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Effects of President Biden’s Proposal to Expand the Child Tax Credit
March 16, 2023 • By Joe Hughes
In his latest budget proposal, President Biden proposes enhancing the Child Tax Credit (CTC) based on the temporary credit that was in effect for 2021 as part of the American Rescue Plan Act. In this report we analyze how that proposal would help children and families.
Policy Matters Ohio: Testimony on HB 1 Before the House Ways and Means Committee
March 15, 2023
This bill proposes a substantial rewriting of Ohio’s property and personal income taxes. It is an overly complicated, poorly designed bill that does not achieve what the sponsor claimed it would. It represents a massive wealth transfer from Ohio’s communities to a wealthy few. It is based on unsound economic reasoning and, if passed, it […]
As one of the most prosperous countries in human history, we have enough resources for our collective needs. By better taxing corporations and the wealthiest, we can generate revenue to improve family security, strengthen our communities, and reduce the debt too.
Kansas Legislators’ War on the Poor Opens Worrisome New Front: School Vouchers and Tax Avoidance
March 13, 2023
Kansas legislative leaders have declared war on the poor. They have pushed bills penalizing those receiving government assistance through the House Welfare Reform Committee. They have advocated a flat tax plan that benefits the wealthy at the expense of everyone else. We have watched these proposals unfold in recent weeks, watched and heard the disdain. Yet the war has […]
Vox: Biden’s Plan to Tax the Rich, Explained
March 10, 2023
Billionaires in the US pay a tiny proportion of the wealth they accrue in taxes compared to the cut ordinary Americans pay from their wages. Now, President Joe Biden wants that to change: His just-unveiled budget for fiscal year 2024 contains a tapestry of tax hikes with a laser-beam focus on billionaires, multi-millionaires, and large corporations, all aiming to […]
MarketWatch: Biden’s Tax Hikes for the Rich are Unlikely to Pass. The Bigger Debate: Trump-era Tax Cuts that End in 2025.
March 10, 2023
For five years, most Americans have seen lower income-tax rates and tapped a bigger standard deduction, but without congressional action before the end of 2025, the rules could still revert to levels set long before the pandemic blindsided households and inflation raged. Read more.
ITEP Statement: President Biden Lays Out a Bold Vision for Tax Justice in Proposed Budget
March 9, 2023 • By ITEP Staff
President Biden’s budget proposal presents a bold vision for what tax justice should look like in America. The provisions would raise substantial revenue, fund important priorities and increase tax fairness.
Politifalse: A Fact-Checker Does Biden an Injustice on Taxes Paid by Billionaires
March 9, 2023 • By Michael Ettlinger
Most Americans pay more in Social Security and Medicare payroll taxes than they pay in federal personal income tax. So just looking at the personal income tax for comparison misses most of the taxes middle-income Americans pay. That is not true for billionaires because a much, much smaller proportion of their income is subject to the federal payroll taxes.
Louisiana Illuminator: Private School Tax Credit is a ‘Charitable Facade’ for the Rich, Study Says
March 9, 2023
A new study found that Louisiana’s private school voucher tax credit is siphoning money from public education and serving as a tax shelter for the wealthy rather than encouraging charitable donations. Read more.
Los Angeles Times: Wall Street Journal Tells Us to Weep for the Plight of the Very, Very Rich
March 8, 2023
Coverage of the richest Americans in publications aimed at their tax bracket tend to fall into two genres. One is stories claiming that income well into six figures doesn’t make them really “rich.” The other involves hand-wringing and whining about their (purportedly) ruinous tax bills. An editorial last week in the (of course) Wall Street Journal may […]
The Why: Matt Gardner on Corporate Tax Avoidance
March 7, 2023
Lured by Promises of Financial Gain, Wealthy Families are Flocking to Voucher Tax Shelters and Eroding Public Education in the Process
March 7, 2023 • By ITEP Staff
Contact: Jon Whiten – [email protected] Lawmakers in several states are discussing enacting or expanding school voucher tax credits, which reimburse individuals and businesses for “donations” they make to organizations that give out vouchers for free or reduced tuition at private K-12 schools, as a new brief released today by the Institute on Taxation and Economic […]
Scripps News: How Billionaires and Corporations Avoid Taxes
March 7, 2023
Across the U.S., some of the nation’s top earners have a toolbox full of mechanisms to build wealth. Read more.
