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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… -
media mention April 27, 2021 CNN: Elizabeth Warren: US taxes are rigged in favor of Amazon, Netflix and other big companies
Despite reporting large pretax profits, at least 55 large corporations paid no federal corporate income tax in their most recent fiscal year, according to the Institute on Taxation and Economic… -
media mention April 27, 2021 CNBC: Elizabeth Warren takes aim at FedEx, Nike, Amazon in push for corporate tax hike
FedEx and Nike were mentioned in an April report by the Institute on Taxation and Economic Policy as companies that recently paid little-to-no federal corporate income taxes. “The delivery giant… -
media mention April 27, 2021 Footwear News: Sen. Elizabeth Warren: Nike and Amazon Should Be Hit With Higher Tax Rate
Early this month, a study from the Institute on Taxation and Economic Policy suggested that 55 U.S.-based companies — including Nike and FedEx — did not pay corporate income taxes… -
blog April 27, 2021 Alvin Schorr and the Policy Relay Race
Sometimes a good idea takes a while. Alvin Schorr, who would have turned 100 this month, helped draft a 1972 bill “to provide for a system of children’s allowances.” He continued to push (in a 1977 congressional testimony and in a 1983 New York Times op-ed) for a refundable tax credit for all families and a children’s allowance, among other laudable ideas. A half-century later, these ideas—which many others have championed—are becoming reality.
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media mention April 26, 2021 Morning Call: PPL Corp. and other companies with Lehigh Valley ties paid zero U.S. taxes in 2020
Matthew Gardner, a senior fellow with the Institute on Taxation and Economic Policy and co-author of the organization’s report, said PPL documents show the company made pre-tax U.S. income of… -
media mention April 26, 2021 Daily Kos: Democrats gave Americans a huge tax cut—just not the wealthiest ones
According to new estimates from congressional forecasters, Democratic tax cuts for low- to middle-income earners included in President Joe Biden’s relief plan could mean that people making less than $75,000… -
ITEP Work in Action April 26, 2021 Idaho Center for Fiscal Policy: Analysis and Considerations Related to House Bill 380
The Idaho Legislature is considering a proposal that would reduce the number of income tax brackets from seven to five, cut income and corporate tax rates and provide a one-time… -
ITEP Work in Action April 24, 2021 New Jersey Policy Perspective: Blueprint to Secure a Just Recovery
In 2017, New Jersey Policy Perspective released the Blueprint for Economic Justice and Shared Prosperity. It charted a course forward for the state after decades of short-sighted policymaking that exacerbated… -
media mention April 23, 2021 Bloomberg: The Myth of the Middle-Class SALT Cap Victim
Once again, if you make well under $1 million a year and your tax rate really did go up from 2017 to 2018 because of the SALT cap, I’m not… -
media mention April 23, 2021 Washington Post: The Federal Government Is Losing Billions in Unpaid Taxes, in Part Due to Racial Disparities in the Tax Code
Drawing from a report by the nonpartisan Institute on Taxation and Economic Policy, Wyden said an estimated 80 percent of the individual benefits under the Trump administration’s tax cuts went… -
ITEP Work in Action April 23, 2021 Washington Center for Equitable Growth: Weekend reading: Inequities in U.S. taxation and homeownership edition
Homeowners of color who sell their homes receive lower prices due to such factors as reduced neighborhood school quality, but they pay the same property taxes because these factors are… -
media mention April 23, 2021 Bloomberg: Firms Shuffle Intangible Assets Abroad Despite U.S. Tax Break
President Joe Biden and other Democrats have said FDII has been ineffective and should be replaced or revamped. While the concerns they’ve voiced about FDII aren’t directly related to the… -
media mention April 23, 2021 FAIR: ‘Some of Our Most Profitable Companies Are Not Contributing to Our Basic Needs’
Janine Jackson interviewed Institute on Taxation and Economic Policy’s Amy Hanauer about corporate tax avoidance for the April 16, 2021, episode of CounterSpin. This is a lightly edited transcript. Read… -
media mention April 23, 2021 Bloomberg: IRS Releases Country-by-Country Filings: Insights on Tax Havens, Effective Tax Rate
One of the interesting patterns in the CbCR filings is the gap between the statutory and effective tax rates. The ETR on the U.S. is just 9% versus the statutory… -
ITEP Work in Action April 23, 2021 NC Policy Watch: NC needs to fix its tax code to secure a just recovery — for everyone
North Carolina’s current tax code asks the top to pay less as a share of their income than taxpayers with poverty-level incomes. By putting in place tax policies that would…