Alex Welch – Page 29

blog December 8, 2020
A Second Round of Direct Cash Payments Could Provide an Average $1,550 to the Poorest Families

It will not magically become easier for families to put food on the table or make their next rent payment. Policymakers must act. People are struggling because they are either out of work, involuntarily working part-time, trying to financially catch up after being out of work for a spell, or squeaking by because we live in a wealthy democracy that fails to guarantee basics such as access to affordable housing, health care, food, and jobs that pay living wages.
ITEP Work in Action December 8, 2020
Connecticut Voices for Children: Advancing Economic Justice Through Tax Reform

Connecticut Voices for Children released a new report, “Advancing Economic Justice Through Tax Reform,” which proposes a tax restructure so that the system is fair for all residents. The report provides an…
blog December 4, 2020
McConnell Balked at More Stimulus Aid to States, Betting Red States Wouldn’t Need It. Now?

It is December 2020. Sen. McConnell has denied states—and their residents—relief for months. Congress must act now. Even if it does, it is unlikely to provide the robust aid needed to keep communities afloat and positioned for healthy recovery. Lawmakers across the country should be prepared to return to state capitals and city halls in the new year with plans to raise revenue not just to weather this crisis, but also to invest in long-term recovery.
blog December 4, 2020
These EITC Reforms Would Help Struggling Families Now and Address Systemic Challenges

The tepid economic recovery is leaving millions behind. The nation still has nearly 10 million jobs less than it did in February, according to the latest jobs report. The number of people living in or near poverty is rising. Twelve million workers are about to lose their unemployment insurance, roughly four in 10 people report experiencing food insecurity for the first time, and conditions are likely to deteriorate further in the weeks ahead as we brace for another deadly surge in COVID cases and new or tightened restrictions on business and personal activity.
blog December 3, 2020
COVID-19 Containment Is Key to Recovery—So Is Another Round of Stimulus

You can learn a lot about our leaders from how they act during times of crisis. This December, we are in our 10th month of the pandemic in the United States. With COVID cases climbing, deaths exceeding 270,000 and hospitalizations surpassing 100,000 for the first time, some states have halted reopening plans and imposed new restrictions.

Containment of the virus is key to sustained economic recovery. As is another round of federal stimulus.
news release December 2, 2020
Lame-Duck Session No Time for Perfection, but a Bold Compromise on COVID Relief Is Needed

Time for COVID relief is dwindling. A bipartisan group of lawmakers introduced a $908 billion COVID relief package on Tuesday, House Speaker Nancy Pelosi is floating a relief proposal and Sen. Mitch McConnell is circulating a wholly inadequate package. The best chance for legislation may be to include it in an omnibus appropriations bill, which Congress must pass this month. Following is a statement from Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding congressional negotiations over another round of economic relief.
blog November 30, 2020
After the Dust Has Settled: How Progressive Tax Policy Fared in the General Election

While the results of the 2020 presidential election are all but set in stone—and a sign of life for progressive policy—the results of state tax ballot initiatives are more of a mixed bag. However, the overall fight for tax equity and raising more revenue to invest in people and communities is trending in the right direction.
blog November 20, 2020
State Tax Policy: Innovations to Embrace, Schemes to Avoid

Better tax policies will help communities emerge from the current staggering fiscal crisis with tax structures that reduce inequality at a time when rich people are thriving and public services are under siege. Preserving public spending will boost the economy and improve lives–and cutting these essentials will not only hurt people but also deepen the downturn, a lesson we learned in the Great Recession’s slow recovery. Other states should take note.
media mention November 19, 2020
The Center Square: Louisiana Tax Holiday May Save Shoppers $4.5 Million, Though Some Question the Value

“The conservative Tax Foundation and the progressive-leaning Institute on Taxation and Economic Policy don’t agree on much when it comes to taxes,” the Louisiana Budget Project countered in comments posted Thursday. “But…
ITEP Work in Action November 18, 2020
Florida Policy Institute: 2021 Legislature Must Prioritize Revenue-Raising Solutions, Not Budget Cuts, To Bolster Post-Pandemic Recovery

Through smart investments, it is possible to make up billions of dollars without cuts. FPI proposes initiatives to close corporate loopholes such as “combined reporting”— already implemented by 28 states…
blog November 12, 2020
Biden’s Economic Policy Agenda Deserves Serious Debate, Not Obstruction

