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media mention April 2, 2021 Quartz: Nike And FedEx Haven’t Paid Federal Income Tax in Three Years
Despite raking in billions in earnings, Nike, FedEx, and two dozen other public companies have paid no federal corporate income tax in the US since 2018, according to a study… -
media mention April 2, 2021 Forbes: More Than 50 Major U.S. Corporations—Including Nike And FedEx—Paid No Federal Taxes Last Year
Benefitting from Trump-era tax cuts and capitalizing on loopholes in the tax code, at least 55 prominent U.S. companies paid $0 in federal corporate income taxes in 2020 on billions… -
media mention April 2, 2021 Business Insider: Nike, FedEx, and 24 Other Companies with $77 Billion of Combined Income Have Avoided Paying Taxes for Years, a New Report Found
55 of America’s biggest companies paid $0 in federal taxes last year, a new study from the Institute on Taxation and Economic Policy (ITEP) found. The 55 publicly traded companies… -
media mention April 2, 2021 The Hill: 55 Major Companies Paid Zero Federal Income Tax in 2020: Watchdog
At least 55 major profitable companies didn’t pay any federal corporate income taxes last year, according a report by the left-leaning Institute on Taxation and Economic Policy (ITEP). The group… -
media mention April 2, 2021 Associated Press: Even with Pretax Profits, Many Big Companies Pay Zero US Tax
Just as President Joe Biden is pushing to raise taxes on companies to help pay for his infrastructure plan, a report from a Washington policy group is highlighting how many… -
media mention April 2, 2021 Fast Company: Report: 55 of America’s Biggest Companies Paid Zero Taxes during the Pandemic
The stock market boomed last year, despite a pandemic that put 45 million people out of work. But dozens of the biggest, most profitable corporations in the United States still… -
media mention April 2, 2021 New York Times: No Federal Taxes for Dozens of Big, Profitable Companies
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest paid no taxes last year on billions… -
report April 2, 2021 55 Corporations Paid $0 in Federal Taxes on 2020 Profits
At least 55 of the largest corporations in America paid no federal corporate income taxes in their most recent fiscal year despite enjoying substantial pretax profits in the United States. This continues a decades-long trend of corporate tax avoidance by the biggest U.S. corporations, and it appears to be the product of long-standing tax breaks preserved or expanded by the 2017 tax law as well as the CARES Act tax breaks enacted in the spring of 2020.
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report April 2, 2021 Corporate Tax Reform in the Wake of the Pandemic
Read as PDF Note: This report is adapted from written testimony submitted by Amy Hanauer before testifying in person to the Senate Budget Committee on March 25, 2021. In 2020,… -
blog April 1, 2021 Biden’s Corporate Tax Revolution
The corporate tax plan put forth on Wednesday by President Joe Biden to offset the cost of his infrastructure priorities would be the most significant corporate tax reform in a generation if enacted.
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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…