Alex Welch – Page 50

ITEP Work in Action April 10, 2019
Connecticut Voices for Children: Even with Modest Capital Gains Tax, Wealthiest Would Pay Average of $36,000 Less in Taxes After Trump Tax Cuts

Connecticut faces a $4 billion deficit over the Fiscal Years 2020-21 biennial budget. Without adequate revenues, painful budget cuts that could fall heavily on children and families are inevitable. Read…
ITEP Work in Action April 10, 2019
Connecticut Voices for Children: A Balanced Approach to Revenues: Ensuring Fairness and Adequacy

As the General Assembly develops its biennial budget facing a $4 billion deficit, Connecticut Voices for Children urges legislators and the Governor to adopt a balanced approach by adopting revenue…
blog April 3, 2019
Making a Case to Tax the Rich

A chorus is building and calling on our elected officials to tax the rich. And pundits and policymakers are seriously debating proposals calling for higher income taxes and a wealth tax instead of attempting to shut down the conversation by labeling such proposals as class warfare.
blog April 2, 2019
Sweeping Reform Would Tax Capital Gains Like Ordinary Income

Sen. Ron Wyden of Oregon, the ranking Democrat on the Senate Finance Committee, announced that he would soon release a proposal to eliminate massive tax breaks enjoyed by the wealthy on their capital gains income. If successful, the proposal would ensure that income from wealth is taxed just like income from work.
blog April 1, 2019
What to Watch for When the IRS Releases Its SALT Workaround Regulations

The Treasury Department and IRS last summer proposed regulations that would make it more difficult for taxpayers to avoid the $10,000 cap on deductions for state and local taxes (SALT). Now, likely days away from the unveiling of the final version of IRS regulations on SALT cap workarounds, Carl Davis recaps the finer points ITEP will be watching for when the regulations become public.
April 1, 2019
Felicia Smith

Felicia is responsible for ITEP’s day-to-day operations, financial and executive support, and human resources. Before working at ITEP, Felicia provided her expertise at Underwriters Laboratory, National Association of Realtors®, NAACP, and ACLU. She brings over 30 years of experience, including 15 years dedicated to non-profit administration. Felicia is a U.S. Navy veteran. She joined ITEP in 2019.
ITEP Work in Action March 31, 2019
Connecticut Voices for Children: Impact of the Governor’s FY 2020-2021 Budget on Children and Families

Connecticut’s long-term fiscal health and economic growth depend on policies that improve equity and support our most vulnerable families and children. Governor Lamont’s proposed state budget avoids additional major cuts…
ITEP Work in Action March 31, 2019
Connecticut Voices for Children: Connecticut’s Radical New Budget Rules: Locking in Decreased Investment in our State for the Next Decade

Faced with increasingly difficult decisions in crafting the Fiscal Year (FY) 2018-19 biennial budget, the Connecticut General Assembly found itself at an impasse. In order to break the log jam,…
blog March 29, 2019
ICYMI: A Brief Summary of Our March Blogs and Reports

This month in tax policy news: Corporate profits soar while corporate tax collections plummet. Also inside: A look at regressive state tax policies and progressive remedies and the continued unpackaging of the Tax Cuts and Jobs Act. It’s ITEP’s March 2019 Monthly Digest.
blog March 27, 2019
The Trump Tax Law Further Tilted an Already Uneven Playing Field

Proponents sold the Tax Cuts and Jobs Act (TCJA) as a way to spur new investment, increase workers’ paychecks, and reverse the off-shoring of jobs. Testimony presented during a House Ways and Means hearing held today reflected on how—more than a year after the law’s passage—each of those pitches ring hollow.
ITEP Work in Action March 25, 2019
Policy Matters Ohio: Senate Transportation Budget Zeroes Out Public Transit, Slightly Improves EITC

Last week, the Ohio Senate took a leap backwards by removing $100 million for public transit from the Transportation Budget allocated by the Ohio House of Representatives. They also took…
blog March 25, 2019
Corporate Profits ?, Corporate Federal Tax Collections ?

