Alex Welch – Page 9

brief November 10, 2022
Twenty-Three Corporations Saved $50 Billion So Far Under Trump Tax Law’s “Bonus Depreciation” that Many Lawmakers Want to Extend

Nearly two dozen of America’s largest corporations together received roughly $50 billion in tax breaks from 2018 through 2021 under a Trump tax law provision that many lawmakers now want to extend. Corporate lobbyists are even asking Congress to extend this “accelerated depreciation” tax break as part of a possible year-end tax bill.
blog November 3, 2022
Key Republicans Say Negligible Decline in Economic Growth Outweighs Enormous Drop in Child Poverty

The expanded Child Tax Credit reduced child poverty dramatically and immediately. There is no debate or murkiness on this. Some lawmakers have decided that cutting child poverty in half is not worth the cost if it means an ambiguous and negligible decline in GDP growth. This view is not just cruel, it is bad economics.
blog October 31, 2022
Tax Foundation’s ‘State Business Tax Climate Index’ Bears Little Connection to Business Reality

The big problem with the Index is that it peddles a solution that not only falls short of the goal of generating business investment, but one that actively harms state lawmakers’ ability to provide the kinds of public goods – like good schools and modern, efficient transportation networks – that businesses need and want.
blog October 26, 2022
Measures on the November Ballot Could Improve or Worsen State Tax Codes

In a couple of weeks, voters in a handful of states will weigh in on several tax-related ballot measures that could make state tax codes more equitable and raise money…
October 19, 2022
Eli Byerly-Duke

Eli is a State Policy Analyst who monitors trends in state tax policy and conducts long-term research. His focus is principally on the border South and California. Prior to joining…
October 19, 2022
Miles Trinidad

Miles provides research and monitors state tax policy to support state researchers and advocates. Before joining ITEP in 2022, Miles worked in the office of Rep. Peter DeFazio for more…
map October 18, 2022
Extreme Wealth by State, 2022

More than one in four dollars of wealth in the U.S. is held by a tiny fraction of households with net worth over $30 million. This extreme wealth is geographically concentrated, with the top 10 states accounting for more than 70 percent of nationwide extreme wealth and with New York and California alone accounting for nearly a third.
report October 13, 2022
The Geographic Distribution of Extreme Wealth in the U.S.

More than one in four dollars of wealth in the U.S. is held by a tiny fraction of households with net worth over $30 million. Nationally, we estimate that wealth over $30 million per household will reach $26 trillion in 2022 with roughly one-fifth of that amount ($4.5 trillion) held by billionaires.
report October 4, 2022
Unfinished Tax Reform: Corporate Minimum Taxes

While the Inflation Reduction Act’s corporate minimum tax is a huge improvement in our tax system, implementing the global corporate minimum tax would improve it much more. And if other governments implement the global minimum tax, the United States will have an even stronger interest in joining them to ensure that new revenue collected from American corporations flows to the U.S. rather than to other countries.
blog October 3, 2022
Congress Should Not Leave Children Out of Possible Year-End Tax Deal

If lawmakers believe it’s worthwhile to extend corporate tax breaks, then it would be entirely unreasonable for them to not conclude the same about tax provisions that help low-income children.
brief September 20, 2022
How the Inflation Reduction Act’s Tax Reforms Can Help Close the Racial Wealth Gap

Lawmakers have many opportunities to pass reforms that will make our tax code fairer and further reduce racial inequity in our economy. The Inflation Reduction Act is a great step forward; better taxing wealth and income from wealth and expanding targeted refundable tax credits would build on this progress.
brief September 15, 2022
Boosting Incomes and Improving Tax Equity with State Earned Income Tax Credits in 2022

States continued their recent trend of advancing EITCs in 2022, with nine states plus the District of Columbia either creating or improving their credits. Utah enacted a 15 percent nonrefundable EITC, while the District of Columbia, Hawaii, Illinois, Maine, Vermont and Virginia expanded existing credits. Meanwhile, Connecticut, New York and Oregon provided one-time boosts to their EITC-eligible populations.
brief September 15, 2022
More States are Boosting Economic Security with Child Tax Credits in 2022

