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Jacobin: In Massachusetts, Unions Beat Billionaires to Pass a Tax on the Rich
November 23, 2022
Voters in Massachusetts just ratified the Fair Share Amendment, which taxes income above $1 million to fund public services. A broad coalition of labor and community groups took on billionaire money and won. Read more.
CNBC: As a Key Deadline Looms to Claim 2021 Tax Credits, Republicans Complain of ‘Suspicious Timing’ of IRS Letters
November 23, 2022
Certain tax credits were made temporarily more generous in 2021. For certain people, there still may be time to claim the money, which may add up to thousands of dollars — but some politicians aren’t happy the IRS just reminded Americans about the cash. Read more.
Child Tax Credit Expansion Would Shrink the Racial Wealth Gap
November 21, 2022 • By ITEP Staff
Extending the expanded Child Tax Credit would benefit nearly every child in low- and middle-income families. Under current rules, 24% of white children, 45% of Black children, and 42% of Hispanic children will not receive the full credit in 2023 because their families make too little. These figures would drop to zero if the provisions were extended, helping families of all races and disproportionately helping families of color.
The Economic Progress Institute: Rhode Island Standard of Need
November 18, 2022
With scenic beaches, culinary and arts communities, higher education institutions, and a vibrant celebration of culture, Rhode Island can be a wonderful place to live and to raise a family. Yet many Rhode Islanders work at jobs with wages that pay too little to meet even the most basic living costs. They experience multiple barriers […]
State policymakers have the tools they need to drastically reduce child poverty within their borders. A new ITEP report, coauthored with Columbia University’s Center on Poverty and Social Policy, explores state Child Tax Credit (CTC) options that would reduce child poverty by up to 50 percent. Temporary expansion of the federal CTC in 2021 reduced […]
State Child Tax Credits Have Enormous Potential to Cut Child Poverty
November 16, 2022 • By ITEP Staff
CONTACT: Jon Whiten New state-by-state data charts a course for how states can make headway for the next generation As the dust settles on this year’s elections and state lawmakers look toward 2023’s legislative sessions, they should consider creating or improving their state Child Tax Credits. A new report released today by the Institute on […]
Policy Matters Ohio: Increase Family Security and Expand Opportunity in Ohio
November 14, 2022
The expanded federal child tax credit (CTC) improved the lives of millions of children and families. We outline how a simple solution — direct payments to families with children — helped families pay for basic household expenses, relieved parents of stress, and made families more stable and secure. But now, because Congress failed to act, […]
Policy for the People Podcast: Our Labor, Their Fortunes: Billionaires Capture Oregon’s Wealth
November 11, 2022
Wealth inequality is at mind-boggling levels in Oregon and elsewhere. Listen to Research Director Carl Davis talk about the trends here.
Fiscal Policy Institute: Inequality in New York & Options for Progressive Tax Reform
November 11, 2022
Income statistics have long shown that the top earners in New York State earn relatively more than their counterparts elsewhere in the U.S. Income inequality alone, however, provides an incomplete picture of the wealthiest households’ economic resources. In order to understand real economic power, we have to look at households’ wealth (their total net assets). […]
Massachusetts Voters Score Win for Tax Fairness with ‘Fair Share Amendment’
November 9, 2022 • By Marco Guzman
In a significant victory for tax fairness, Massachusetts voters approved Question 1—commonly known as the Fair Share Amendment—Tuesday night with 52 percent of the vote. The new constitutional amendment creates a 4 percent surcharge on income over $1 million, and the revenue will specifically fund education and transportation projects in the Bay State.
Oregon Center for Public Policy: Wealth Inequality in Oregon Is Extreme
November 3, 2022
How extreme is wealth inequality in Oregon? So extreme that, together, three billionaires residing in the state have about twice the wealth as that of the entire bottom half of Oregonians. Read more.
Washington Post: Tax-cut Guru Still Says He’s Right About Trump, Truss and Trickle-down
November 2, 2022
The mess in England doesn’t mean he’s wrong. Arthur Laffer, the chief cheerleader for supply-side economics since the days of Ronald Reagan, wants to make that clear. Read more.
