33% boost to the pre-tax incomes of the poorest 20% of Americans — a $3,590 hike per family… -
ITEP Work in Action April 28, 2021 Arizona Center for Economic Progress: The flat tax falls flat for most Arizonans
The Arizona legislature is poised to permanently cut over a billion dollars in state revenues, the largest tax cut in the last three decades. This cut will make Arizona’s tax… -
ITEP Work in Action April 28, 2021 Movement for Black Lives (M4BL): Restructure Tax Codes
The current taxation system exacerbates economic and racial disparities rather than generating sufficient revenue to be redistributed for the common good. Billionaires and corporations benefit from subsidies and tax breaks… -
blog April 27, 2021 Gentrification and the Property Tax: How Circuit Breakers Can Help
Property tax circuit breakers are effective because they provide property tax relief to families whose property taxes surpass a certain percentage of their income. If a family in a gentrifying area sees their property tax bill (or their rent) surge to an unaffordable level, a circuit breaker credit kicks in to offer relief. This targeted approach assists low- and middle-income families without significantly reducing overall tax revenue.
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blog April 27, 2021 Inclusive Child Tax Credit Reform Would Restore Benefit to 1 Million Young ‘Dreamers’
As the Biden administration maps out the next steps in America’s response to the coronavirus pandemic—through what is now being called the American Families Plan—it should make sure a proposed expansion of the Child Tax Credit (CTC) includes undocumented children who have largely been left out of federal relief packages this past year. Prior to 2017 Tax Cut and Jobs Act, all children regardless of their immigration status received the credit as long as their parents met the income eligibility requirements. This change essentially excluded around 1 million children and their families.
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media mention April 27, 2021 Bloomberg: SALT Workarounds Spread to More States as Democrats Seek Repeal
A recent think tank report found that removing the cap without making other tax changes could compound the federal tax code’s disproportionate economic impact on Black and Latino families. Over…