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media mention December 18, 2019 Common Dreams: New Report Details How Trump Tax Scam ‘Delivered Big Benefits to the Rich and Corporations But Nearly None for Working Families’
Still Terrible at Two was published just a day after the Institute on Taxation and Economic Policy released a new report which found that more than 90 U.S. corporations on the… -
blog December 18, 2019 For the Holiday Wishlist: Child Tax Credit Improvements That Would Lift Millions Out of Poverty
A recent New York Times article serves as a stark reminder that child poverty remains a persistent problem in this country and that the policies we have in place to help this vulnerable population need immediate attention and improvement.
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blog December 18, 2019 Why Corporate Tax Avoidance Matters
Corporate tax avoidance boosts companies’ bottom lines, and this benefits the owners of corporate stocks, which are mostly concentrated in the hands of the well-off. The cost of corporate tax dodging is borne by everyone, in several different ways.
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media mention December 17, 2019 Bloomberg Tax: HILL TAX BRIEFING: Extenders, Tax Law Fixes Make Year-End Deal
Corporate Tax Bills: Profitable U.S. companies in 2018 paid an average effective tax rate of 11.3%, far lower than the statutory 21% rate, according to a report released yesterday by the Institute on… -
media mention December 17, 2019 Democracy Now!: Report: 91 Fortune 500 Companies Effectively Paid No Federal Taxes in 2018
A new study reveals how 91 of the Fortune 500 companies effectively paid no federal taxes in 2018. The study by the Institute on Taxation and Economic Policy shows how… -
media mention December 17, 2019 Bloomberg Tax: Tax Perk to Boost Investment May Work—For Small Businesses
The 2017 tax law allowed businesses to use full expensing, or 100% bonus depreciation, for both new and used assets, a benefit that begins phasing out in 2023. Republicans heralded… -
media mention December 16, 2019 Washington Examiner: Amazon, Netflix, and Starbucks Paid $0 in 2018 Federal Income Taxes
A new study by the Institute on Taxation and Economic Policy found that many of America’s largest corporations paid $0 in federal income taxes under the first year of President Trump’s tax… -
media mention December 16, 2019 Yahoo Finance: 91 Profitable Fortune 500 Companies Paid $0 in Taxes in 2018 under Trump’s Tax Law
Matthew Gardner, senior fellow at ITEP and lead author of the report says that what companies doing is “entirely legal”, but that they can avoid paying taxes thanks to tax… -
media mention December 16, 2019 Des Moines Register: Richest Iowans Saw Most of the Benefit from 2017 Tax Cuts, Study Finds
No group in Iowa benefits more from the 2017 federal tax cuts than the wealthiest 1%, according to a new research paper from the left-leaning Iowa Policy Project. With an… -
media mention December 16, 2019 The American Independent: 91 Major US Companies Paid Zero Federal Taxes Last Year Thanks to the GOP Tax Law
A total of 91 of the largest companies in the United States paid zero dollars in federal income taxes in 2018 under the tax law passed by Donald Trump and… -
media mention December 16, 2019 Tulsa World: 91 Big Companies Paid No Federal Taxes Last Year. And Others Paid Less Than New, Lower Rates for Firms
“Profitable American corporations in 2018 collectively paid an average effective federal income tax rate of 11.3 percent on their 2018 income, barely more than half the 21 percent statutory tax… -
media mention December 16, 2019 Common Dreams: Amazon, Chevron, and Starbucks Among 91 Fortune 500 Corporations That Paid $0 in Federal Income Taxes in 2018: Report
More than 90 large, profitable corporations on the Fortune 500 list effectively did not pay a penny in federal income taxes in 2018, according to a new report published Monday by the… -
media mention December 16, 2019 CNBC: These 91 Companies Paid No Federal Taxes in 2018
Nearly 100 Fortune 500 companies effectively paid no federal taxes in 2018, according to a new report. The report from the Institute on Taxation and Economic Policy, a left-leaning think tank, covers… -
media mention December 16, 2019 Axios: 91 Fortune 500 Companies Paid No Federal Income Tax in 2018
91 Fortune 500 companies paid no federal income taxes on their U.S. income last year, according to a report released Monday by the Institute on Taxation and Economic Policy. Why it matters: Some… -
media mention December 16, 2019 Washington Post: Corporations Paid 11.3 Percent Tax Rate Last Year, in Steep Drop Under President Trump’s Law
About 400 of America’s largest corporations paid an average federal tax rate of about 11 percent on their profits last year, roughly half the official rate established under President Trump’s… -
media mention December 16, 2019 Chicago Tribune: What Happens to the Weed Black Market when Recreational Marijuana Goes Legal Jan. 1? ‘I See It Opening the Door to More Clients,’ One Dealer Says.
