State lawmakers continue to make groundbreaking progress on state tax credits, with 17 states creating or enhancing Child Tax Credits or Earned Income Tax Credits so far this year. These policies have the potential to boost family economic security and dramatically reduce the number of children living below the poverty line.
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blog July 7, 2023 Refundable Credits a Winning Policy Choice Again in 2023
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ITEP Work in Action July 7, 2023 Policy Matters Ohio: Legislators Squander Golden Opportunity
The operating budget includes a $1-billion-per-year income-tax cut that disproportionately benefits the wealthy, does nothing for Ohioans in the lowest-income 20%, and temporarily increases taxes for some middle-income households. Read… -
blog July 7, 2023 Minnesota’s Tax Battle of 2023 Signals a Turning of the Tide Against Corporate Tax Avoidance
The qualified success of Minnesota’s GILTI conformity—to say nothing of the state’s serious dalliance with the game-changing worldwide combined reporting–sends a clear signal that the days may be coming to an end when big multinationals can scare state lawmakers into allowing them to game the tax system.
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media mention July 6, 2023 The New Republic: The Truth About the GOP and the Deficit: All They Do Is Raise It
They talk deficit reduction. But what they actually do—time after time after time—is raise it via corporate giveaways. Here’s the latest example. Read more. -
news release July 5, 2023 Big Corporations Have Reaped Billions in Tax Breaks from ‘Bonus Depreciation’
Big corporations have used a temporary policy that lawmakers are considering extending to get huge tax breaks, according to a new ITEP analysis. The new report looks at how much 25 major corporations saved from 2018-2022, and what their effective corporate tax rates have been as a result.
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media mention July 1, 2023 Mountain State Spotlight: Tax Cuts, Low-Balled Estimates and Volatile Revenues: Inside West Virginia’s $1.8 Billion Budget Surplus
Gov. Jim Justice has used the state’s budget surplus as proof of his business skills as he runs for the U.S. Senate. But the surplus is built on unpredictable revenue… -
ITEP Work in Action June 28, 2023 New Jersey Policy Perspective: StayNJ 2.0: Senior Tax Cut Still 2 Regressive and 2 Expensive
Updated StayNJ senior tax cut proposal would still send the biggest benefits to already-wealthy households. Read more. -
media mention June 26, 2023 Pittsburgh Post-Gazette: The Next Tax Debates are Heating Up in Congress
Call it the battle of the tax cuts. Western Pennsylvania’s lawmakers are on opposite sides as the U.S. House debates whether — and how — to cut taxes. Read more. -
blog June 22, 2023 Congressional Republicans Distort a New Report on the Global Minimum Tax
The notion that we are better off allowing our corporations to pretend their profits are earned in the Cayman Islands or Ireland simply defies logic and the facts. There is no scenario in which the U.S. would be better by ditching the international agreement that the government already negotiated.
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media mention June 21, 2023 The Sacramento Bee: Fact Check: Does California’s Middle Class Pay Less in Taxes Than in Other States?
“The American people don’t know this. We have the highest tax rate for the 1%, but middle-class families actually paid less than the majority of states in America in California,”… -
ITEP Work in Action June 20, 2023 Center for American Progress: House Bill Would Slash Business Taxes and Undermine Efforts To Stem Profit Shifting
A new House Republican proposal would cut business taxes, expanding the primary cause of the nation’s increasing debt ratio. Read more. -
media mention June 19, 2023 Insider: The IRS Could Recover $12 for Every $1 Spent on Scrutinizing the Ultra-Wealthy’s Taxes
It turns out that scrutinizing the rich’s taxes pays off. A new paper from economists at the Department of Treasury, Harvard University, and the University of Sydney looks at the return on… -
media mention June 19, 2023 The Independent: Biden Warns Union Members that Republicans are ‘Coming for Your Jobs’ in 2024 Campaign Speech in Philadelphia
Joe Biden got his 2024 presidential re-election campaign underway in Philadelphia on Saturday by continuing to pitch voters on his pro-labour bonafides. Read more. -
ITEP Work in Action June 15, 2023 Policy Matters Ohio: Senate Tax Plan Pits the Rich Against the Rest of Us
The Ohio Senate has voted to weaken the state’s fiscal foundations in order to hand out billions of dollars to wealthy households. The changes to the state’s personal income taxes,… -
ITEP Work in Action June 15, 2023 Rep. Judy Chu: Statement on GOP Tax Scam 2.0
An analysis by the Institute on Taxation and Economic Policy determined that should this package become law, Americans at the bottom 20 percent of income levels would receive an average tax cut… -
ITEP Work in Action June 15, 2023 Rep. Richard Neal: Neal Opening Statement at Markup of GOP Tax Scam 2.0
This is the most ill-considered piece of legislation that I’ve witnessed in years in front of this committee. Just 10 days after our Republican colleagues were prepared to bring the… -
media mention June 15, 2023 Video: ITEP’s Amy Hanauer Talks Proposed GOP Tax Cuts on Scripps New Live
ITEP Executive Director Amy Hanauer joined Scripps News Live to talk about the trio of tax bills that House Republicans are moving through committee this week, and explain how they would disproportionately help the wealthiest Americans and foreign investors.
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media mention June 15, 2023 Salon: GOP Follows Debt Fight with Bill to Give $24 billion Tax Cut to the Top 1 Percent
After spending months threatening to tank the economy over the federal deficit, Republicans have unveiled a set of new tax proposals that would cost the government billions of dollars —… -
media mention June 13, 2023 Common Dreams: New GOP Bills Would Hand Richest 1% Over $28 Billion in Tax Cuts Next Year
Tax cut legislation that House Republicans are set to consider this week after pushing the global economy to the brink of disaster would deliver more than $28 billion to the richest 1%… -
media mention June 12, 2023 Video: ITEP’s Joe Hughes Talks Child Tax Credit Expansion on Scripps News Live
ITEP Federal Policy Analyst Joe Hughes joined Scripps News Live to talk about the American Family Act, which would permanently expand the Child Tax Credit (CTC) to 2021 levels, helping… -
blog June 12, 2023 Illinois Voucher Tax Credits Don’t ‘Invest in Kids,’ They Invest in Inequality
By allowing their school privatization tax credit to expire at the end of the year, Illinois lawmakers can take a meaningful step toward better tax and education policy, and a clear show of support for our nation’s public education system.
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news release June 12, 2023 ITEP Analysis: New Proposed Tax Cuts Would Flow Primarily to Wealthiest Americans and Foreign Investors
Contact: Jon Whiten ([email protected]) The trio of tax bills that House Republicans plan on moving forward this week include huge tax cuts that would mostly benefit the wealthiest Americans and… -
ITEP Work in Action June 9, 2023 New Jersey Policy Perspective: Stay Away from StayNJ: Proposal Cuts Taxes for the Rich, Leaves Low-Income Seniors Behind
Housing affordability is one of the most pressing challenges facing New Jersey, but not all policies aimed at making the state affordable are equally effective, efficient, or equitable. When evaluating… -
media mention June 9, 2023 Los Angeles Times: As IRS Funding Shrinks, California’s Wealthiest Can Breathe a Bit Easier
California millionaires and billionaires who were set to face the full auditing firepower of a revamped Internal Revenue Service can breathe a bit easier, thanks to congressional Republicans. Read more. -
media mention June 9, 2023 Forbes: House Proposal Would Restore Expanded And Improved Monthly Child Tax Credits
A group of U.S. Representatives has introduced the American Family Act, legislation that would make the previously expanded and improved monthly child tax credit permanent. Read more.