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ITEP Work in Action June 7, 2023 Knowledge at Wharton: Closing the Racial Wealth Gap in Retirement Readiness
Black and Hispanic Americans are less financially prepared for retirement than their white counterparts for multiple reasons. Participants at the 2023 Pension Research Council Symposium grappled with the underlying causes… -
news release June 7, 2023 ITEP Statement: American Family Act Prioritizes Tax Credits for Low- and Middle-Income Families
Restoring the more robust CTC should be a top priority of all lawmakers from both sides of the aisle. But unfortunately, this bill stands in stark contrast to other tax bills taking shape that would deeply cut taxes for profitable corporations and wealthy families.
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media mention June 7, 2023 South Florida Sun Sentinel: Editorial: Short-Sighted Debt Deal Protects Tax Evaders
Not much in the debt ceiling extension deal will have lasting impact. But one significant aspect cuts $21 billion out of the $80 billion the IRS received in new money… -
media mention June 7, 2023 Route Fifty: Minnesota Takes On Corporate Profit Shifting
It has closed a loophole that companies use to create income tax havens abroad, and as overall tax revenue continues to slump, it could be a path other states take.… -
ITEP Work in Action June 6, 2023 The Commonwealth Institute: Cutting Top Personal Income Tax Boosts the Wealthy, Excludes People with Lower Incomes
With no budget compromise yet from the Virginia General Assembly, $1 billion in untargeted tax cuts that mostly benefit the wealthy and profitable corporations are still on the table. Read… -
media mention June 6, 2023 Deseret News: Working Class Voters Want Politicians Who Will Focus on the Economy
The most important issue facing the U.S. today is still inflation, according to a new national poll, and this sentiment is being driven by Americans who identify as working and… -
ITEP Work in Action June 6, 2023 Policy Matters Ohio: A Better Earned Income Tax Credit Will Help Ohio’s Working Families
Ohio’s leaders can use the tax system to increase economic stability for every family in the state. The Earned Income Tax Credit (EITC) is a proven, powerful tool to do… -
media mention May 30, 2023 KALW’s Your Call: Debt Ceiling Agreement Targets the Poor While Protecting the Wealthy
ITEP Executive Director Amy Hanauer appeared on “Your Call” discussing the debt ceiling agreement. Listen here. -
news release May 28, 2023 ITEP Statement: Debt Deal Avoids the Elephant in the Room
It’s a relief to see that Congressional leaders and the President have come to an agreement to raise the debt limit and avert an economic disaster. But by instituting work requirements for critical assistance programs and rescinding important funding to crack down on wealthy tax cheats, this deal will rig the economy even more in favor of the most well-off Americans while failing to fix the real structural problems that led to the current debt crisis in the first place.
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ITEP Work in Action May 25, 2023 North Carolina Budget & Tax Center: Tax Changes in NC Senate Budget Plan Benefit Richest, Worsen Racial Inequities
The NC Senate tax plan will double down on the path to zero income tax — keeping in place the elimination of the corporate income tax and reducing the personal… -
media mention May 24, 2023 Governing: What’s Driving This Year’s Ambitious Tax Cuts?
