At least 88 of the largest corporations in the U.S. paid no federal corporate income taxes in 2025, despite collectively earning more than $105 billion in U.S. pretax income, according to a new analysis released today by the Institute on Taxation and Economic Policy. The findings highlight a continuation of longstanding corporate tax avoidance trends, […]

A new analysis of the first year of tax policy under President Trump’s second term finds that the changes made by the president and Congress will increase taxes for most Americans, significantly expand income inequality, and add trillions to the national debt, while delivering substantial tax cuts to high-income households, corporations, and foreign investors. The […]

Today Washington Gov. Bob Ferguson signed into law the state’s new millionaires’ tax, propelling the Evergreen State forward toward a fairer economy with a tax code more based on the ability to pay. The legislation, which makes significant investments in public education and child care, will also expand the Working Families Tax Credit – Washington’s […]

The recent spike in gasoline prices is on pace to cost American drivers an additional $9.4 billion per month, according to a new analysis released today by the Institute on Taxation and Economic Policy (ITEP). Driven by the ongoing Iran war, which has sent prices soaring by about a dollar per gallon in a single […]

Contact: press@itep.org Last night the Washington legislature took a huge step toward making that state’s tax system fairer by passing a personal income tax on earnings over $1 million. This comes as many states are looking to raise revenue, particularly from people at the top of the income scale who just received massive federal tax […]

This testimony was delivered to the Colorado House Finance Committee on March 9, 2026. You can watch video of the testimony here (Marco starts around the 6:12:40 PM mark). My name is Marco Guzman, and I am a Senior Analyst at the Institute on Taxation and Economic Policy (ITEP). ITEP is a non-profit, non-partisan tax […]

The Child Tax Credit (CTC) boost in the One Big Beautiful Bill Act (OBBBA) leaves millions of families behind while disproportionately helping higher-income households rather than those most in need. There are better alternatives.   Contact: press@itep.org Last year, lawmakers slightly increased the Child Tax Credit as part of the so-called “One Big Beautiful Bill […]

Chair, Vice Chair, and Members of the Committee,  Thank you for the opportunity to submit testimony in support of House Bill 1080, which would decouple the state from federal tax breaks for Opportunity Zones (OZs) and Foreign-Derived Deduction Eligible Income (FDEII). My name is Miles Trinidad, and I am a state analyst with the Institute on Taxation and Economic Policy (ITEP), […]

This testimony was delivered to the Maryland House Ways and Means Committee on February 26, 2026 Chair, Vice Chair, and Members of the Committee,  Thank you for the opportunity to submit testimony in support of House Bill 930, which would decouple Maryland’s tax code from recent federal expansions of 529 education savings plans as they related to private K-12 tuition, and would ensure […]

This testimony was delivered to the Maryland House Ways and Means Committee on February 26, 2026 Chair, Vice Chair, and Members of the Committee,  Thank you for the opportunity to submit testimony in support of House Bill 926, which would decouple Maryland from recent federal increases to the cap on state and local tax (SALT) deductions. My name is Miles Trinidad, […]

This testimony was delivered to the Maryland House Ways and Means Committee on February 26, 2026 Chair, Vice Chair, and Members of the Committee,  Thank you for the opportunity to submit testimony in support of House Bill 880, which would decouple Maryland from federal corporate tax changes on the expanded bonus depreciation and business interest deductions. My name is […]

According to President Trump, the state of America’s union is STRONG, the Golden Age is upon us, and “we’re winning so much that we really don’t know what to do about it.” All true…for multimillionaires like us. For the 86% of Americans who are worried about the price of groceries? Not so much. Read more.

ITEP Policy Analyst Miles Trinidad testified on the need for a Wealth Proceeds Tax in Vermont on February 27, 2026 at the Vermont Senate Committee on Finance.  See the slide deck here

State and local policymakers nationwide are facing a one-two punch entering 2026. For one, last summer’s harmful Republican megabill paired enormous tax breaks for wealthy households and corporations with historically deep cuts that will take away people’s vital health care and food assistance, all while foisting considerable new costs and responsibilities onto states and localities. […]

This testimony was delivered to the Maryland House Ways and Means Committee on February 26, 2026. Chair, Vice-Chair, and Members of the Committee, Thank you for the opportunity to provide testimony in support of House Bill 801. My name is Miles Trinidad, and I am an analyst at the Institute on Taxation and Economic Policy […]

This testimony was delivered to the Connecticut General Assembly Finance Committee on February 26, 2026. My name is Marco Guzman, and I am a Senior Analyst at the Institute on Taxation and Economic Policy (ITEP). ITEP is a non-profit, non-partisan tax policy organization, conducting rigorous analyses of tax and economic proposals and providing data-driven recommendations […]

Cheniere Energy's latest annual financial report shows the company reaped a cool $380 million in tax cuts from a single regulatory change made by the Trump administration last fall.

ITEP Research Director Carl Davis testified on the impact of the 2025 tax law on Vermont on January 15, 2026 at the Vermont House Ways & Means Committee and the Vermont Senate Committee on Finance.  See the slide deck here Watch the videos here (House) and here (Senate) See all of our resources on conformity […]

The prepared testimony below was delivered by ITEP Senior Analyst Sarah Austin to the Washington House Finance Committee on January 27, 2026. For more on the tax break in question, check out our October 2025 brief.  Chair Berg, Vice Chair Street, and members of the House Finance Committee, My name is Sarah Austin, I’m a […]

Contact: Jon Whiten (jon@itep.org) Taxing the proceeds generated by wealth – such as capital gains, dividends, and passive business income – through a new Wealth Proceeds Tax is a simple way for states to raise billions in new revenue and improve the fairness of their tax systems, according to a new report by the Institute […]