OpenSky Policy Institute: Policy Brief: Consumption Tax
March 3, 2023
The consumption tax proposal in LB 79 would require a rate of 22.1 percent to be revenue neutral, OpenSky analysis conducted with the Institute on Taxation and Economic Policy finds. This rate is nearly three times greater than what is proposed in the bill. Further, OpenSky estimates that if the consumption tax were to be […]
New Jersey, New York, and Connecticut Should Keep Corporate Taxes Strong, Extend Surcharges
February 28, 2023 • By Marco Guzman
At a time when corporations are seeing record profits while not paying their fair share of federal taxes, state corporate income taxes can and should play a role in raising sustainable revenue and adding progressivity to state tax codes. Right now, lawmakers in New Jersey, New York, and Connecticut have a unique opportunity to extend targeted tax changes that have raised billions of dollars from profitable corporations for meaningful public investments.
The flat tax plan and others being discussed that would cut even deeper would be windfalls for the wealthy, and expensive ones at that. Families with incomes over $300,000 per year, for example, could expect to gain, as a group, about a billion dollars annually under the flat tax plan. If you asked Ohio families about their top priorities for this legislative session, it’s a safe bet that very few of them would choose a billion-dollar tax cut for this group over funding for schools, parks, and infrastructure.
Wall Street Journal: New Jersey Is Latest State to Push Tax Relief Despite Economic Uncertainty
February 28, 2023
New Jersey Gov. Phil Murphy on Tuesday will propose another $2 billion in property-tax rebate checks as part of a $53 billion state budget, a state treasury official said, making it the latest state to push ahead with tax-relief proposals despite recession concerns. Measures under discussion in more than a dozen states vary widely but the trend cuts […]
New York Times: I.R.S. Decision Not to Tax Certain Payments Carries Fiscal Cost
February 27, 2023
More than 20 state governments, flush with cash from federal stimulus funds and a rebounding economy, shared their windfalls last year by sending residents one-time payments. This year, the Biden administration added a sweetener, telling tens of millions taxpayers they did not need to pay federal taxes on those payments. Read more.
Kansas Reflector: Kansas Senate Flat Tax Would Cut $1 for Low-Wage Earners, Hand Windfall to Top 1%
February 22, 2023
A flat tax plan moving through the Senate is structured to provide minimal relief to low-income Kansans while granting a windfall to high wage earners. Read more.
The word “tax” appears 97 times and counting in one recent summary of governors’ addresses to state legislators so far this year. The policy visions that governors are bringing, however, vary enormously. While there's good reason to worry about tax cuts for wealthy families and the flattening or elimination of income taxes, there are at least five great tax ideas coming directly out of governors’ offices this year.
Minnesota Budget Project: Governor Walz Releases FY 2024-25 Budget Priorities
February 16, 2023
The Walz administration’s recently released budget proposal names as their priorities making Minnesota the best state for children, investing in the state’s economic future, and promoting the health and safety of Minnesotans. Read more.
Kansas Action for Children: Flat Tax: Simple Doesn’t Mean Smart
February 16, 2023
The state has seen increased revenue in recent years, with the state budget including millions of dollars in surplus revenue. The temporary, higher receipts have led to several tax cut proposals. Now, some politicians and special business interest groups are proposing to use lingering budget surpluses to tilt the tax code even further in their favor. […]
Fortune: More Than Half of States are Considering Personal Income Tax Cuts This Year
February 15, 2023
State governments are still flush with cash from federal COVID-19 aid dollars and increased revenues. And more than half are considering using those budget surpluses to institute or accelerate tax cuts for residents. Read more.
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