Alex Welch – Page 70

ITEP's Research Priorities

brief September 11, 2017
Property Tax Circuit Breakers in 2017

State lawmakers seeking to make residential property taxes more affordable have two broad options: across-the-board tax cuts for taxpayers at all income levels, such as a homestead exemption or a tax cap, and targeted tax breaks that are given only to particular groups of low- and middle-income taxpayers. One such targeted program to reduce property taxes is called a “circuit breaker” because it protects taxpayers from a property tax “overload” just like an electric circuit breaker: when a property tax bill exceeds a certain percentage of a taxpayer’s income, the circuit breaker reduces property taxes in excess of this “overload” level. This policy brief surveys the advantages and disadvantages of the circuit breaker approach to reducing property taxes.
brief September 11, 2017
Options for a Less Regressive Sales Tax in 2017

Sales taxes are one of the most important revenue sources for state and local governments; however, they are also among the most unfair taxes, falling more heavily on low- and middle-income households. Therefore, it is important that policymakers nationwide find ways to make sales taxes more equitable while preserving this important source of funding for public services. This policy brief discusses two approaches to a less regressive sales tax: broad-based exemptions and targeted sales tax credits.
brief September 11, 2017
Rewarding Work Through State Earned Income Tax Credits in 2017

The Earned Income Tax Credit (EITC) is a policy designed to bolster the earnings of low-wage workers and offset some of the taxes they pay, providing the opportunity for struggling families to step up and out of poverty toward meaningful economic security. The federal EITC has kept millions of Americans out of poverty since its enactment in the mid-1970s. Over the past several decades, the effectiveness of the EITC has been magnified as many states have enacted and later expanded their own credits.
ITEP Work in Action September 5, 2017
Arkansas Advocates for Children and Families: The Trump Tax Plan: What Would It Mean for Arkansas?

Who benefits and who loses under the Trump tax plan? An analysis by the Institute on Taxation and Economic Policy (ITEP) estimates that Arkansas would fare worse under the plan compared to other states. Relative to our share of the U.S. population, we would be one of the 12 states receiving the lowest share of the total Trump tax cut.
ITEP Work in Action September 1, 2017
New Mexico Voices for Children: The Trump Tax Plan Isn’t ‘Reform.’ Here’s Why:

In April the Trump administration released a sketchy outline of their half-baked ideas for tax changes. An analysis by the Washington, D.C.-based Institute for Taxation and Economic Policy (ITEP) of that back-of-the-envelope ‘plan’ found that nearly half (48 percent) of Trump’s proposed tax cuts would go to millionaires. Millionaires make up only 0.5 percent of the U.S. population.
ITEP Work in Action August 31, 2017
New Mexico Voices for Children: Trump Tax Plan Does Little for NM’s Middle Class

Average New Mexicans would not benefit much from President Trump’s tax reform proposal, which would give the biggest tax breaks to New Mexico’s millionaires. That’s according to a report released recently by the Institute on Taxation and Economic Policy (ITEP).
ITEP Work in Action August 24, 2017
Maryland Center on Economic Policy: Trump Tax Framework Would Give Away Trillions in Tax Breaks to Millionaires

The Trump administration and congressional leaders are gearing up to overhaul the federal tax code this fall. While many of the details remain fuzzy, one thing is clear: the administration’s top priority is to hand out big tax breaks to millionaires.
ITEP Work in Action August 21, 2017
Budget and Tax Center: Costly Tax Cuts in New State Budget Continue Precarious Road Ahead for North Carolina

The new two-year state budget passed by lawmakers included another package of tax cuts that will further limit the amount of revenue available for public investments. The latest tax cuts will reduce annual available revenue by $900 million and, when combined with tax cuts passed since 2013, result in an estimated $3.5 billion in less annual revenue compared to the tax system that was in place prior to tax changes in 2013.
ITEP Work in Action August 17, 2017
Maine Center for Economic Policy: Maine Millionaires Primary Recipients of Proposed Trump Tax Breaks

New analysis from the Institute on Taxation and Economic Policy (ITEP) shows Maine’s millionaires would get an average tax cut of $135,220 under President Trump’s proposed tax plan. Maine millionaires represent only 0.3 percent of all Maine households, yet would receive more than a quarter of all tax breaks.
ITEP Work in Action August 15, 2017
Indiana Institute for Working Families: Trump Tax Plan Would Shortchange Indiana, Middle Class & Working Families (But Would Let Them Eat Cake)

A new analysis of the Trump tax plan from the Institute for Taxation and Economic Policy shows that Indiana would only get an 87% share of tax cuts relative to the state’s ratio of the U.S. population. This is the 23rd-smallest share among states. In part because the plan is aimed at high-income households and Indiana is a poorer state, no matter how you slice it, Indiana gets shortchanged compared to the average state by Trump’s plan.
blog July 24, 2017
Sound Tax Policy Made a Comeback in 2017

2017 marked a sea change in state tax policy and a stark departure from the current federal tax debate as dubious supply-side economic theories began to lose their grip on…
brief July 21, 2017
Rewarding Work Through State Earned Income Tax Credits

The Earned Income Tax Credit (EITC) is a policy designed to bolster the earnings of low-wage workers and offset some of the taxes they pay, providing the opportunity for struggling families to step up and out of poverty toward meaningful economic security. The federal EITC has kept millions of Americans out of poverty since its enactment in the mid-1970s. Over the past several decades, the effectiveness of the EITC has been magnified as many states have enacted and later expanded their own credits.
ITEP Work in Action July 21, 2017
Florida Policy Institute: The Growing Divide: Federal Tax Plan Would Give Massive Tax Cuts to Wealthy Floridians as the Poorest Americans Continue to Struggle