Data released Friday by the U.S. Treasury Department should give great pause to all who care about the federal government’s ability to raise revenue in a fair, sustainable way. In the wake of the 2017 corporate tax overhaul, corporate tax collections have fallen at a rate never seen during a period of economic growth.
blog March 22, 2019
Unfair State Tax Codes Also Exacerbate Racial Inequity

A 2019 ITEP analysis found that Black and Latinx households are overrepresented in the lowest-income quintiles; while they represent about 22 percent of overall tax returns, they account for 30 percent of the poorest quintile of taxpayers.
ITEP Work in Action March 20, 2019
North Carolina Justice Center: Higher Rates on Higher Income: Why a Graduated Income Tax is Good Policy for North Carolina

At the same time, a graduated rate structure — in contrast with the state’s current flat tax rate on income — can make more revenue available for key public investments,…
blog March 15, 2019
Rep. Doggett and Sen. Whitehouse Reintroduce Bill to End Offshore Tax Avoidance

On Thursday, Representative Lloyd Doggett and Senator Sheldon Whitehouse announced that they are reintroducing the “No Tax Breaks for Outsourcing Act.” Our international corporate tax rules have been a mess for a long time, and Tax Cuts and Jobs Act (TCJA) failed to resolve the problems. The old rules and the new rules under TCJA both tax offshore corporate profits more lightly than domestic corporate profits, but in different ways. The No Tax Breaks for Outsourcing Act would create rules that tax domestic profits and foreign profits in the same way.
ITEP Work in Action March 15, 2019
State Millionaires’ Taxes Can Advance Racial Justice

Millionaires’ taxes can help address this problem. They can raise substantial revenue for public services by asking more of those at the top, a group that’s disproportionately white. White families are three times likelier than Black and Latinx families to be in the top 1 percent, according to a report by Prosperity Now and the Institute on Taxation and Economic Policy.
ITEP Work in Action March 12, 2019
Policy Matters Ohio: Loopholes Upon Loopholes

As noted, of the three deductions, by far the most taxpayers took advantage of the deduction for self-employment taxes. The Institute on Taxation and Economic Policy, which has a model…
news release March 7, 2019
Gov. Pritzker’s Tax Proposal Is a Huge Step Toward Fairer Taxes

Gov. Pritzker’s Fair Tax proposal reflects a necessary and strong commitment to reforming Illinois’s tax system in a fair way that will help the state raise the revenue it needs to stabilize its finances and improve quality of life for all its residents. The state’s financial crisis spans several years and getting the state back on firm fiscal footing requires bold solutions and—yes—tax increases.
blog March 6, 2019
How State Tax Systems Worsen the Economic Divide – in Charts

The nation is currently engaging in serious discourse about how to expand economic opportunity and remedy income inequality via the federal tax code. State tax systems are also important and have a dismal effect on the growing economic divide. In a new report, Fairness Matters: A Chart Book on Who Pays State and Local Taxes, we further parse our Who Pays? data.
report March 6, 2019
Fairness Matters: A Chart Book on Who Pays State and Local Taxes

There is significant room for improvement in state and local tax codes. State tax codes are filled with top-heavy exemptions and deductions and often fail to tax higher incomes at higher rates. States and localities have come to rely too heavily on regressive sales taxes that fail to reflect the modern economy. And overall tax collections are often inadequate in the short-run and unsustainable in the long-run. These types of shortcomings provide compelling reason to pursue state and local tax reforms to make these systems more equitable, adequate, and sustainable.
ITEP Work in Action March 5, 2019
Georgia Budget and Policy Institute: Georgia Work Credit Grows the Middle Class

A non-refundable Georgia Work Credit would cut state taxes for more than 700,000 lower and middle-income households by up to $475. The Institute on Taxation and Economic Policy estimates that…
news release February 28, 2019
Education Department Tax Credit Proposal Would Undermine Public Schools

The Education Department today announced a proposed new federal tax credit for so-called school choice. The $5 billion proposal would give those who donate to private school voucher programs a tax credit. Following is a statement by Carl Davis, research director at the Institute on Taxation and Economic Policy.
February 28, 2019

Americans have long wanted progressive taxes but few, if any, lawmakers publicly backed this view. What’s happening now isn’t a shift in public opinion, rather it’s Washington finally catching up…
ITEP Work in Action February 27, 2019
Public News Service: Could Fast-Moving Tax-Cut Proposal Blow WV Budget?

House Bill 3137 would create a fund where new money, including out-of-state online sales taxes, would go. Then, each time that fund reached a certain level, it would trigger compounding…
blog February 26, 2019
Overdue Gas Tax Hikes are Back on the Agenda in Statehouses

State tax policy can be a contentious topic, but one issue on which lawmakers largely agree is that higher gas tax rates are necessary to keep our nation’s infrastructure operating safely and efficiently. Lawmakers in 27 states have approved gas tax increases since 2013.

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