Obstructing policies that improve economic well-being should not be on any party’s legislative agenda, especially when so many are barely keeping their heads above water.
media mention November 12, 2020
Stateline: Budget Holes Loom After Voters Reject Some Tax Hikes

But Meg Wiehe, deputy executive director of the progressive Institute on Taxation and Economic Policy, said that is an oversimplification. She said wild speculation in opposition ads about what Illinois…
media mention November 10, 2020
CNBC: Here’s What’s Ahead for President-elect Biden’s Tax Plan

Another idea that might stand a chance in a split Congress could be to properly fund the IRS so it can pursue larger targets, rather than going through the contentious…
media mention November 7, 2020
Business Insider: Here’s how President-elect Joe Biden’s Corporate Tax Plan Will Impact Big Businesses

But even with an increased tax rate, big companies could still manage to pay $0 in federal taxes due to tax code loopholes and tax breaks. Under President Donald Trump, an…
media mention November 6, 2020
New York Times: Arizona Passes a Ballot Measure to Raise Teacher Pay by Taxing the Wealthy

Prop. 208 passed with 52 percent of voters supporting the measure, The Associated Press reported late Thursday. Under Arizona’s rules for ballot measures, the tax increase needed a simple majority…
media mention November 2, 2020
Axios: The Wealthy Rush to Shield Their Assets From Biden

Driving the news: Biden says he wants to raise taxes on people who earn more than $400,000 a year — which excludes most Americans — and lower the amounts people can…
media mention November 2, 2020
Jacobin: Donald Trump Lied About Passing Pro-Worker Industrial Policy

The Trump tax plan also literally gives corporations more incentives to move production to other countries. According to the Institute on Taxation and Economic Policy, Trump’s plan “taxes the offshore…
media mention October 31, 2020
BBC: US Election 2020: Fact-checking Trump and Biden’s Final Week

In 2018, 91 of the top 500 companies in the US effectively paid no tax, according to a report by the Institute on Taxation and Economic Policy. Despite making almost…
ITEP Work in Action October 30, 2020
Florida Policy Institute: Florida Would See an Extra $577 Million in Sales Tax Revenue Under Amendment 2

As Florida Policy Institute and many others have demonstrated, gradually increasing the minimum wage to $15 per hour by 2026 would help lift households out of poverty and reduce pay inequities long…
media mention October 30, 2020
Chicago Tribune: Commentary: How Illinois’ Small Businesses Will Benefit from a Graduated-rate Income Tax

Recent studies have shown that for decades, the current flat tax structure has only worsened income inequality throughout the state, stunting much-needed revenue and consumer spending. The Institute on Taxation…
media mention October 30, 2020
Deadline: Joe Biden Slams Netflix & Amazon On Taxes, Again

The tax debate flared after President Donald Trump and the Republicans reworked the corporate tax code in 2016, slashing the corporate tax rate to 21%, from 35%. A widely cited analysis by…
blog October 28, 2020
An Underfunded IRS Allows Corporations to Get Away with Probably Illegal Tax Dodges

A new look at S&P 500 annual financial reports for 2019 shows that five companies—Chevron, Dell, Eli Lilly, ExxonMobil and General Electric—kept $1 billion in tax breaks they admitted were probably illegal because tax authorities failed to come to a final determination before the statute of limitations ran out.
blog October 22, 2020
Trump Says Taxes Will Be Too High on the 2% Who Pay More Under Biden’s Plan

The Trump campaign has failed to convince the public that large numbers of Americans would face tax hikes under Democratic presidential nominee Joe Biden’s tax plan. The claim has been widely discredited. For example, ITEP found that the federal taxes that people pay directly would rise for just 1.9 percent of taxpayers in the U.S., and that number does not vary much by state. So, Fox News and other conservative voices are trying out a new argument: Biden’s tax plan would be too burdensome for that 1.9 percent.
blog October 22, 2020
Voters Have the Chance in 2020 to Increase Tax Equity in Arizona, Illinois, and California, And They Should

There’s a lot at stake in this election cycle: the nation and our economy are reeling from the effects brought on by the coronavirus pandemic and states remain in limbo as they weigh deep budget cuts and rush to address projected revenue shortfalls.
blog October 7, 2020
New ITEP Report Shows Few Taxpayers in Each State Paying More Under Biden’s Tax Plan

An ITEP report finds that taxes that people pay directly would stay the same or go down in 2022 for 98.1 percent of Americans under President-elect Joe Biden’s tax plan.

ITEP's Research Priorities