Alex Welch – Page 7

map August 4, 2023
What States Have Sales Tax Holidays in 2023?

The number of states with sales tax holidays on the books fell to 19 in 2023 from 20 in 2022. Yet even as slightly fewer states have them, they are estimated to cost much more. In 2023, sales tax holidays will cost states and localities nearly $1.6 billion in lost revenue, up from an estimated $1 billion just a year ago.
brief August 2, 2023
Sales Tax Holidays: An Ineffective Alternative to Real Sales Tax Reform

Nineteen states have sales tax holidays on the books in 2023, and these suspensions will cost nearly $1.6 billion in lost revenue this year. Sales tax holidays are poorly targeted and too temporary to meaningfully change the regressive nature of a state’s tax system. Overall, the benefits of sales tax holidays are minimal while their downsides are significant.
blog July 18, 2023
States and Localities are Making Progress on Curbing Unjust Fees and Fines

Too many state and local governments tap legal-system collections, rather than adequate tax systems, to fund shared essentials like public safety and education. But a growing number of states and localities are choosing a better approach. Momentum for change has continued to build in 2023, with no fewer than seven states enacting substantial improvements.
report July 11, 2023
‘Fair Share Act’ Would Strengthen Medicare and Social Security Taxes

The Medicare and Social Security Fair Share Act would reform the taxes that Americans pay to finance these two important programs so that the richest 2 percent of Americans pay these taxes on most of their income the way that middle-class taxpayers already do.
report June 29, 2023
Corporations Reap Billions in Tax Breaks Under ‘Bonus Depreciation’

Since TCJA expanded tax breaks for “accelerated depreciation” starting in 2018, it has reduced taxes by nearly $67 billion for the 25 profitable corporations that benefited the most. Congress is now looking at extending this policy.
map June 28, 2023
State Action on Child Tax Credits and Earned Income Tax Credits in 2023

In 2023 so far, 17 states have either adopted or expanded a Child Tax Credit or Earned Income Tax Credit. Both these policies can help bolster the economic security of low- and middle-income families and position the next generation for success.
blog June 22, 2023
State Rundown 6/22: Some Tax Debates Heat Up as Others Cool Off

Summer is here and many states nearing the end of their legislative sessions. Temperatures are rising in more ways than one in some state legislatures while others seem to be cooling off.
brief June 13, 2023
Expanding the Child Tax Credit Would Help Nearly 60 Million Kids, Especially Those in Families with Low Incomes

Restoring the federal Child Tax Credit to 2021 levels would benefit nearly 60 million children. Three-quarters of the benefit would go to families in the bottom three quintiles, consisting of households with less than $86,600 in income.
brief June 11, 2023
Trio of GOP Tax Bills Would Expand Corporate Tax Breaks While Doing Little for Americans Who Most Need Help

The trio of tax bills that cleared the House Ways and Means Committee in June include tax cuts that would mostly benefit the richest one percent of Americans and foreign investors.
blog June 9, 2023
Letter to IRS on Section 1001 Regulation in 2023-2024 Priority Guidance Plan

Read as PDF Re: Recommendation for Inclusion of Section 1001 Regulation in 2023-2024 Priority Guidance Plan To Whom It May Concern, We are writing to respectfully urge that the IRS…
blog June 5, 2023
The Real Impact of State Tax Cuts

This op-ed was originally published by Route Fifty and co-written by ITEP State Director Aidan Davis and Center on Budget and Policy Priorities Senior Advisor for State Tax Policy Wesley…
blog June 1, 2023
Debt-Limit Deal’s Provision to Let Tax Cheats Off the Hook Will Increase the Deficit

The latest debt-limit bill in Congress includes a provision to claw back important IRS funding meant to crack down on wealthy tax cheats. This cut in funding would actually increase the deficit while continuing the rig the system in favor of the most well-off.
blog June 1, 2023
State Rundown 6/1: State Revenue Highs and Lows

Short-sighted tax cuts continue to make their way to Governors’ desks this week. In Florida, Gov. DeSantis signed a $1.3 billion tax cut package with $550 million of the tax cuts from sales tax holidays, alone. The Nebraska legislature also sent $6.4 billion in tax cuts to Gov. Pillen’s desk which includes an enormous personal income tax cut that will reduce taxes on the top 1 percent by tens of thousands of dollars.
blog May 25, 2023
Congress Should Consider Attaching Work Requirements to the Biggest Tax Break for the Rich