The federal tax plan broadly outlined by the current administration would do very little to create opportunities for Floridians struggling to make ends meet. Instead, the tax plan would provide massive tax cuts for Florida’s highest income earners, accordingly to a recent report by the Institute on Taxation and Economic Policy (ITEP). Broadly outlined, the plan is likely to make an already unfair tax system that favors the wealthy even worse.
ITEP Work in Action July 21, 2017
New Jersey Policy Perspectives: Trump Tax Plan: A Boon for the Wealthiest New Jerseyans

A federal tax package based on President Trump’s April outline would fail to deliver on its promise of mostly helping the middle class, instead showering most of its help to the richest 1 percent, according to a new 50-state analysis from the Institute on Taxation and Economic Policy released today.
ITEP Work in Action July 21, 2017
Hope Policy Institute: Mississippi’s Wealthiest Get the Most Benefit under New Federal Tax Cut Proposal

New research from the Institute on Taxation and Economic Policy (ITEP) looks at the potential effects of a tax cut proposal from the Trump Administration on families in the 50 states. The tax cut proposal would reduce the tax rate on corporate income from 35 percent to 15 percent, would repeal the estate tax, replace the current income tax brackets with three brackets at 10 percent, 25 percent, and 35 percent, eliminate most itemized deductions, except charitable giving and home mortgage interest, and create a new tax credit for childcare expenses, among other things.
ITEP Work in Action July 21, 2017
Kentucky Center for Economic Policy: Trump Tax Plan Would Be a Windfall for Only the Wealthiest Kentuckians

The wealthiest Kentuckians would be winners from the $4.8 trillion in federal tax cuts President Donald Trump has proposed, as shown by a new report from the Institute on Taxation…
ITEP Work in Action July 20, 2017
West Virginia Center on Budget & Policy: New Report Shows Trump Tax Plan Benefits Wealthy, Fails to Help Middle Class

A new analysis from the Institute on Taxation and Economic Policy reveals a federal tax reform plan based on President Trump’s April outline would fail to deliver on its promise of largely helping middle-class taxpayers, showering 61.4 percent of the total tax cut on the richest 1 percent nationwide. In West Virginia, the top 1 percent of the state’s residents would receive an average tax cut of $51,600 compared with an average tax cut of $720 for the bottom 60 percent of taxpayers in the state.
ITEP Work in Action July 20, 2017
Economic Progress Institute: Trump Tax Plan Would Mostly Benefit Wealthiest Rhode Island Taxpayers

A new analysis from the Institute on Taxation and Economic Policy reveals a federal tax reform plan based on President Trump’s April outline would fail to deliver on its promise of largely helping middle-class taxpayers, showering 61.4 percent of the total tax cut on the richest 1 percent nationwide. In Rhode Island, the top 1 percent of the state’s residents would receive an average tax cut of $86,610 compared with an average tax cut of just $430 for the bottom 60 percent of taxpayers in the state.
ITEP Work in Action July 20, 2017
Maine Center for Economic Policy: Trump Tax Plan Would Give Richest Maine Taxpayers an Average $53,000 Tax Cut and Trigger Deep Cuts to Federal Dollars for Maine

A new analysis from the Institute on Taxation and Economic Policy reveals a federal tax reform plan based on President Trump’s April outline would fail to deliver on its promise of helping middle-class taxpayers, showering three out of every five dollars of the total tax cut on the richest 1 percent nationwide. In Maine, the top 1 percent of the state’s residents would receive an average tax cut of $53,000 compared with an average tax cut of $400 for the bottom 60 percent of taxpayers in the state.
July 20, 2017
Trump Tax Proposals Would Provide Richest One Percent in Nebraska with 52.6 Percent of the State’s Tax Cuts

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Nebraska would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,572,200 in 2018. They would receive 52.6 percent of the tax cuts that go to Nebraska’s residents and would enjoy an average cut of $128,300 in 2018 alone.
July 20, 2017
Trump Tax Proposals Would Provide Richest One Percent in North Carolina with 46.5 Percent of the State’s Tax Cuts

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in North Carolina would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,541,500 in 2018. They would receive 46.5 percent of the tax cuts that go to North Carolina’s residents and would enjoy an average cut of $78,880 in 2018 alone.
July 20, 2017
Trump Tax Proposals Would Provide Richest One Percent in New Hampshire with 41.3 Percent of the State’s Tax Cuts

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in New Hampshire would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,668,100 in 2018. They would receive 41.3 percent of the tax cuts that go to New Hampshire’s residents and would enjoy an average cut of $98,940 in 2018 alone.
July 20, 2017
Trump Tax Proposals Would Provide Richest One Percent in Vermont with 39.1 Percent of the State’s Tax Cuts

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Vermont would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,192,800 in 2018.
July 20, 2017
Trump Tax Proposals Would Provide Richest One Percent in Missouri with 50.3 Percent of the State’s Tax Cuts

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Missouri would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,587,000 in 2018. They would receive 50.3 percent of the tax cuts that go to Missouri’s residents and would enjoy an average cut of $101,580 in 2018 alone.
July 20, 2017
Trump Tax Proposals Would Provide Richest One Percent in New York with 66.9 Percent of the State’s Tax Cuts

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in New York would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $3,234,000 in 2018. They would receive 66.9 percent of the tax cuts that go to New York’s residents and would enjoy an average cut of $176,680 in 2018 alone.