Route Fifty: In One State, a Fight Over How Tax Hikes are Passed at the Ballot Box
November 1, 2022
In Arizona, Republican legislators are asking residents to make it tougher for voters to pass ballot measures that would raise taxes. Supporters say the proposal, which will be decided in next week’s election, is intended to rein in ballot initiatives that threaten the state’s economy and that are often backed by groups from outside of […]
Palm Beach Post: As Gas Tax Holiday Ends, Did Florida Drivers Save?
November 1, 2022
Florida reinstituted its per-gallon tax on gasoline sales today after a monthlong reprieve in October implemented by Gov. Ron DeSantis and state lawmakers. The savings from the 25.3-cent break on each gallon of gasoline last month appears to have been less obviously impactful to drivers, thanks to another sharp rise in oil prices at the start of October. […]
Virginia Joint Legislative Audit and Review Commission: Options to Make Virginia’s Individual Income Tax More Progressive
October 24, 2022
Though Virginia has substantially reduced taxes for low and lower-middle income filers, it could further reduce the tax burden for these filers and make the income tax even more progressive. Read more.
New York Times: She’s Inheriting Millions of Euros. She Wants Her Wealth Taxed Away.
October 21, 2022
By the time her extraordinarily wealthy grandmother died last month, Marlene Engelhorn already knew who she wanted to be the ultimate beneficiary of the enormous inheritance coming her way: the tax man. Read more.
Convergence: People-Side Economics: Steps to Tax Justice and a Green Economy
October 16, 2022
Gloom shrouds the news on the economy. Workers get blamed for inflation and the common solutions on offer bring more pain. But when we center the interests of workers and communities, we get a different picture of the causes and cures for our economic woes. Read more.
Insider: These Are the Wealthiest US States, According to a New Report — and a Wealth Tax on the Country’s Richest Would Raise $415 Billion
October 13, 2022
Wealth inequality has been on the rise over the last few decades, and some states have residents sitting on a whole lot of cash. A new report from the Institute on Taxation and Economic Policy finds that 30% of American wealth is held by households that have over $30 million in their coffers. That 0.25% of […]
Report: Ten States Hold 71 Percent of America’s Extreme Wealth
October 13, 2022 • By ITEP Staff
Tackling wealth inequality through the tax code can boost economic opportunity Washington, DC: Wealth inequality is rampant in every state and particularly concentrated in a handful of states, according to a first-of-its-kind analysis released today by the Institute on Taxation and Economic Policy (ITEP). This extreme wealth hinders economic opportunities for all but the […]
The Progressive: The Government Is Actually Doing a Good Job
October 8, 2022
You wouldn’t know it from watching the news, but American children are doing better than they were at the beginning of the COVID-19 pandemic, at least when it comes to having their basic needs met. That’s according to newly released data from the U.S. Census Bureau. Even as the country suffered through a pandemic, global […]
How the Inflation Reduction Act’s Tax Reforms Can Help Close the Racial Wealth Gap Centuries of discrimination have prevented people of color from building wealth, leaving them economically disadvantaged compared to their white peers. Taxes have played a role in creating and sustaining it, and they can also play a role in narrowing that gap.
Bloomberg: How Legal Weed Has Changed the US
October 7, 2022
Turn an illicit product into a highly taxed and regulated one and you have a classic business experiment. Do it with a little-studied psychoactive substance that has both medical promise and addictive potential and you have a public health trial, too. That’s what the US has done with cannabis, otherwise known as marijuana, pot or […]
Financial Times: Wall Street Finds a Tax Silver Lining in Down Market
October 7, 2022
Wall Street banks have found a silver lining in this year’s market rout: making money by helping wealthy clients sell some investments at a loss to lighten their tax bills. Read more.
Houston Chronicle: Middle-Class Texans Lap Up the Low Taxes Lie
October 7, 2022
Texas is a low-tax state only if you make a lot of money. If you don’t, then you’re better off in California. The biggest lie Texas politicians have ever told — and both parties have perpetuated it — is the lack of an income tax is an absence of taxation. But Texas doesn’t collect much […]
Mother Jones: How One Man Helped Make America a Global Tax Haven
September 30, 2022
During the mid-1990s, trust and estate lawyer Jonathan Blattmachr had an innovative idea that would come to revolutionize the American trust industry. Blattmachr is a veteran of the wealth management field, cutting his teeth at the famous white shoe law firm Milbank, Tweed, Hadley & McCloy, wealth managers to the Rockefellers and other dynastically wealthy […]
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