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media mention April 22, 2021 The Hill: Progressives Divided over Efforts to Repeal SALT Cap
Outside liberal groups are also criticizing the push to repeal the SALT deduction cap. The Institute on Taxation and Economic Policy released a report Tuesday that said repealing the cap… -
media mention April 22, 2021 Axios: GOP Senators Open to Corporate Tax Increase
Driving the news: The president has highlighted a study from the left-leaning Institute on Taxation and Economic Policy showing 55 corporations actually received $3.5 billion in tax rebates, instead of… -
media mention April 21, 2021 CNBC: Black, Hispanic Families Would Benefit Less from a SALT Cap Repeal than Whites
Repealing the $10,000 state and local tax deduction cap is likely to have uneven results for Americans. In fact, Black families are 42% less likely and Hispanic families are 33%… -
April 21, 2021 On Corporate Tax Avoidance “[A majority of people] recognize this basic unfairness: When you give big companies tax breaks, you’re taking them away from small businesses. The corporate tax reform… -
blog April 21, 2021 An EITC to Lift Up Young Workers
Young workers are confronting a harsh economic reality filled with student loan debt and far too few good-paying jobs. The pandemic reinforced this group’s long history of not receiving proper benefits, such as health insurance, from their employers. They also are often overlooked when it comes to policies that promote economic wellbeing. The federal Earned Income Tax Credit (EITC), for example, is a glowing success story. It lifted 5.8 million people out of poverty in 2018, including 3 million children. But a key shortcoming of the federal EITC: working adults without children in the home receive little to no benefit.
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media mention April 20, 2021 Jacobin: Democrats’ Lies About Tax Breaks Sound a Lot Like Republicans’
If you only listened to Democratic lawmakers, you might think these numbers are dramatically different in Democratic states with higher state and local taxes — but “there is no state… -
media mention April 20, 2021 Bloomberg: SALT Cap Revolt Led by N.Y. Democrats Snarls Biden Spending Plan
A study released Tuesday showed that the cap also would disproportionately benefit White families over non-White households, further complicating the Biden administration’s plans to make racial equity a core plank… -
media mention April 20, 2021 Forbes: Repealing The Cap On State And Local Tax Deductions Would Widen The Racial Wealth Gap, New Study Shows
As some lawmakers from high-tax Blue states push for the elimination of the Trump-era $10,000 cap on state and local tax (SALT) deductions, a new study from the left-leaning Institute… -
media mention April 20, 2021 The Hill: Left-leaning Group: SALT Cap Repeal Would Worsen Racial Income Disparities
Repealing the cap on the state and local tax (SALT) deduction would exacerbate racial income and wealth disparities, according to an analysis released Tuesday from the left-leaning Institute on Taxation… -
news release April 20, 2021 SALT Cap Repeal Would Exacerbate Racial Inequities
A new ITEP analysis provides critical data for the debate over whether to repeal the $10,000 cap on state and local tax (SALT) deductions. The report finds that repeal of the SALT cap without other reforms would worsen economic disparities and exacerbate racial inequities baked into the federal tax system.
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blog April 20, 2021 SALT Cap Repeal Would Worsen Racial Income and Wealth Divides
A bipartisan group of 32 House lawmakers banded together to form the “SALT Caucus,” demanding elimination of the SALT cap. None of their arguments in favor of repeal change the fact that it would primarily benefit the rich and, according to new research, exacerbate racial income and wealth disparities.
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report April 20, 2021 Not Worth Its SALT: Tax Cut Proposal Overwhelmingly Benefits Wealthy, White Households
A previous ITEP analysis showed the lopsided distribution of SALT cap repeal by income level. The vast majority of families would not benefit financially from repeal and most of the tax cuts would flow to families with incomes above $200,000.
This report builds on that work by using a mix of tax return and survey data within our microsimulation tax model to estimate the distribution of SALT cap repeal across race and ethnicity. It shows that repealing the SALT cap would be the latest in a long string of inequitable policies that have conspired to create the vast racial income and wealth gaps that exist today.
