Alex Welch – Page 32

media mention July 14, 2020
Law 360: State And Local Tax Policy To Watch In The 2nd Half Of 2020

As states grapple with refilling their coffers in response to the COVID-19 pandemic, tax policy debates in the second half of 2020 could center on revisiting conformity to the federal…
media mention July 14, 2020
Urban Milwaukee: Labor Leaders Slam Trump for Betraying Working People

By Democratic Party of Wisconsin The tax law Trump pushed through was a boon for large corporations, including those in Wisconsin like Kimberly Clark, that used the handout to shutter…
media mention July 14, 2020
The Moneyist: ‘I’m Having a Hard Time Understanding How Earning Over $200K/year Is Too Much to Qualify for a Decent Stimulus Check’

According to the Institute on Taxation and Economic Policy, the majority of state tax systems are regressive. “Those in the highest-income quintile pay a smaller share of all state and…
report July 14, 2020
Who Pays Taxes in America in 2020?

Having a sound understanding of who pays taxes and how much is a particularly relevant question now as the nation grapples with a health and economic crisis that is devastating lower-income families and requiring all levels of government to invest more in keeping individuals, families and communities afloat. This year, the share of all taxes paid by the richest 1 percent of Americans (24.3 percent) will be just a bit higher than the share of all income going to this group (20.9 percent). The share of all taxes paid by the poorest fifth of Americans (2 percent) will be just a bit lower than the share of all income going to this group (2.8 percent).
news release July 13, 2020
ITEP: Tax Cuts for the Rich Will Exacerbate Inequality, Fail to Address Current Economic Crisis

Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding White House Advisor Larry Kudlow’s statement on priorities for the next economic relief package.
blog July 10, 2020
Adequately Funding the IRS Would Be One Small Step Toward Racial Equity in the Tax Code

IRS Commissioner Charles Rettig vowed to work with Congress to explore how the federal tax system contributes to the racial wealth gap. There are at least two ways this can happen: tax policies enacted by Congress and IRS enforcement of these policies.
media mention July 9, 2020
Wall Street Journal Opinion: Payroll-Tax Cuts Mostly Go to the Well Off

Contrary to the authors’ claim, a payroll tax cut wouldn’t “disproportionately benefit” lower-income workers. According to the Institute on Taxation and Economic Policy, nearly half of the benefit from a…
media mention July 9, 2020
Jacobin: The 1 Percent Are Cheating Us Out of a Quarter-Trillion Dollars in Taxes Every Year

On the international front, Trump’s 2017 tax cut bill included several provisions that “encourage American-based corporations to shift profits offshore,” according to the Institute for Taxation and Economic Policy. The…
media mention July 9, 2020
Yahoo Finance: This GOP Proposal May Slash Taxes for Big Tech: ITEP

Matthew Gardner, Senior Fellow at the Institute on Taxation and Economic Policy, joins Yahoo Finance’s Zack Guzman to discuss how a possible Republican tax credit proposal could provide new breaks…
media mention July 9, 2020
MedPage Today: Tenet Gets Big Federal $$$ but Still Cuts Employees

Many companies, including Tenet, delayed paying their 2017 tax liabilities at the rate then (35%) to follow whatever the rate is when they decide to pay (21% for 2019), said…
media mention July 9, 2020
Gothamist: Undocumented Immigrants In Need Finally Get Promised Pandemic Cash Assistance

Most workers who lost their jobs during the COVID-19 pandemic started receiving unemployment and federal stimulus checks in March and April. But undocumented immigrants don’t qualify, even though the Institute…
blog July 9, 2020
Congressional Budget Office Confirms That IRS Budget Cuts Lose Money and Benefit the Rich

Lawmakers often claim that they are “saving” taxpayers money by slashing federal spending, but the truth is that these cuts often are counterproductive and costly in the long-term. One type of budget-cutting has costs that are immediate and obvious—cuts to the IRS, the agency that collects the revenue that pays for federal spending. A new report from the Congressional Budget Office (CBO) confirms that lawmakers’ anti-government, IRS funding-cuts zeal has increased the deficit.
media mention July 8, 2020
Business Insider: Trump Wants Tax Breaks to Encourage People to Watch Sports Games and Travel Around the US. Here’s Why That Could Backfire as the Pandemic Rages.

