Alex Welch – Page 43

news release September 12, 2019
Senator Releases Plan That Would Increase Capital Gains Tax Rates, Close Loopholes

Following is a statement from Alan Essig, executive director for the Institute on Taxation and Economic Policy, on the paper released today by the Senate Finance Committee’s ranking Democrat, Ron Wyden, calling for anti-deferral accounting, which could dramatically reform the way the U.S. taxes capital gains.
September 12, 2019
Comments on Senate Finance Committee Paper on Anti-Deferral Accounting

Comments on Senate Finance Committee Paper on Anti-Deferral Accounting
news release September 12, 2019
New Report: A Chicago EITC Would Benefit up to 1 Million Chicago Families

Media contact Report outlines policy options for Chicago Resilient Families Initiative Task Force Recommendations A new report reveals that a city-level, Chicago Earned Income Tax Credit would boost the economic security…
report September 12, 2019
Promoting Greater Economic Security Through A Chicago Earned Income Tax Credit: Analyses of Six Policy Design Options

A new report reveals that a city-level, Chicago Earned Income Tax Credit would boost the economic security of 546,000 to 1 million of the city’s working families. ITEP produced a cost and distributional analysis of six EITC policy designs, which outlines the average after-tax income boost for families at varying income levels. The most generous policy option would increase after-tax income for more than 1 million working families with an
average benefit, depending on income, ranging from $898 to $1,426 per year.
ITEP Work in Action September 11, 2019
The Half Sheet: Over 1 Million Virginia Taxpayers Expected to Miss Out on Refund Checks

If everything goes according to schedule, Virginia’s tax department will begin issuing $110 refund checks – $220 for joint filers – to Virginia taxpayers beginning next week and continuing through…
blog September 10, 2019
Census Numbers Show the Power of the Tax Code to Direct Resources to Low-Income Families

Refundable federal tax credits, including the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), lifted 7.9 million people out of poverty in 2018. This latest analysis from the U.S. Census Bureau demonstrates the power of federal programs to alleviate poverty and help low-income families keep up with the increasing cost of living.
blog September 10, 2019
How Tax Policy Can Help Mitigate Poverty, Address Income Inequality

Analysts at the Institute on Taxation and Economic Policy have produced multiple recent briefs and reports that provide insight on how current and proposed tax policies affect family economic security and income inequality.
report September 10, 2019
Major Federal Tax Credit Proposals

In 2019, several federal lawmakers have introduced tax credit proposals to significantly expand existing tax credits or create new ones to benefit low- and moderate-income people. While these proposals vary a great deal and take different approaches, all build off the success of the EITC and CTC and target their benefits to families in the bottom 60 percent of the income distribution who have an annual household income of $70,000 or less.
map September 6, 2019
How Do State Tax Sales of Over-the-Counter Medication?

While most states levy general sales taxes on items that consumers purchase every day, those taxes often contain carveouts for some necessities such as rent, groceries, and medicine. Prescription drugs,…
ITEP Work in Action September 4, 2019
MECEP: NEW REPORT: Maine reaches new milestone on the road to tax fairness

Starting in 2020 and for the first time in decades, the Mainers who earn the least will no longer pay a larger share of their income to state and local taxes than those who earn the most, according to a policy brief published today by the Maine Center for Economic Policy.
September 3, 2019
Erika Frankel

Erika brings more than 25 years of information management, project management, and development experience in non-profit, government, and commercial environments to the Data and Model Team. She redesigned the platform for ITEP’s flagship microsimulation model, allowing ITEP to respond more quickly to a wider range of policy proposals and changes.
map August 30, 2019
Where Does Your State Fall on the ITEP Tax Inequality Index?