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blog April 19, 2021 Nike’s Tax Avoidance Response Does not Dispute It Paid $0 in Federal Income Tax
It was (allegedly) P.T. Barnum who first said “there’s no such thing as bad publicity.” But the public relations professionals at the Nike Corporation clearly disagree with this maxim. Last week, after multiple media outlets, including the New York Times, wrote about ITEP’s conclusion that Nike avoided federal corporate income taxes under the Trump tax law, the company contacted these news organizations to… change the subject.
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ITEP Work in Action April 15, 2021 Policy Matters Ohio: House Budget chooses tax cuts over more support for key public programs
The 2022-23 state budget presents Ohio lawmakers with an opportunity to rebuild communities so all people, no matter what they look like or how much money they have, can thrive… -
ITEP Work in Action April 15, 2021 California Budget & Policy Center: Promoting Racial Equity Through California’s Tax and Revenue Policies
Legacies of historical racist policies and ongoing discrimination in areas such as education, employment, and housing have barred many Californians of color from economic opportunities. As a result, Californians of… -
media mention April 15, 2021 Jacobin: Never Trust a CEO Who Says They Want to Help
Meanwhile, at least twelve corporate members of the Business Roundtable paid nothing in federal taxes last year, according to the advocacy group Patriotic Millionaires’ review of data compiled by the… -
media mention April 15, 2021 Washington Post: Biden proposals may not guarantee all Fortune 500 corporations pay federal income taxes, experts say
Of the 55 corporations that did not pay federal income taxes in 2020, only five had more than $2 billion in net income, according to the report by the Institute… -
media mention April 15, 2021 Washington Post: Opinion: Americans are liberals on taxes, living under a conservative system
When you combine all the kinds of taxes people pay, you see the system is almost flat. As this report from the Institute on Taxation and Economic Policy shows, in… -
media mention April 15, 2021 Los Angeles Times: Column: California Democrats have a chance to flex some muscle and work to restore deductions for taxpayers
Standard deductions were nearly doubled and so were child credits. Importantly for many upper-middle-class Californians, the alternative minimum tax was significantly lowered. The Institute on Taxation and Economic Policy reports… -
ITEP Work in Action April 14, 2021 NC Policy Watch: Some simple truths about the taxes corporations pay and Biden’s proposal blow the whistle on them
Discovery No. 1 one is that almost no major U.S. corporation, certainly not those that do business overseas, actually pays the 21% corporate tax rate, set by law. In fact,… -
media mention April 14, 2021 The News-Gazette: Jim Dey | Once scourge of rich, governor’s now their defender
That’s one reason why, in his letter to Biden, Pritzker & Co. ignored higher earners, complaining that “middle class Americans are struggling under this federal tax burden.” That’ s just… -
media mention April 14, 2021 City & State (NY): Correcting disinformation about the excluded workers fund
Technically, no employee in New York pays into unemployment as it’s a tax on employers, but their employment is what leads to the pay-ins. While it’s impossible to know whether… -
ITEP Work in Action April 14, 2021 NC Policy Watch: New report: NC tax policy promotes racial inequities in numerous ways
North Carolina’s tax code and budget are wrought with such policy choices, which can result in racist outcome that worsen barriers to well-being for people and communities of color, according… -
media mention April 14, 2021 Nonprofit Quarterly: Pressure to Tax Corporations Rises as Infrastructure Gaps Come into Full View
The bottom line: As research conducted by the Institute on Taxation and Economic Policy (ITEP) illustrates, at least 55 major US corporations that had a combined total of $40.5 billion… -
media mention April 14, 2021 420 Intel: Considering Opportunities for the Upcoming Federal Taxation of Cannabis
According to the Institute on Taxation and Economic Policy, “state and local excise collections on retail cannabis sales surpassed $1 billion for the first time in 2018.” This rapid growth…