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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… -
media mention March 16, 2021 CNN: Historic Benefits in Stimulus Bill May Answer a Big Question for Democrats
In figures provided exclusively to CNN, the Institute on Taxation and Economic Policy, which generally advocates for a more progressive tax code, similarly calculated that households headed by Whites will… -
ITEP Work in Action March 16, 2021 One Voice Mississippi: Bill Analysis: House Bill 1439: Tax Proposal Moves State Away from a Better, More Equitable Mississippi
Mississippi’s House of Representatives recently passed House Bill 1439 (“the Mississippi Tax Freedom Act of 2021”). The House passed the 300-page bill less than 24 hours after they introduced it… -
media mention March 16, 2021 Law360: 3 Questions State Tax Pros Have About The Pandemic Relief Law
Policymakers and state tax specialists noticed almost immediately that if states want to take full advantage of the $350 billion cash infusion the ARPA gives state and local governments, it… -
media mention March 16, 2021 GeekWire: Capital Gains Tax in Washington State: Is it about Fairness and Funding, or Will it Drive Away Startups?
Dylan Grundman O’Neill, a senior state tax policy analyst with the Institute on Taxation and Economic Policy, said that research shows that in Washington, more so than in any other… -
media mention March 16, 2021 Fortune: Biden Plots Tax Hikes on Corporations and High-earners to Fund Ambitious Infrastructure Plan
Should the President get the rest of the Democratic caucus on board with his vision of a massive infrastructure bill funded by higher taxes on corporations and wealthy individuals, Biden… -
media mention March 16, 2021 Business Insider: H&R Block Customers Will Get 3rd Stimulus Check, No Delay
H&R Block also gives taxpayers the option to receive their refund on a debit card called the Emerald Card. Anyone who qualifies for the third stimulus check and had their… -
media mention March 16, 2021 Yahoo News: ‘Helping the Country Prosper’: Undocumented Immigrants Pay Billions in US Taxes Each Year — and Have Been for Decades
A report from the office shows that 50% to 75% of undocumented immigrants pay billions in taxes each year — and have been since the Internal Revenue Service created a… -
media mention March 15, 2021 The Columbus Dispatch: Undocumented Immigrants Pay Billions in Taxes Each Year — and Have Been for 25 Years
When it comes to state and local taxes, undocumented immigrants pay more than $11 billion a year, according to a 2017 report from the Institute on Taxation and Economic Policy, a nonpartisan nonprofit based in… -
media mention March 15, 2021 Bloomberg: Biden’s Rescue Hasn’t Stopped States’ Tax-the-Rich Rally Call
“No amount of federal aid can change the fact that nearly all state tax codes worsen the economic and racial inequalities that this pandemic has laid bare,” said Dylan Grundman… -
media mention March 15, 2021 CNBC: Expecting a $1,400 Stimulus Check by Mail? Here’s What to Watch for
Instead, the checks will be signed by a career official at the Bureau of Fiscal Service, which is working with the IRS to deliver the money. This has been the… -
blog March 15, 2021 Trickle-Down Myths Swamp Tax Policy Debates in Mississippi and West Virginia
Recent proposals in both Mississippi and West Virginia seek to pare back, and ultimately eliminate, each state’s income tax while shifting the responsibility of funding services even more onto low- and middle-income taxpayers through increased consumption taxes. The states are moving forward with this tax experiment even though a similar experiment notoriously and immediately sent Kansas into a financial tailspin.
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media mention March 15, 2021 MinnPost: Is Minnesota’s Tax System Unfair?
The Institute on Taxation and Economic Policy’s regular assessment of state taxes concludes that just five states and the District of Columbia have positive scores on progressivity: California, Delaware, New… -
blog March 15, 2021 State and Local Cannabis Tax Revenue Jumps 58%, Surpassing $3 Billion in 2020
Cannabis taxes are a small part of state and local budgets, clocking in at less than 2 percent of tax revenue in the states with legal adult-use sales. But they’re… -
media mention March 14, 2021 Washington Post: Joe Biden’s COVID-19 Relief Bill Is an Extraordinary Achievement (Opinion)
The American Rescue Plan assumes that almost everyone can use a helping hand. According to the Institute on Taxation and Economic Policy, roughly 85 percent of adults and children will… -
media mention March 12, 2021 Independent Record: GOP Lawmaker Doubles Tax Cut Rate in Montana Senate Bill
Under the un-amended bill, a person earning from $40,000-$63,000 would see a reduction of about $14, according to an analysis of the proposal by the Institute on Taxation and Economic…