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ITEP Work in Action April 2, 2018 Kentucky Center for Economic Policy: Tax Plan Is a Tax Shift with Troubling Long-Term Effect on Revenues
The General Assembly introduced a tax bill today that is a shift in taxes away from corporations and high-income people and over to low- and middle-income Kentuckians. Although the official… -
media mention March 29, 2018 Hawaii News Now: Nonprofit to State on Tax Savings for Low-Income Families: Check Your Math
The state miscalculated the benefits of the federal tax overhaul to low-income families in Hawaii, a new analysis concludes. The source of the confusion: The scope of the tax savings that the child tax credit benefit would offer very low-income families (those earning up to $10,000 a year).
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media mention March 29, 2018 Honolulu Star Advertiser: New Tax Benefits Likely Overstated for Hawaii’s Poorest
A nonpartisan Washington, D.C.-based nonprofit, the Institute on Taxation and Economic Policy, has estimated that Hawaii’s richest 1 percent, represented by households earning over $554,230, would save $39,420 on average next year under the new law. The group also figured that Hawaii taxpayers earning less than $26,620 would save $130 on average in taxes.
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ITEP Work in Action March 29, 2018 Colorado Fiscal Institute: Pies & Charts: Mid-Session Briefing
Pies and Charts is the annual mid-session briefing hosted by Colorado Fiscal Institute.
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ITEP Work in Action March 28, 2018 Minnesota Budget Project: Families With Children Could Pay Higher Taxes Under Tax Conformity
The complex set of tax changes in the recent federal tax bill creates a set of challenging decisions for states like Minnesota. Because Minnesota’s state income and corporate taxes use federal tax… -
ITEP Work in Action March 28, 2018 Hawai’i Budget & Policy Center: Effects of Federal Tax Cuts in Hawai‘i: Correcting the Record
Although corporate taxes are not reported on individual income tax forms, corporate tax cuts benefit those who own stocks, and the vast majority are owned by upper-income individuals. For that reason, ITEP included corporate tax breaks in its analysis of the federal tax law.
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blog March 26, 2018 Amazon and Other E-Retailers Get a Free Pass from Some Local-Level Sales Taxes
A new ITEP analysis reveals that in seven states (Alabama, Alaska, Idaho, Iowa, Mississippi, New Mexico, and Pennsylvania), the nation’s largest e-retailer, Amazon.com, is either not collecting local-level sales taxes or is charging a lower tax rate than local retailers. In other states, such as Colorado and Illinois, Amazon is collecting local tax because it has an in-state presence, but localities cannot collect taxes from other e-retailers based outside the state.
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brief March 26, 2018 Many Localities Are Unprepared to Collect Taxes on Online Purchases: Amazon.com and other E-Retailers Receive Tax Advantage Over Local Businesses
Online retailer Amazon.com made headlines last year when it began collecting every state-level sales tax on its direct sales. Savvy observers quickly noted that this change did not affect the company’s large and growing “marketplace” business, where it conducts sales in partnership with third-parties and rarely collects tax. But far fewer have noticed that even on its direct sales, Amazon is still not collecting some local-level taxes.
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ITEP Work in Action March 21, 2018 Idaho Center for Fiscal Policy: Considerations on House Bill 675
A proposal before the Legislature seeks to amend the child tax credit that was created through recent legislation passed by both chambers and signed by the Governor. This analysis presents… -
ITEP Work in Action March 20, 2018 Colorado Fiscal Institute: Forecast Five: March 2018 Revenue Estimates
As a result of TCJA, Legislative Council estimates the state will see increased revenue of $196.5 million in FY 2018-2019, and $329.8 million in increases in FY 2019-2020. However, new analysis from the Institute on Taxation and Economic Policy suggests the revenue increase next year could be closer to $28 million.
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ITEP Work in Action March 19, 2018 Iowa Fiscal Partnership: Passing Through a Special Break for Wealthiest Filers
The tax bill that recently passed the Iowa Senate included a provision from the recent federal tax cut bill that provides preferential tax treatment for certain kinds of business income earned mostly by the highest income taxpayers. The “Qualified Business Income Deduction” (QBID) provides a 20 percent exemption of that income from the personal income tax.
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ITEP Work in Action March 19, 2018 Iowa Fiscal Partnership: Passing through a special break
The tax bill that recently passed the Iowa Senate included a provision from the recent federal tax cut bill that provides preferential tax treatment for certain kinds of business income… -
ITEP Work in Action March 16, 2018 Iowa Fiscal Partnership: Governor’s Plan Sets Stage For Service Cuts
Iowa’s General Assembly opened with promises from legislative leadership and the Governor for tax reform. We noted key opportunities to assure a fairer and sustainable system in a brief report last fall, “Introduction to 2018: What should be part of tax reform? And what should not?”[i] These options remain; some are gaining attention — such as the elimination of federal deductibility and the closing of sales tax loopholes — and some are not.