Stores selling recreational marijuana will be allowed to operate between 6 a.m. and 10 p.m., though operating hours vary by dispensary. Whether stores truly are convenient will depend on how… -
media mention December 16, 2019 SF Gate: These Bay Area Companies Paid Zero Federal Taxes in 2018
A new report by the Institute on Taxation and Economic Policy discovered that 91 of Fortune’s top 500 corporations paid no federal income taxes in 2018 — and many actually got money… -
media mention December 16, 2019 Fox Business: Many Fortune 500 Companies Paid Half of Trump’s Lower Corporate Tax Rate in 2018: Study
President Trump’s sweeping 2017 tax reform law substantially lowered the corporate tax rate, yet a large proportion of Fortune 500 companies paid an effective rate that was nearly half of what was… -
blog December 16, 2019 More of the Same: Corporate Tax Avoidance Hasn’t Changed Much Under Trump-GOP Tax Law
A new report from ITEP released today shows that, based on the first year of financial reports released by companies operating under the new tax law, tax avoidance appears to be every bit as much of a problem under the new tax system as it was before the Trump tax law took effect.
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news release December 16, 2019 Fortune 500 Companies Avoided $73.9 Billion in Tax Under First Year of Trump Tax Law
A comprehensive examination of Fortune 500 companies’ financial filings in 2018, the first year of the Tax Cuts and Jobs Act, finds that the law did nothing to curb corporate tax avoidance, with 91 companies paying $0 in taxes on U.S. income in 2018 and profitable companies overall paying a collective effective tax rate of 11.3 percent, which is barely more than half the 21 percent rate established by the tax law, the Institute on Taxation and Economic Policy (ITEP) said today.
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report December 16, 2019 Corporate Tax Avoidance in the First Year of the Trump Tax Law
Profitable Fortune 500 companies avoided $73.9 billion in taxes under the first year of the Trump-GOP tax law. The study includes financial filings by 379 Fortune 500 companies that were profitable in 2018; it excludes companies that reported a loss.
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media mention December 16, 2019 Washington Post: A New Report Hands Democrats a Major Weapon Against Trump
There is probably no more glaring example of President Trump’s massive betrayal of the economic populist nationalism that infused his campaign than the 2017 tax law. It isn’t just that… -
media mention December 12, 2019 NJ Spotlight: Pascrell, Other House Dems, Introduce Bill to Scrap Federal SALT Cap
For example, a new report from the Center on Budget and Policy Priorities estimated that 80% of the benefit of a SALT-cap repeal would go to just the top 5% of tax… -
blog December 12, 2019 New ITEP Reports Call for the Repeal of Opportunity Zones and Urge States to Decouple
Two new ITEP reports lay bare the irreparable flaws of the federal Opportunity Zones program, created by the Tax Cuts and Jobs Act signed into law by President Trump in 2017.
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brief December 12, 2019 Opportunity Zones Bolster Investors’ Bottom Lines Rather than Economic or Racial Equity
This policy brief provides an overview of how opportunity zones are designed and highlights some of the flaws of the policy, including the detrimental impact opportunity zones have on communities of color.