The vast majority of state and local tax systems exacerbate the economic divide by taxing low- and middle-income families at higher rates than the wealthy. This map distills an exhaustive…
blog August 29, 2019
ICYMI: A Brief Summary of Our August Blogs and Reports

DESPITE CONTRARY CLAIMS, NUMBERS SHOW TRUMP TAX LAW STILL FAVORS THE WEALTHY GOP leaders continue to misrepresent who benefits from the 2017 Trump-GOP tax law, most recently claiming most “of…
blog August 29, 2019
New Analysis: A Third of NC Taxpayers Won’t Benefit from Proposed Tax Refund Plan

North Carolina Senate and House leaders are moving forward with a flawed proposal to spend the majority of the state’s revenue over collections, more than $600 million, to issue tax refund checks of $125 per taxpayer ($250 for married couples).
blog August 28, 2019
Updated Estimates from ITEP: Trump Tax Law Still Benefits the Rich No Matter How You Look at It

President Trump’s allies in Congress continue to defend their 2017 tax law in misleading ways. Just last week, Republicans on the House Ways and Means Committee stated that most “of the tax overhaul went into the pockets of working families and Main Street businesses who need it most, not Wall Street.” ITEP’s most recent analysis estimates that in 2020 the richest 5 percent of taxpayers will receive $145 billion in tax cuts, or half the law’s benefits to U.S. taxpayers.
report August 28, 2019
TCJA by the Numbers, 2020

The Tax Cuts and Jobs Act (TCJA), signed into law by President Trump at the end of 2017, includes provisions that dramatically cut taxes and provisions that offset a fraction of the revenue loss by eliminating or limiting certain tax breaks. This page includes estimates of TCJA’s impacts in 2020.
blog August 22, 2019
Why California’s Cannabis Market May Not Tell You Much about Legalization in Your State

New tax data out of California, the world’s largest market for legal cannabis, tell a complicated story about the cannabis industry and its tax revenue potential. Legal cannabis markets take time to establish, and depending on local market conditions, the revenue states raise can vary significantly.
blog August 20, 2019
White House Considers Payroll Tax Cut that GOP Opposed During Obama Years

The Trump Administration is considering cutting the Social Security payroll tax to prevent an economic downturn, something that seemed more justified when enacted in the aftermath of the Great Recession—when congressional Republicans largely opposed it. Here are some things to remember about this tax.
blog August 20, 2019
Business Roundtable’s Newfound Devotion to Corporate Responsibility Doesn’t Include Paying Taxes

If you squint really hard, the Business Roundtable’s newly declared fondness for “supporting the communities in which we work” could be read as an acknowledgment of the need for a tax system that can pay for needed services. But it’s not.
map August 16, 2019
Which States Allow Deductions for Federal Income Taxes Paid?

Six states allow an unusual income tax deduction for federal income taxes paid. These deductions are detrimental to state income tax systems on many fronts, as they offer large benefits to high-income earners and undercut the adequacy and stability of state income tax systems.
blog August 16, 2019
One Tax System for Most Americans, and a Second System for the Wealthiest

Last year, the Walton family’s fortune grew by $100 million a day. This level of wealth is particularly obscene in the context of the Walmart Corporation’s dark store strategy. The company works nationwide to reduce its property tax assessments, which, when successful, deprives local communities of revenue necessary to fund education, libraries, parks, public health and other services.
blog August 13, 2019
IRS’s SALT Workaround Regulations Should be Strengthened, Not Rejected

Lawmakers are seeking to achieve a backdoor repeal of the $10,000 cap on deductions for state and local taxes paid (SALT) by invalidating recent IRS regulations that cracked down on schemes that let taxpayers dodge the cap. If successful, their efforts would drain tens of billions of dollars from federal coffers each year, with the vast majority of the benefits going to the nation’s wealthiest families.
ITEP Work in Action August 12, 2019
Georgia Budget & Policy Institute: The Tax Cuts and Jobs Act in Georgia: High Income Households Receive Greatest Benefits

This report offers the first comprehensive look at how the Tax Cuts and Jobs Act of 2017 (TCJA), in combination with Georgia’s enacted response, will impact the state budget and…
ITEP Work in Action August 8, 2019
Policy Matters Ohio: Ohio Tax Shift Away From the Wealthy: The Pattern Repeats

The main tax measures in Ohio’s new budget bills will bring tax increases on average for lower- and middle-income taxpayers, while those at the top of the income scale on…
blog August 7, 2019
State and Local Cannabis Tax Revenue on Pace for $1.6 Billion in 2019

Cannabis tax revenue is becoming more significant as legal sales grow. The tax is far from a budgetary panacea, but an ITEP analysis of revenue data reported by the seven states with legal cannabis sales underway suggests that excise and sales tax revenues from the sale of the drug could reach $1.6 billion this year.

ITEP's Research Priorities