The McSally proposal also drew fire from economists who argued it would mainly benefit wealthier taxpayers and not be well targeted. “Low and most middle-income families will receive no or…
media mention July 8, 2020
Financial Times: ‘It’s a Matter of Fairness’: Squeezing More Tax From Multinationals

Since the late 1980s, there has been a complete change in mindset, one pioneered and taken to its extreme by General Electric, America’s biggest manufacturer by market capitalisation for most…
blog July 1, 2020
New Fiscal Year Brings New Challenges and Opportunities in the States

July 1—the start of the new fiscal year in most states—typically marks a point when one can take a step back and reflect on the wins and disappointments of the past state legislative sessions. 2020 is markedly different. Nationwide business closures and stay-at-home orders in response to COVID-19 have led to unprecedented spikes in unemployment, decreased demand for consumer spending, and increased demand for vital public services. As a result, states face incredibly uncertain financial futures with little clarity regarding how their tax collections will fare over the next year.
media mention June 30, 2020
Nonprofit Quarterly: The $370 Billion Fiscal Cliff: Why State Budgets Need Our Attention

A 2018 study released by the nonprofit Institute on Taxation and Economic Policy finds that the poorest fifth spend on average 11.4 percent of their income on state and local…
media mention June 30, 2020
Law 360: Biz Tax Credit Proposals Would Aid Wealthy, Report Says

Republican proposals to make business tax credits refundable to mitigate the economic downturn caused by the novel coronavirus pandemic would provide unnecessary tax breaks to high-income people, the Institute on…
media mention June 30, 2020
POLITICO Morning Tax: Welcome, commissioner

FOOT OFF THE ACCELERATOR, PLEASE: The Institute on Taxation and Economic Policy’s Matthew Gardner and Steve Wamhoff maintain in a new paper that the proposals to allow companies to cash out…
report June 30, 2020
Republican Tax Credit Proposal Would Provide New Breaks to Tax Avoiders Like Amazon and Netflix

While lawmakers of both parties and policy experts discuss various ways to respond to the continuing COVID-19 crisis and resulting economic downturn, Republicans in Congress are offering a new solution. Their idea, which is still being discussed, is to waive existing limits on business tax credits. This could benefit corporations that are profitable but that nonetheless pay no taxes or very little in taxes because of the many tax breaks and legal loopholes they already enjoy.
blog June 26, 2020
Beyond SCOTUS: States Recognize Need for More Inclusive Immigrant Policy

The U.S. Supreme Court last week halted an effort by the Trump administration that would have stripped DACA (Deferred Action for Childhood Arrivals) recipients of their lawful status in the…
blog June 23, 2020
McSally “Travel Tax Credit” Is an Invitation for Tax Avoidance

Earlier this week, U.S. Sen. Martha McSally (R-AZ) introduced the “American TRIP Act,” a bill ostensibly designed to encourage Americans to boost the economy by traveling within the United States. The bill is certainly a trip in the colloquial sense of the word.
media mention June 23, 2020
The Fiscal Times: A ‘Wacky’ Tax Credit Idea: $4,000 for Vacation

Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, says that the loose requirements in the bill mean “that any car owner with an ounce of…
blog June 22, 2020
ITEP supports Black Lives Matter

The Institute on Taxation and Economic Policy stands with activists who are guiding the movement to transform America, dismantle systemic racism in policing, and envision a better justice system. Committed protestors in big cities, small towns, and suburban enclaves have spurred a sea change in public opinion and policy possibility on policing and incarceration. Their work and activism builds on years of action by Black Lives Matter and other leaders.
media mention June 22, 2020
The Dallas Morning News: DACA Texans Are Essential to our COVID-19 Response and Economic Future

In total, Texas is home to more than 107,000 DACA recipients, according to U.S. Citizenship and Immigration Services. Those DACA recipients pay $244.5 million annually in state and local taxes,…
media mention June 21, 2020
Sentinel & Enterprise: It’s Been a Year Without Equal

Instead, the last real action on the fiscal 2021 budget came in January when Baker rolled out a $44.6 billion spending plan that would have its underlying assumptions wiped away…

ITEP's Research Priorities