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media mention April 14, 2021 Common Dreams: Jayapal Calls for Crackdown on Wealthiest After IRS Chief Says Tax Evasion Costs US $1 Trillion a Year
Furthermore, another recent study by the Institute on Taxation and Economic Policy (ITEP) showed that 55 U.S. corporate giants paid $0 in federal income taxes last year, and 26 of… -
media mention April 14, 2021 The Cap Times: Plain Talk: It’s time to fix America’s infrastructure — and make corporations help pay for it
The Institute on Taxation and Economic Policy, a Washington-based research group that keeps tabs on such things, reported earlier this month that at least 55 of America’s largest corporations paid… -
media mention April 14, 2021 Wealth Management: What CRE Opportunities Await if the American Jobs Plan is Enacted?
Some in corporate America are critical of Biden’s proposed plan because it would be paid for raising the corporate tax rate from 21 percent to 28 percent. Nevertheless, corporations would… -
media mention April 14, 2021 Willamette Week: Nike’s Tax Bill in Oregon Is a Secret. We Asked Three Analysts to Make an Estimate.
The breakdown of that percentage among states is impossible to know, [Matthew Gardner, ITEP Senior Fellow] says, especially considering not every state has the same single-factor corporate tax structure that… -
ITEP Work in Action April 13, 2021 Arizona Center for Economic Progress: Arizona’s regressive tax policy contributes significantly to economic and racial injustice
Tax policy plays a role in the fight for economic and racial justice. The type of tax and how it is structured matters. A new report issued by the Institute… -
media mention April 13, 2021 The Commercial Appeal: FedEx CEO: Don’t raise corporate taxes to pay for Biden’s infrastructure plan
The Institute on Taxation and Economic Policy published the report earlier this month, saying FedEx had an effective tax rate of minus -12.8% from 2018 to 2020. The report cited… -
media mention April 13, 2021 CNBC: New $3,000 Child Tax Credit to Start Payments in July, IRS Says
About 83 million children live in households that would benefit from the expansion of the child tax credit, according to a study from the Institute on Taxation and Economic Policy.… -
ITEP Work in Action April 13, 2021 North Carolina Justice Center: State Tax Policy Is Not Race Neutral
North Carolina’s tax code and budget are wrought with such policy choices, which can result in racist outcomes that worsen barriers to well-being for people and communities of color, according… -
blog April 8, 2021 What to Expect from Biden and Congressional Democrats on Tax Increases for Individuals
The Biden administration has already provided details on its corporate tax proposals and in the next couple of weeks is expected to propose tax changes for individuals. Meanwhile, congressional Democrats have some ideas of their own. What should we expect?
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report April 8, 2021 National and State-by-State Estimates of President Biden’s Campaign Proposals for Revenue
During his presidential campaign, Joe Biden proposed to change the tax code to raise revenue directly from households with income exceeding $400,000. More precisely, Biden proposed to raise personal income taxes on unmarried individuals and married couples with taxable income exceeding $400,000, and he also proposed to raise payroll taxes on individual workers with earnings exceeding $400,000. Just 2 percent of taxpayers would see a direct tax hike (an increase in either personal income taxes, payroll taxes, or both) if Biden’s campaign proposals were in effect in 2022. The share of taxpayers affected in each state would vary from a low of 0.6 percent in West Virginia to a high of 3.5 percent in New Jersey.
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report April 8, 2021 A Proposal to Simplify President Biden’s Campaign Plan for Personal Income Taxes and Replace the Cap on SALT Deductions
In this paper, we describe a tax policy idea that would simplify the proposals President Biden presented during his campaign to raise personal income taxes for those with annual incomes greater than $400,000. Our proposal would replace the cap on state and local tax (SALT) deductions with a broader limit on tax breaks for the rich that would raise more revenue than the personal income tax hikes that Biden proposed during his campaign. Our proposal would also achieve Biden’s goals of setting the top rate at 39.6 percent and raising taxes only on those with income exceeding $400,000.
