Institute on Taxation and Economic Policy

The Independent: Biden Warns Union Members that Republicans are ‘Coming for Your Jobs’ in 2024 Campaign Speech in Philadelphia

June 19, 2023

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.

Policy Matters Ohio: Senate Tax Plan Pits the Rich Against the Rest of Us

June 15, 2023

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, currently included in the Senate’s version of the budget bill, will disproportionately benefit the rich, they will lead to temporary tax increases on some middle-income […]

Rep. Judy Chu: Statement on GOP Tax Scam 2.0

June 15, 2023

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 of $40 next year, but the richest one percent would receive an average $16,550 tax cut. Read more.

Rep. Richard Neal: Neal Opening Statement at Markup of GOP Tax Scam 2.0

June 15, 2023

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 nation to the brink of default to the precipice, if not over the edge, they now come back with a tax cut. Read more.

Video: ITEP’s Amy Hanauer Talks Proposed GOP Tax Cuts on Scripps New Live

June 15, 2023

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.

Salon: GOP Follows Debt Fight with Bill to Give $24 billion Tax Cut to the Top 1 Percent

June 15, 2023

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 — by handing tens of billions of dollars of tax cuts to the richest 1 percent of Americans, as a new report reveals. Read more.

Common Dreams: New GOP Bills Would Hand Richest 1% Over $28 Billion in Tax Cuts Next Year

June 13, 2023

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% of Americans next year—and just $1.4 billion to the poorest fifth of the country. Read more.

Video: ITEP’s Joe Hughes Talks Child Tax Credit Expansion on Scripps News Live

June 12, 2023

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 millions of children and families, especially the lowest-income families who currently make too little to receive the CTC.

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.

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 foreign investors, according to a new analysis released Sunday by the Institute on Taxation and Economic Policy. The bills, which are set to be considered […]

New Jersey Policy Perspective: Stay Away from StayNJ: Proposal Cuts Taxes for the Rich, Leaves Low-Income Seniors Behind

June 9, 2023

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 new proposals and changes to the tax code, it’s critical to consider who stands to benefit, by how much, and who is left behind. In […]

Los Angeles Times: As IRS Funding Shrinks, California’s Wealthiest Can Breathe a Bit Easier

June 9, 2023

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.

Forbes: House Proposal Would Restore Expanded And Improved Monthly Child Tax Credits

June 9, 2023

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.

Knowledge at Wharton: Closing the Racial Wealth Gap in Retirement Readiness

June 7, 2023

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 and suggested reforms. Read more.

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.

South Florida Sun Sentinel: Editorial: Short-Sighted Debt Deal Protects Tax Evaders

June 7, 2023

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 from Congress last year. Read more.

Route Fifty: Minnesota Takes On Corporate Profit Shifting

June 7, 2023

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. Read more.

The Commonwealth Institute: Cutting Top Personal Income Tax Boosts the Wealthy, Excludes People with Lower Incomes

June 6, 2023

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 more.

Deseret News: Working Class Voters Want Politicians Who Will Focus on the Economy

June 6, 2023

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 middle class. Read more.

Policy Matters Ohio: A Better Earned Income Tax Credit Will Help Ohio’s Working Families

June 6, 2023

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 just that. In 2021, the federal EITC lifted about 5.3 million people above the poverty line, including nearly 3 million children. Read more.

KALW’s Your Call: Debt Ceiling Agreement Targets the Poor While Protecting the Wealthy

May 30, 2023

ITEP Executive Director Amy Hanauer appeared on “Your Call” discussing the debt ceiling agreement. Listen here.

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.

North Carolina Budget & Tax Center: Tax Changes in NC Senate Budget Plan Benefit Richest, Worsen Racial Inequities

May 25, 2023

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 income tax to 2.49 percent after 2029 — to benefit the very wealthy and profitable corporations. Read more.

Governing: What’s Driving This Year’s Ambitious Tax Cuts?

May 24, 2023

Revenues are slowing but lawmakers, at least in red states, have continued to enact major tax cuts this year. Read more.

San Francisco Examiner: $66M Salesforce Program to Close Educational Gaps Has Only Widened Them

May 24, 2023

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 and Asian peers in math and science courses. But a decade and $66 million later, that gap has only widened. Read more.