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ITEP Work in Action February 3, 2021 Montana Budget & Policy Center: What Proposed Tax Cuts Really Mean for Montanans
The 2021 Montana Legislature has the opportunity to address longstanding inequities in Montana’s tax code that have made life harder for many families. Previous legislatures have chosen to balance the… -
blog February 2, 2021 President Biden’s Child Tax Credit Proposal Could Right a Historical Wrong
Many 1990s policies were grounded in harmful, erroneous ideas such as financial struggles are due to personal shortcomings and less government is better. Lawmakers didn’t apply these ideas consistently, however. For example, there was no drive to reduce corporate welfare even as policymakers slashed the safety net and disinvested in lower-income communities. So, it’s not surprising that a bipartisan group of lawmakers concluded during that era that the CTC was an appropriate vehicle to give higher-income households a tax break while leaving out poor children.
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blog February 2, 2021 Immediate Action State Lawmakers Can Take to Support Families and Children
If Congress does act and enact President Biden’s CTC expansion, states could simply couple to that federal change. The changes, while temporary, could become the foundation of a permanent state-level credit over the long-term. But state lawmakers need not wait for legislative action in DC. They can take immediate steps to ensure that their state’s most vulnerable children are positioned to succeed.
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blog February 1, 2021 Dems, Don’t Repeal the SALT Cap. Do This Instead.
Ever since it was enacted as part of the Trump-GOP tax law, some Democrats in Congress have been pushing to repeal the cap on federal tax deductions for state and local taxes (SALT). Recently several Democratic members have suggested that repeal of the cap should be part of COVID relief legislation.
While the cap on SALT deductions is problematic, repealing it without making other reforms would result in larger tax breaks for the rich. Instead, lawmakers should consider ITEP’s proposal to replace the SALT cap with a broader limit on tax breaks for the rich that would accomplish Biden’s goal of raising income taxes on people making more than $400,000, as he proposed on the campaign trail.
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blog February 1, 2021 Pandemic Profits: Netflix Made Record Profits in 2020, Paid a Tax Rate of Less than 1 Percent
Netflix’s “current” federal income tax for 2020 was $24 million, which equals just 0.9 percent of the company’s pretax income for the year. This is another way of saying Netflix paid an effective federal income tax rate of just 0.9 percent in 2020. If the company paid the statutory rate, its tax bill would be $572 million.
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media mention January 29, 2021 Law 360: La. Gov. Won’t Support Gas Tax Hike This Year Due To Virus
A January report from the American Petroleum Institute said Louisiana’s total per-gallon state taxes and fees of 20.01 cents on fuel rank below the national average of 36.83 cents for… -
media mention January 29, 2021 Bloomberg: The 2017 Tax Law Report Card: Grading the Big Promises (Podcast)
On the latest episode of our weekly podcast, Talking Tax, Bloomberg Tax reporter Lydia O’Neal spoke with Tax Foundation economist Erica York and Institute on Taxation and Economic Policy senior… -
media mention January 27, 2021 Business Insider: Democrats Are Setting the Stage to Propose $300 Monthly Direct Payments for Families with Children under 17
The Institute on Taxation and Economic Policy, a left-leaning think tank, released an analysis on Tuesday projecting that the poorest 20% of Americans — or those earning below $21,300 annually — would… -
media mention January 27, 2021 The 74: With DeVos Out, Movement for Private School Choice Shifts to State Legislatures
The scholarship policies rely on tax credits — from 50 up to 100 cents on the dollar, depending on the state — in return for contributions to assist with private… -
ITEP Work in Action January 27, 2021 Maine Center for Economic Policy: Tax Policy Options: Maine Needs Progressive Revenue Solutions to Build a Stronger, Fairer Future
Generally, the sales tax is regressive. The poorest one-fifth of families pay a share of their income in Maine sales taxes that is nearly nine times larger than the top… -
blog January 27, 2021 Disaggregating Data Illuminates a Path to Equitable Policy
The Biden administration’s move last week to establish an interagency working group to examine how well data is broken down, or disaggregated, within public sector data sources is welcome news. The executive order specifically names the limited availability of datasets disaggregated “by race, ethnicity, gender, disability, income, veteran status, [and] other key demographic variables.”
