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ITEP Work in Action March 31, 2021 West Virginia Center on Budget and Policy: Senate Income Tax Cut Plan is More of the Same: Tax Cuts for the Wealthy, Tax Increases and Budget Cuts for Everyone Else
This week, the Senate Finance Committee took up HB 3300, the House’s income tax cut plan, and made significant changes before quickly passing it out of committee. Unlike the House… -
blog March 31, 2021 A New Look at Taxes and Race at the State and Local Levels
A new ITEP report reveals how different taxes have very different impacts on racial equity and unveils data for two states showcasing the consequences of their contrasting tax policy choices. In short, we find that income taxes can help narrow the racial income and wealth divides while sales taxes generally make those divides worse.
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report March 31, 2021 Taxes and Racial Equity: An Overview of State and Local Policy Impacts
Historic and current injustices, both in public policy and in broader society, have resulted in vast disparities in income and wealth across race and ethnicity. Employment discrimination has denied good job opportunities to people of color. An uneven system of public education funding advantages wealthier white people and produces unequal educational outcomes. Racist policies such as redlining and discrimination in lending practices have denied countless Black families the opportunity to become homeowners or business owners, creating extraordinary differences in intergenerational wealth. These inequities have long-lasting effects that compound over time.
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news release March 31, 2021 New Research: Tax Policy Choices Can Narrow or Worsen the Racial Income Gap
Media contact A new report released today by the Institute on Taxation and Economic Policy spotlights a stark challenge confronting state and local lawmakers. Tax policy has the potential to… -
ITEP Work in Action March 30, 2021 California Budget & Policy Center: American Rescue Plan Provides Assistance to Millions of Californians
This latest round of federal fiscal relief will help reduce hardship as a result of the pandemic, particularly for Californians with low incomes and people of color, and begins to… -
media mention March 29, 2021 WTTW: Proposals Could Expand Eligibility for Earned Income Tax Credit
“[Illinois] just piggybacks off of that by saying if you got the federal credit you get 18% of that for state purposes,” said Lisa Christensen Gee, the director of special… -
blog March 25, 2021 Here Are Some Truths About Corporate Tax Avoidance
We all need the things that the public sector provides. When corporate taxes go unpaid, the American people have less for the things that would help our communities. That means less repair of our failing infrastructure, less investment in greening our economy, less funding to help young people attend college.
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March 25, 2021 Testimony to Senate Budget Committee on Ending a Rigged Tax Code: The Need To Make the Wealthiest People and Largest Corporations Pay their Fair Share of Taxes
Following is testimony of ITEP Executive Director Amy Hanauer before the Senate Budget Committee to consider “Ending a Rigged Tax Code: The Need To Make the Wealthiest People and Largest… -
media mention March 24, 2021 Indy Week: Anti-Poverty Advocates Rejoice Over New Child Tax Credit
It’s hard to overstate the significance of the expanded tax credit for low-income families. Information released by the Institute on Taxation and Economic Policy found that more than 2.6 million… -
media mention March 24, 2021 Connecticut Post: State Rep. Sean Scanlon (opinion): State child tax credit would ease burden on families
The good news for families is that President Biden’s recently passed stimulus bill features a provision long championed by my Congresswoman Rosa DeLauro that not only makes the tax credit… -
media mention March 24, 2021 CBS News: Zoom’s pandemic profits exceeded $670 million. Its federal tax payment? Zilch
“We are only taxing about half of all corporate profits,” observed Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, which put out a report on… -
media mention March 24, 2021 The Street: New York Inches Closer to Legalizing Recreational Cannabis
Last November, voters in New Jersey and Arizona voted to legalize marijuana. And in December, New Jersey placed a social equity excise tax on cannabis sales in order to address… -
media mention March 23, 2021 Arkansas Times: Can’t Forget the Millionaires: Income Tax Cut on Agenda Today
Arkansas Advocates for Children and Families has run the numbers by the Institute on Taxation and Economic Policy. It says 72 percent of the tax cut will go to people… -
media mention March 23, 2021 Salon: Zoom Increased Profit by 4,000% during the Pandemic — but the Company Paid $0 in Federal Income Tax
The U.S.-based online video chat platform Zoom has seen its profits skyrocket by 4000% during the Covid-19 pandemic thanks to the growing reliance on remote work and schooling, but an… -
media mention March 23, 2021 Business Insider: Zoom Paid $0 in Federal Taxes on $664 Million in Pandemic Profits, Mostly by Paying Executives Stock Options
“Companies that compensate their leadership with stock options can write off, for tax purposes, huge expenses that far exceed their actual cost,” Matthew Gardner, a senior fellow at the Institute… -
media mention March 23, 2021 New York Post: Zoom Paid No Federal Income Tax Last Year amid Pandemic Profit Surge
The Silicon Valley firm appears to have achieved that feat largely thanks to its use of stock-based compensation for employees, which helped reduce its worldwide tax bill by more than… -
media mention March 22, 2021 Common Dreams: Zoom Paid $0 in Federal Income Taxes on 4,000% Profit Increase During Pandemic: Report
The U.S.-based online video chat platform Zoom has seen its profits skyrocket by 4000% during the Covid-19 pandemic thanks to the growing reliance on remote work and schooling, but an… -
media mention March 21, 2021 The Independent: Zoom Increase Profits by 4000 Per Cent During Pandemic but Paid No Income Tax, Report Says
Zoom Video Communications reported that it made a $660m (£476m) pre-tax profit in 2020, up from $16m (£11.5m) in 2019, according to the non-profit Institute on Taxation and Economic Policy.… -
media mention March 21, 2021 Chicago Sun-Times: A New Push to Expand the State’s Earned Income Credit Could Include Immigrants
Economic Security for Illinois, working with the Institute in Taxation and Economic Policy, estimates that as many as 500,000 households would benefit from the expansion, including 110,000 immigrant households. Read… -
blog March 19, 2021 Zoom Pays $0 in Federal Income Taxes on Pandemic Profits
Zoom Video Communications, the company providing a platform used by remote workers and school children across the country during the pandemic, saw its profits increase by more than 4,000 percent last year but paid no federal corporate income tax on those profits.
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media mention March 18, 2021 The Hill: A Straightforward Way to Pay for Biden’s Recovery Plan (Opinion)
Now that President Biden and Congress have enacted a $1.9 trillion COVID-19 relief measure, the president will soon provide details for the second item on his agenda, a major recovery plan. The package could include some of the tax increases on which he campaigned to pay for new spending.
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ITEP Work in Action March 18, 2021 Idaho Center for Fiscal Policy: Analysis and Considerations Related to House Bill 332
The Idaho Legislature is considering a proposal that would cut income and corporate tax rates and provide a one-time tax rebate. Under the proposal, the tax benefits from this proposed… -
media mention March 18, 2021 Marijuana Moment: Cannabis Banking Bill Comes Back to Congress
An Institute on Taxation and Economic Policy analysis concluded that “cannabis taxes are a small part of state and local budgets, clocking in at less than 2 percent of tax… -
media mention March 17, 2021 The Hill: Ohio AG Sues Biden Administration Over Pandemic Bill
Carl Davis, the research director for the left-leaning Institute on Taxation and Economic Policy, said that the rhetoric from the conservative attorneys general has been overblown. “There’s a lot of… -
media mention March 17, 2021 Newsweek: This Last-Minute Provision Blocks GOP Govs from Using Stimulus Money to Subsidize Tax Cuts
“Basically any tax cut done at the state level has doubled in cost,” said Carl Davis, research director at the Institute on Taxation and Economic Policy. For example, if a…