Instead of focusing on low-income people who are already mostly employed or facing significant barriers to employment, lawmakers who want to encourage labor force participation should revisit existing tax breaks subsidizing wealthy individuals who live off their assets rather than work.
map May 19, 2023
Circuit Breakers and Other Income-Based Property Tax Programs in 2023

No tax cut offers a more targeted solution to property tax affordability problems than circuit breaker credits. This is because circuit breakers are the only tools for reducing property taxes…
blog May 11, 2023
States are Talking About the Wrong Kind of Property Tax Cuts

Concerns over property tax affordability have been at the forefront this year as housing prices have climbed and property tax bills have often increased along with them. As lawmakers mull a range of property tax cuts, circuit breakers are the best possible approach—and these policies are receiving far too little attention in the states.
report May 11, 2023
Preventing an Overload: How Property Tax Circuit Breakers Promote Housing Affordability

Circuit breaker credits are the most effective tool available to promote property tax affordability. These policies prevent a property tax “overload” by crediting back property taxes that go beyond a certain share of income. Circuit breakers intervene to ensure that property taxes do not swallow up an unreasonable portion of qualifying households’ budgets.
blog May 9, 2023
Congress Should Raise Taxes on the Rich, But That’s a Totally Separate Issue from the Debt Ceiling

Congress absolutely should raise taxes on the rich and on corporations to generate revenue and improve the fairness of our tax code. President Biden has several proposals to do exactly that. But this is an entirely separate question from whether we should raise the debt ceiling to honor the debts the nation has already incurred and avoid an economic apocalypse.
report May 4, 2023
Extending Temporary Provisions of the 2017 Trump Tax Law: National and State-by-State Estimates

The push by Congressional Republicans to make the provisions of the 2017 Tax Cuts and Jobs Act permanent would cost nearly $300 billion in the first year and deliver the bulk of the tax benefits to the wealthiest Americans.
blog April 27, 2023
Kansas Avoids Flat Tax Proposal: Narrow Victory a Cautionary Tale for Other States

Kansas lawmakers failed to override Gov. Laura Kelly’s veto of a damaging flat tax package. In doing so, the state narrowly avoided traveling again down the same disastrous yet well-worn path of deep income tax cuts. States across the country can learn from Kansas’s experience by rethinking tax policy decisions and broader statewide priorities.
map April 19, 2023
How is Adult-Use Cannabis Taxed by Your Local Government?

Twenty states have legalized the sale of cannabis for general adult use. Cannabis taxes vary considerably depending on local authority. Some states allow local governments to levy standalone excise taxes applying narrowly to cannabis purchases. Most local excise taxes on cannabis are levied in states that do not permit local governments to levy general sales taxes.
map April 19, 2023
How is Adult-Use Cannabis Taxed in Your State?

Twenty states have legalized cannabis sales for general adult use. Every state allowing legal sales applies a cannabis tax based on the product’s quantity, its price, or both. ITEP research indicates that taxes based on quantity will be more sustainable over time because prices are widely expected to fall as the cannabis industry matures.
blog April 18, 2023
Why is My Refund So Much Smaller This Year? Only the Good (Tax Credits) Die Young.

This year millions of American families are finding that their refunds are much smaller than last year—or that they even owe taxes back to the government—because of the expiration of the expanded Child Tax Credit and Earned Income Tax Credit that were in effect in 2021. The lapse of the expanded credits affects a majority of the middle class, but lower-income households are particularly likely to feel the sting.
blog April 12, 2023
Deep Public Investment Changes Lives, Yet Too Many States Continue to Seek Tax Cuts

When state budgets are strong, lawmakers should put those revenues toward building a stronger and more inclusive society for the long haul. Yet, many state lawmakers have made clear that their top priority is repeatedly cutting taxes for the wealthy.
blog April 12, 2023
8 Things to Know About State Taxes

As Tax Day approaches, it’s worth thinking about not only the taxes that we individually pay but the overall condition of our tax code as well. State tax codes, while…

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