Revenues are slowing but lawmakers, at least in red states, have continued to enact major tax cuts this year. Read more. -
media mention May 24, 2023 San Francisco Examiner: $66M Salesforce Program to Close Educational Gaps Has Only Widened Them
Ten years ago, Salesforce pledged millions to San Francisco’s public schools to help close an achievement gap between the district’s Black and brown students, who scored lower than their white… -
ITEP Work in Action May 23, 2023 Arizona Center for Economic Progress: Extending the 2017 Tax Cuts and Jobs Act Will Further Solidify An Unequal Federal Income Tax Structure for Generations
A new report from the Institute on Taxation and Economic Policy (ITEP) predicts that making permanent the temporary provisions of the 2017 Tax Cuts and Jobs Act (TCJA) will cost nearly $290… -
media mention May 22, 2023 Washington Post: How California’s Wild Weather Brought the Debt-Ceiling ‘X Date’ Closer
As President Biden and lawmakers scramble to strike a debt ceiling deal before the government runs out of money, each day counts — to the tune of about $17 billion. That’s how… -
ITEP Work in Action May 17, 2023 Massachusetts Budget & Policy Center: What’s Race Got to Do With It? Some Tax Proposals Would Widen Racial Inequality, Others Would Advance Equity
Lawmakers have proposed a variety of tax cuts, some of which would provide outsize benefits to the most affluent households and widen existing racial and economic disparities. Other proposed tax… -
ITEP Work in Action May 17, 2023 U.S. Senate Budget Committee: Extending Trump Tax Cuts Would Add $3.5 Trillion to the Deficit, According to CBO
According to a report released today by the nonpartisan Congressional Budget Office (CBO), extending the Trump tax cuts would add $3.5 trillion to the deficit through 2033. Read more. -
ITEP Work in Action May 16, 2023 Oklahoma Policy Institute: Flat Tax, Tax Triggers Would Make Oklahoma’s Tax System Less Fair, Less Adequate, and less stable
With less than two weeks left in the 2023 legislative session, lawmakers have very little time remaining to reach agreement on, reveal, and adopt the Fiscal Year 2024 state budget.… -
media mention May 16, 2023 Pittsburgh Post-Gazette: The Politics of the Debt Ceiling Fight: A Numbers Game
Republicans focus on the size of the federal debt in demanding spending cuts in exchange for lifting the debt ceiling. Democrats highlight the number of Americans who would lose benefits… -
media mention May 16, 2023 The Texas Tribune: Why Tax Policy Experts Fear the Texas House Plan to Lower Property Taxes Could Have Dire Ripple Effects
Both the House and the Senate’s proposals on property tax cuts would give modest savings to the typical Texas homeowner, but critics say the House plan could create vast inequities… -
news release May 11, 2023 States Looking to Make Property Taxes Affordable Should Turn to ‘Circuit Breakers’
Many state legislatures this year have been considering property tax cuts – but too many are ignoring the solution that speaks more directly to questions of property tax affordability than any other policy option: the “circuit breaker.”
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ITEP Work in Action May 11, 2023 OpenSky Policy Institute: Proposed Property Tax Breaks Benefit Wealthy While Restricting School Revenue
The Legislature on Wednesday and Thursday will consider property tax breaks and corresponding income tax cuts that together would restrict the revenue that’s available to fund important programs that all Nebraskans… -
blog May 10, 2023 Voters Could Approve Local Capital Gains Tax in Oregon
At nearly every turn, Oregon’s tax policies widen inequality; as a result, the top 1 percent pay less state and local taxes as a share of income than the poorest residents. Taxing capital gains at the local level is an important and exciting move in the other direction – to tax income from wealth and use it to address crucial needs.
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blog May 9, 2023 The House’s Debt Ceiling Smoke Screen: The GOP Budget Plan Gives Cover for Tax Cuts for the Rich
While it isn’t reasonable in the first place for Congress to debate whether it will pay the bills it has already incurred, some of the same lawmakers who are holding the economy hostage to exact budget cuts have decided to make the conversation even more irrational by proposing to increase deficits with tax cuts that enrich the already rich.
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blog May 7, 2023 Minnesota Poised to Enact Landmark Loophole-Closing Corporate Tax Reforms
With Minnesota poised to enact worldwide combined reporting of corporate income taxes, business lobbyists are pulling out all the stops to make state lawmakers believe the apocalypse is upon them.
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news release May 4, 2023 Extending Temporary TCJA Provisions: A Windfall for the Wealthy with an Enormous Price Tag
The push by Congressional Republicans to make permanent a series of tax laws that expire at the end of 2025 would cost nearly $300 billion in the first year and deliver the bulk of the tax benefits to the wealthiest Americans.