Meet the new corporate tax system, same as the old corporate tax system. That’s the inescapable conclusion of a new ITEP report assessing the taxpaying behavior of America’s most profitable corporations. The report, Corporate Tax Avoidance Remains Rampant Under New Law, released earlier this week, finds that 60 Fortune 500 corporations disclose paying zero in federal income taxes in 2018 despite enjoying large profits.

Income inequality is a national challenge. And inadequate federal revenue is a challenge that the nation will eventually have to reckon with. This chart book makes a strong case for why federal lawmakers should seriously consider progressive revenue-raising options.

A proposal re-introduced this week by Sen. Elizabeth Warren (D-MA), Sen. Jeanne Shaheen (D-NH), and Rep. Brad Sherman (D-CA), The Tax Filing Simplification Act of 2019, goes a long way toward making tax filing a much more straight-forward process by broadening the IRS’s mandate.

The Montana Senate this week stopped a bill to restructure the state's temporary tribal tax exemption program, making tribal governments the only sovereignties on which Montana levies a tax and making it more difficult for leaders to buy back illegally seized land. Still, the success of the bill in the House is troubling.

For years, Americans have been told that the rich are paying a highly disproportionate share of the nation’s taxes. Claims to that effect often focus on just one tax, the federal personal income tax, which is indeed progressive overall. But when the nation’s tax system is viewed in its entirety, it becomes clear that the reality is very different. Despite their enormous incomes and wealth, the nation’s richest taxpayers are paying a share of overall taxes that slightly exceeds their share of income.

91 corporations did not pay federal income taxes on their 2018 U.S. income. Read the follow-up report released in December 2019, Corporate Tax Avoidance in the First Year of the Trump Tax Law.   Media Contact An in-depth analysis of Fortune 500 companies’ financial filings finds that at least 60 of the nation’s biggest corporations didn’t […]

For decades, profitable Fortune 500 companies have been able to manipulate the tax system to avoid paying even a dime in tax on billions of dollars in U.S. profits. This ITEP report provides the first comprehensive look at how the new corporate tax laws that took effect after the passage of the 2017 Tax Cuts and Jobs Act affects the scale of corporate tax avoidance.

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.

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.

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.

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.

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.

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.

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.

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.