
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.
June 7, 2023 • By ITEP Staff
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.
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.
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.
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.
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.
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.
May 30, 2023
ITEP Executive Director Amy Hanauer appeared on “Your Call” discussing the debt ceiling agreement. Listen here.
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.
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.
May 24, 2023
Revenues are slowing but lawmakers, at least in red states, have continued to enact major tax cuts this year. Read more.
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.
May 23, 2023
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 billion in 2026. H.R. 976, the TCJA Permanency Act, would permanently enshrine the portions of the TCJA that were set to expire in 2025. In Arizona, […]
May 22, 2023
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 much the U.S. Treasury spends daily, on average, to keep the government functioning. Read more.
May 17, 2023
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 changes would make the Commonwealth more equitable by targeting benefits to lower-income households who need them the most. Read more.
May 17, 2023
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.
May 16, 2023
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. Bills that would change tax policy are typically unveiled as part of the budget package. Though they have not yet been introduced, this year’s budget […]
May 16, 2023
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 if those cuts are made. Read more.
May 16, 2023
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 and disproportionately benefit wealthy homeowners. Read more.
May 11, 2023 • By ITEP Staff
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."
May 11, 2023
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 rely on for years to come. Read more.
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.
May 9, 2023 • By Joe Hughes
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.
May 7, 2023 • By Matthew Gardner
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.
May 4, 2023 • By ITEP Staff
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.