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ITEP Work in Action March 16, 2018 E.I.T.C. Spells LOVE for Kids and Families in Arkansas
Many people in our state work at low-paying jobs. Arkansans who work hard for little money pay a much higher share of their income to state and local taxes compared to the wealthiest. That’s not the way it should be. Fortunately, there is a great option for Arkansas (just ask the 29 other states that are already using it!) that can help turn things around for working families. That option is a state-level Earned Income Tax Credit (or EITC). At Arkansas Advocates for Children and families, we are so in love with the Earned Income Tax Credit that we decided to sing about it.
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ITEP Work in Action March 15, 2018 Georgia Budget & Policy Institute: Lawmakers Approve Major Tax Plan, Still Reviewing Several Tax Breaks
A range of tax bills are still in the pipeline at the General Assembly after lawmakers already approved a sweeping package of income tax cuts. Georgia’s 2018 General Assembly advanced… -
ITEP Work in Action March 14, 2018 New Jersey Policy Perspective: Op-Ed: Tax Law Requires More Than ‘SALT Cap’ Workarounds
If you live in a high-wealth and high-tax state like New Jersey, the news gets worse. For the first time in 100 years, taxpayers may no longer deduct their full state and local taxes (“SALT” for short) from the income on which federal taxes are owed. The deductible ceiling is set at $10,000, so if you pay more than that with property and income taxes combined, your taxable income will increase by a bit.
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ITEP Work in Action March 9, 2018 Georgia Budget and Policy Institute: All Georgians Stand to Lose from Immigrant Crackdown Measure
And Georgia immigrants contribute significant state and local tax revenue, including $352 million a year by undocumented immigrants as a whole and $66 million by Dreamers in particular. Read more… -
ITEP Work in Action March 9, 2018 Maine Center for Economic Policy Policy Brief: The LePage Tax Bill
On March 1, Gov. Paul LePage’s Administration presented a tax bill to the Legislature designed to mirror at the state level some of the reforms enacted by passage of the… -
ITEP Work in Action March 7, 2018 Iowa Fiscal Partnership: Governor’s Tax Cut Plan Sets Stage For Service Cuts
Governor Kim Reynolds’ tax proposal trades massive cuts in public services for small savings for lower-income taxpayers, larger savings for high-income taxpayers and few meaningful strides toward fairness in a system that already treats the poor poorly and raises too little revenue to avoid mid-year cuts.
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ITEP Work in Action March 7, 2018 Economic Progress Institute: Changes in Federal Tax Law Will Cut Taxes for Many Rhode Islanders; Wealthiest Families and Corporations Benefit the Most
To help explain what the Act will mean for Rhode Island, the Economic Progress Institute released a paper entitled “Changes in federal tax law will cut taxes for many Rhode Islanders; wealthiest families and corporations benefit the most.”
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ITEP Work in Action March 5, 2018 Louisiana Budget Project: On the Brink of Collapse
The backbiting and bitterness surrounding the revenue debate in Baton Rouge is wildly disproportionate to the effect on Louisiana families. As The Advocate’s Tyler Bridges reports, none of the tax bills would cost any Louisiana family more than 1 percent of their income per year. What’s really at stake in the tax debate – besides trying to fill a $1 billion hole in the budget – is whether to continue relying on a regressive sales tax, or if the burden should be shifted slightly to high-income taxpayers.
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blog March 2, 2018 Five Ways States Can Recoup Corporations’ Massive Federal Tax Giveaway
Corporate America is doing alright. Corporate profits soared last year, and 2018 has already brought a major windfall in the form of the Trump-GOP tax law, which dramatically cut the federal corporate tax rate from 35 percent to 21 percent and shifted to a territorial tax system, giving income earned offshore by U.S. companies a free pass by no longer making it subject to U.S. taxes.
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ITEP Work in Action February 28, 2018 Missouri Budget Project: Sales Taxes on Groceries & the Importance of a Refundable EITC
A state Earned Income Tax Credit (EITC), like the recently proposed Missouri Working Families Credit, could benefit as many as 515,000 working families with modest wages, providing hardworking families the… -
ITEP Work in Action February 27, 2018 CBPP: North Carolina Tax Cuts Have Worsened Racial Wealth Inequities
The top 1 percent of North Carolinians are getting about $21,780 in average tax breaks per year — 59 times the average break for people in the middle fifth of the income scale and 1,361 times the average break for people in the lowest fifth, the Institute on Taxation and Economic Policy found in its analysis of the 2013 tax changes.
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media mention February 26, 2018 Associated Press: GOP Tax Law Boosts Income Taxes, Budgets in Some States
The Republican tax overhaul is giving most Americans a break on their federal income taxes. But fallout from the same law means many people could actually see their state income…