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April 8, 2021 The High Cost of Corporate Tax Avoidance (Webinar)
When communities thrive, so do corporations. But when profitable corporations build their empires by exploiting the tax code, it is workers, the environment and our communities—not CEOs or shareholders—that are harmed. Amazon posted its highest U.S. profit ever for 2020, an unprecedented year defined by a pandemic. Yet the company sheltered more than half its profits from corporate taxes—legally. While the company may be one of the most recognizable tax avoiders, it’s not an outlier.
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ITEP Work in Action April 7, 2021 Oregon Center for Public Policy: A better reality for Oregonians requires flipping the tax system
As vaccines for COVID-19 make their way into the arms of Americans, a sense of normality feels within reach. But going back to normal is not what working Oregonians need.… -
media mention April 7, 2021 Salon: America’s Biggest Corporations Paid No Federal Income Taxes Last Year: Study
According to a new study, conservative policies look to have helped a handful of large companies mooch off the federal government in 2020. The Institute on Taxation and Economic Policy,… -
media mention April 7, 2021 CQ Roll Call: It’s Spring, the Sap Is Rising — and Congress Turns Its Thoughts to Taxes (Column)
In similar paint-by-numbers fashion, the Biden White House is flogging studies by liberal think tanks highlighting how many major corporations have avoided paying any income taxes in recent years. For… -
media mention April 7, 2021 Akron Beacon Journal: FirstEnergy, AEP among 55 Companies that Paid Zero Federal Income Taxes in 2020, Report Shows
FirstEnergy and AEP also were among 26 profitable companies that for three years, from 2018 to 2020, took legal deductions that allowed them to pay zero federal income tax, according… -
media mention April 7, 2021 Wall Street Journal: Jeff Bezos Backs Corporate Tax-Rate Increase and Infrastructure Plan
Amazon has taken advantage of policies allowing companies to reduce their tax liability through research spending or investment in renewable energy. The company reported $1.8 billion in U.S. tax liability… -
media mention April 7, 2021 Washington Post: Biden Says He’s Open to Compromise with Republicans on $2 Trillion Infrastructure Plan
Fifty-five corporations saw zero federal tax liability in 2020, according to a report this week by the Institute on Taxation and Economic Policy, a left-leaning think tank. The amount of… -
media mention April 7, 2021 Forbes: Why Biden’s Right and Higher Corporate Tax Rates Won’t Chase Off Companies
By the end of 2020, the effective tax rate was 14.1%. As Biden noted, 55 major corporations—including Nike, FedEx, Salesforce, and Archer Daniels Midland, and HP—paid no federal income tax… -
media mention April 7, 2021 Business Insider: Biden Wants a 28% Corporate Tax Rate Because He’s ‘Sick and Tired of Ordinary People Being Fleeced’
The president also blasted companies paying little or no federal taxes without naming them. He cited a recent report from the left-leaning Institute on Taxation and Economic Policy that found… -
media mention April 7, 2021 Los Angeles Times: Column: Jeff Bezos Likes Biden’s Infrastructure Plan Because He Knows It’s Worth the Money
As for raising the corporate tax rate, America’s CEOs might object, but let’s recognize that for many big corporations the statutory corporate tax rate is merely theoretical. As the Institute… -
media mention April 7, 2021 MSNBC: Amazon CEO Supports Higher Corporate Taxes to Pay for Infrastructure Plan
Amazon CEO Jeff Bezos on Tuesday voiced support for raising the corporate tax rate but stopped short of saying he supports the president’s plan for the increase. The panel discusses… -
media mention April 7, 2021 CNN: Avlon Reacts to McConnell’s Advice to Corporations
“In fact, there were at least 55 profitable companies among the Fortune 500 and S&P 500 that paid no federal tax in 2020. That’s according to the Institute on Taxation… -
media mention April 7, 2021 American Prospect: Biden, Wyden, and Yellen: Bring Investment Home!
This is all popular stuff. Poll after poll has shown large majorities of Americans favor raising taxes on the rich and on big corporations, and the majorities on these issues… -
media mention April 7, 2021 New York Times: Jeff Bezos says Amazon, a Notable Tax Avoider, Supports Raising Corporate Taxes.
For years, Amazon has been a model for corporate tax avoidance, fielding criticism of its tax strategies from Democrats and former President Donald J. Trump. In 2019, Amazon had an…