A new analysis of the first year of tax policy under President Trump’s second term finds that the changes made by the president and Congress will increase taxes for most Americans, significantly expand income inequality, and add trillions to the national debt, while delivering substantial tax cuts to high-income households, corporations, and foreign investors. The […]

Today Washington Gov. Bob Ferguson signed into law the state’s new millionaires’ tax, propelling the Evergreen State forward toward a fairer economy with a tax code more based on the ability to pay. The legislation, which makes significant investments in public education and child care, will also expand the Working Families Tax Credit – Washington’s […]

The recent spike in gasoline prices is on pace to cost American drivers an additional $9.4 billion per month, according to a new analysis released today by the Institute on Taxation and Economic Policy (ITEP). Driven by the ongoing Iran war, which has sent prices soaring by about a dollar per gallon in a single […]

Contact: [email protected] Last night the Washington legislature took a huge step toward making that state’s tax system fairer by passing a personal income tax on earnings over $1 million. This comes as many states are looking to raise revenue, particularly from people at the top of the income scale who just received massive federal tax […]

The Child Tax Credit (CTC) boost in the One Big Beautiful Bill Act (OBBBA) leaves millions of families behind while disproportionately helping higher-income households rather than those most in need. There are better alternatives.   Contact: [email protected] Last year, lawmakers slightly increased the Child Tax Credit as part of the so-called “One Big Beautiful Bill […]

Cheniere Energy's latest annual financial report shows the company reaped a cool $380 million in tax cuts from a single regulatory change made by the Trump administration last fall.

Contact: Jon Whiten ([email protected]) Taxing the proceeds generated by wealth – such as capital gains, dividends, and passive business income – through a new Wealth Proceeds Tax is a simple way for states to raise billions in new revenue and improve the fairness of their tax systems, according to a new report by the Institute […]

Contact: Jon Whiten (ITEP) [email protected] A new analysis from the Institute on Taxation and Economic Policy (ITEP) reveals that five states—Kansas, Mississippi, Missouri, Ohio, and Oklahoma—enacted the most significant income tax cuts for millionaires in 2025, collectively reducing state revenues by more than $800 million in 2026 and an estimated $2.2 billion a year once […]

Looking to understand how state and local tax systems work – and how they affect economic and racial inequality? The new ITEP Guide to State & Local Taxes breaks down key concepts like the difference between flat and graduated income tax rates, the kinds of taxes local governments can levy, and much more. The guide […]