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media mention January 26, 2021 Raw Story: Expert Explains Why You Pay More than Corporations — and the People Who Own Them
The actual taxes paid in any given year may be less than zero as a company collects refunds on past taxes. Many big companies including Amazon have enjoyed a negative… -
media mention January 26, 2021 Bloomberg: The Trump Tax Cuts: Promises Made, Promises Kept?
In the waning days of the Trump administration, Bloomberg Tax examined the law’s stated goals and explored which of its seven major promises came to fruition. “The most prominent claims… -
report January 26, 2021 Child Tax Credit Enhancements Under the American Rescue Plan
President Joe Biden’s coronavirus relief package, the American Rescue Plan, includes a significant expansion of the Child Tax Credit (CTC). The president’s proposal provides a $125 billion boost in funding for the program, which would essentially double the size of the existing federal credit for households with children. Combined with existing law, the CTC provisions in Biden’s plan would provide a 37.4 percent income boost to the poorest 20 percent of families with children who make $21,300 or less a year.
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media mention January 25, 2021 The Nation: These Progressives Helped Keep Hope Alive in 2020—and Prepare Us for 2021
The Nation’s annual honor roll recognizes progressive activists and leaders who helped keep hope alive and set the groundwork for transformational change in 2021. Since taking over in 2019 as… -
media mention January 25, 2021 Newsweek: Third Stimulus Check of $1,400 Will Likely Be Passed by End of March, Analysts Say
A study released earlier in January by the Institute on Taxation and Economic Policy indicated that the bottom 60 percent of U.S. earners would see a “significant” impact to their finances with… -
January 21, 2021 On COVID-19 and Economic Recovery “There will be calls for austerity from politicians who were happy to incur debt to pay for tax cuts but now want to deny necessary… -
media mention January 20, 2021 MarketWatch: Here’s the Maximum Amount Biden’s Stimulus Checks and Tax Credits Would Deliver to America’s Poorest Families
For the bottom 60% of incomes, the new round of direct payments, plus the two expanded tax credits would average $3,520, equaling around 11% of annual income, the Institute on… -
media mention January 20, 2021 The Daily Northwestern: Advocates Against Income Inequality Reassess After the Fair Tax Act’s Failure
The Fair Tax Amendment would have introduced a progressive income tax to Illinois. The state currently mandates a flat income tax of 4.95 percent. Illinois ranks eighth in the country… -
news release January 20, 2021 ITEP Statement on President Biden’s Inauguration: Ready for Change
Media contact Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding President Biden’s inauguration. “Today, we pause to recognize President Joe… -
media mention January 16, 2021 Yahoo!Money: Here’s Who Gets a Payment under Biden’s $1,400 Stimulus Check Proposal
The $2,000 stimulus checks would also mean a big increase in income for America’s poorest families. The 20% of households with the lowest incomes would see their annual income increase… -
brief January 15, 2021 ANALYSIS: Cash and Tax Provisions in Biden’s Economic Recovery Plan
The $1.9 trillion economic recovery plan, known as the American Rescue Plan, announced by President-elect Biden contains, among other provisions, expanded cash payments and changes to the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC).
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blog January 15, 2021 Happy Double Take: A President Who Takes Economic Challenges Seriously
After a solid year of federal policy doing too little to combat staggering job loss, spiking poverty, a raging pandemic and nearly 400,000 COVID deaths, we are ready for a leader who wants to hunker down and get to work on behalf of the people. So we did a happy double take when President-elect Joe Biden outlined his economic plan last night.
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media mention January 14, 2021 WWD: Execs Flag ‘Concerns’ Over Corporate Taxes Amid Rising Inequality
“The lack of accessible child care, climate change, inequality…all these things are pretty basic existential threats for American workers, families and America as a nation,” said Gardner. “And the only… -
ITEP Work in Action January 12, 2021 Policy Matters Ohio: Ohio Needs a Corporate Profits Tax
Moreover, the 2017 federal tax law has put more money in the pockets of many Ohio business owners. The Tax Cuts and Jobs Act, slashed corporate taxes and provided a…