Alex Welch – Page 34

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…
media mention June 18, 2020
CNN: This Is Who’s Affected by the Supreme Court Decision on DACA

According to a 2018 report from the Institute on Taxation and Economic Policy, the young undocumented immigrants who are enrolled in DACA and those who would be eligible for the…
ITEP Work in Action June 17, 2020
New Jersey Policy Perspective: Unemployment Insurance Taxes Paid by Undocumented Workers Top $1 Billion

Over the past ten years, unemployment insurance taxes paid based on undocumented immigrants’ work in New Jersey added more than $1.36 billion to state and federal unemployment insurance trust funds,…
blog June 16, 2020
Tax Justice and Racial Justice: Transformative Change Is Overdue

Progressive tax policy can spur deep investments in communities, help families afford childcare and college, provide healthcare for everyone, re-imagine energy consumption to stop heating the planet, expand parks and bike lanes and public transit. Economic justice can give workers a greater voice than corporations in our democracy. People are protesting because the moment for transformative change in policing and our economy is long overdue.
media mention June 14, 2020
Crain’s New York Business: Legalizing Marijuana Can’t Cure Inequality, But It Will Ease Budget Crisis

My methodology is informed by the work of Carl Davis, research director at the Institute on Taxation and Economic Policy, who recently published a thoughtful blog post on per-capita cannabis excise tax…
blog June 11, 2020
COVID-19 Unveils Need for Fair Taxation at the State Level

Most people assume that the federal government is the main—if not only—agent for ensuring economic stability and recovery in response to COVID. Yet, the fight for tax fairness at the state level will have a dramatic impact on economic recovery.
ITEP Work in Action June 9, 2020
New Jersey Policy Perspective: Road to Recovery: Reforming New Jersey’s Income Tax Code

A sensible way to address revenue shortfalls and an unfair tax code is to raise income taxes on the state’s wealthiest households. By reforming New Jersey’s income tax, our recovery…
media mention June 5, 2020
POLITICO: States Move Cautiously in Contending With Huge Budget Gaps

“This crisis is still in its very early stages,” said Carl Davis of the Institute on Taxation and Economic Policy. Davis noted that the last recession began in December 2007,…
blog June 2, 2020
White House Incredibly Still Believes Tax Cuts Are the Answer to America’s Problems

White House officials continue to discuss tax cuts in response to the COVID-19 pandemic. Steve Wamhoff provides a roundup of these terrible ideas that would do little to boost investment or reach those who need it most.
report June 2, 2020
Depreciation Breaks Have Saved 20 Major Corporations $26.5 Billion Over Past Two Years

The Trump administration and its congressional allies have proposed making permanent the expensing provision in the Trump-GOP tax law. Expensing is the most extreme form of accelerated depreciation, which allows businesses to deduct the cost of purchasing equipment more quickly than it wears out. But expensing and other types of accelerated depreciation already account for a very large share of corporate tax breaks and allows many companies to pay nothing at all.
blog June 2, 2020
Trump-GOP Tax Law Encourages Companies to Move Jobs Offshore–and New Tax Cuts Won’t Change That

New tax cuts to incentivize bringing jobs back to the United States will fail. No new tax provisions can be more generous than the zero percent rate the 2017 law provides for many offshore profits or the loopholes that allow corporations to shift profits to countries with minimal or no corporate income taxes.
media mention June 2, 2020
Minneapolis Star Tribune: Minnesota Companies Cashing in on CARES Act Business Tax Breaks

Other taxation watchdogs call it a windfall, and one that disproportionately benefits large companies with volatile earnings, not the neighborhood auto shop or hair salon whose business vanished in the…
media mention May 30, 2020
Salon.com: About 75% of Trump’s Proposed Coronavirus Capital Gains Tax Cut Would Go to the Top 1% of Earners

Steve Wamhoff, the director of federal tax policy at the liberal-leaning Institute on Taxation and Economic Policy (ITEP), argued that “proponents of capital gains tax breaks have always offered a…
blog May 28, 2020
Trump Administration Stops Pretending to Care About the Economy with Its Capital Gains Tax Proposal

Proponents of capital gains tax breaks have always offered a weak argument that they encourage investment and thereby grow the economy. But the Trump administration is now floating a temporary capital gains tax break, which is supported by no argument at all. It would only reward investments made in the past while doing nothing to encourage new investment.
media mention May 22, 2020
Yahoo Finance: Biden Hits Amazon on Taxes, Which May Benefit From the Coronavirus Outbreak

While the numbers prove its savviness for capitalizing on advantages under the U.S. Tax Code, newly available deductions under the CARES Act make tax savings even more accessible. And with…
ITEP Work in Action May 21, 2020
Washington State Budget and Policy Center: It’s time to include undocumented immigrants in state response to COVID-19

In addition to state and local taxes, new estimates show that the labor of undocumented workers in Washington state has resulted in nearly $400 million of contributions to the state…
blog May 20, 2020
The HEROES Act Would Correct CARES Act Business Tax Mistakes

The Health Economic Recovery and Omnibus Emergency Solutions (HEROES) Act includes important changes to business tax provisions in the CARES Act, the most recent COVID-19 legislation enacted by Congress and…
blog May 20, 2020
A Dimon Memo Will Buy You a Dime’s Worth of Social Change

JPMorgan Chase CEO Jamie Dimon, in a May 19 memo to employees, outlines steps the company is taking to help its customers, small businesses and communities stay afloat. The part…

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