After years of being limited in reach, there is increasing momentum at the state level to adopt and expand Child Tax Credits. Today ten states are lifting the household incomes of families with children through yearly multi-million-dollar investments in the form of targeted, and usually refundable, CTCs.
blog September 14, 2022
Census Data Shows Need to Make 2021 Child Tax Credit Expansion Permanent

The Child Tax Credit expansion led to a 46 percent decline in childhood poverty. That it could be accomplished during the largest economic disruption in most of our lifetimes underscores a basic fact: thoughtful, decisive government action to combat poverty works.
blog September 13, 2022
Billionaires Should Pay Taxes on Their Income Every Year Like the Rest of Us

The Inflation Reduction Act signed by President Biden last month will crack down on corporate tax dodgers and strengthen enforcement of tax laws already on the books, raising hundreds of…
blog September 7, 2022
Romney Child Tax Credit Plan Would Leave Millions of Children Worse Off and Raise Taxes for the Average Black Family

Sen. Romney’s plan would expand the Child Tax Credit and offset the costs by scaling back other tax benefits. All told, it would raise taxes on a fourth of all kids in the U.S. This includes about a fourth of the children among the poorest fifth of U.S. families.
report September 7, 2022
National and State-by-State Estimates of Two Approaches to Expanding the Child Tax Credit

The Romney Child Tax Credit plan would leave a quarter of children worse off compared to current law and help half as many low-income children as the 2021 expansion of the credit.
blog August 18, 2022
Gimmicky Sales Tax Holidays Are Short-Term and Ineffective

Everyone loves a deal, so it’s no surprise why the appeal of the state sales tax holiday continues to persist. This year, 20 states will forgo more than $1 billion in combined revenue to enact a variety of sales tax holidays that—like most things that are too good to be true—will do little to provide meaningful benefits and instead undermine funding for public services.
news release August 12, 2022
ITEP: Inflation Reduction Act is Biggest Corporate Tax Reform in Decades

Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, issued the following statement on “The Inflation Reduction Act (IRA) of 2022,” the reconciliation bill passed today by…
blog August 12, 2022
Lawmakers Must Choose Between Funding the IRS or Protecting Wealthy Tax Cheaters

Grasping for some way to criticize the popular Inflation Reduction Act as it approaches final passage, Congressional Republicans have decided to attack its provisions that will reverse a decade of…
blog August 9, 2022
What Tax Provisions are in the Senate-Passed Inflation Reduction Act?

The Inflation Reduction Act approved by the Senate on Aug. 7 would raise more than $700 billion in new revenue over a decade by closing corporate tax loopholes, empowering the…
news release August 7, 2022
Inflation Reduction Act Will Increase Tax Fairness, Reduce Inequality

Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, issued the following statement on “The Inflation Reduction Act (IRA) of 2022,” the reconciliation bill passed today by…
blog August 5, 2022
They Might Really Do It: The Senate Is About to Reform Our Tax Code

For now, the Senate is poised to reverse cuts to the IRS enforcement against wealthy tax evaders for the first time in a decade, crack down on tax-dodging by huge corporations for the first time since 1986, and finally address the method increasingly used by corporations to transfer income to shareholders to avoid federal taxes. The multi-decade winning streak of corporate lobbyists and special interests who have practically written many of our tax laws in recent years is about to come to an end.
blog August 5, 2022
Corporations are Shifting Profits to Wealthy Investors Tax-Free—Stock Buyback Tax Would Change That

Senate Democrats have announced an agreement on the Inflation Reduction Act that, among other changes to a previous version of the bill, would apply a 1 percent tax on corporations repurchasing their own stock. This proposal was included in the House-passed Build Back Better Act last year and was estimated at that time to raise $124 billion over 10 years. This measure would ensure that income transferred from corporations to wealthy shareholders does not continue to escape taxation.
blog August 5, 2022
Corporate Minimum Tax Examples: Apple Would Likely Pay More, 3M Would Not

Apple, one of the largest corporations in the United States despite manufacturing most of its physical products offshore, would likely pay the corporate minimum tax that is included in the Inflation Reduction Act that the Senate is debating this week. 3M, a manufacturer that has about 40 percent of its workforce in the United States, likely would not pay the corporate minimum tax if current trends in the company’s profits and taxes continue, because it is already paying above 15 percent of its profits in taxes.

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