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media mention March 9, 2022 Associated Press-Georgia: Tax cut sails through House; findings show big boost to rich
But an analysis by the liberal-leaning Georgia Budget & Policy Institute, using modeling by the Institute on Taxation and Economic Policy, shows that 62% of the benefits would go to… -
news release March 7, 2022 New 50-State Analysis: Poorest Two-Fifths Would Bear the Brunt of Sen. Rick Scott’s Proposed Tax Increase
“Billionaires are getting richer, and some of them are altogether avoiding taxes or paying a tiny percentage relative to their income and wealth. The 2017 tax law further worsened inequality by giving huge tax breaks to the rich. It’s inconceivable that a lawmaker would propose to single out the most vulnerable households for higher taxes.” –Steve Wamhoff
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blog March 3, 2022 Reality Check: Drastic Income Tax Cuts Are Dangerous Despite What Anti-Tax Supporters Say
Income taxes are the backbone of most state budgets, but you wouldn’t gather this fact based on the current trend to cut or eliminate them. A recent, cheerful Wall Street Journal op-ed from anti-government advocate Grover Norquist offers a clear sign that tax-cutting states are taking the wrong approach. The long-time proponent of anti-tax pledges wrote favorably about the legislative and gubernatorial plans to cut income tax cuts across the country. As usual, he failed to address that income taxes support state investments in education, infrastructure, health care and other important public services.
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media mention March 2, 2022 CNN: Fact-checking Biden’s 2022 State of the Union address
Facts First: This needs context. Biden left out a significant word from the prepared text of his speech. The prepared text, which the White House emailed to journalists just before… -
blog March 2, 2022 SOTU and GOP Response Highlight Dramatic Difference in Parties’ Tax Policy Approach
Since last year, multiple states across the country have proposed or are pursuing costly income and other tax cuts that are heavily tilted toward the highest-income households. State advocates have worked to beat back these proposals and sounded the alarm about the long-term consequences of tax cuts, but legislatures (most GOP-led) continue to introduce and approve top-heavy and permanent tax cuts. This state tax-cut fervor took center stage last night when Gov. Kim Reynolds of Iowa gave the Republican response to President Biden’s SOTU address.
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media mention March 1, 2022 CBS News: Fact check: Joe Biden’s State of the Union address
President Biden: “Last year, 55 of the Fortune 500 companies earned $40 billion in profit and paid zero in federal taxes.” Fact check: True. This statistic comes from the Institute… -
media mention February 25, 2022 Politifact: States’ Pursuit of Top-Heavy Tax Cuts Is Disconnected from Reality
Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, said that group includes many retirees or people with disabilities who are collecting Social Security benefits,… -
media mention February 25, 2022 The Guardian: ‘A really bad deal’: Michigan awards GM $1bn in incentives for new electric cars
Meanwhile, GM has recorded $70bn in profits since 2010 while taking $8bn in subsidies in recent decades – more than all but one company nationwide. The idea that it needed incentives to… -
media mention February 18, 2022 Yahoo! Finance: Young workers may see $800 more in their tax refunds this year
Many young workers may get an extra $820 in their tax refund this year because of the expansion of a key poverty-fighting credit, a new analysis found. The expanded Earned… -
media mention February 17, 2022 American Prospect: The Year of the Tax Cut
State lawmakers are also pointing to substantial, but temporary, budget surpluses to justify tax cuts, but these surpluses are “deceptive and fleeting,” says Neva Butkus of the Institute on Taxation… -
media mention February 16, 2022 USA Today: New rules for 2021 taxes may mean bigger refund for young workers, retirees with side jobs
More than 1 in 3 young adults – or more than 5 million people – would benefit from this change in the earned income tax credit, seeing an average of benefit… -
media mention February 10, 2022 Democracy Now!: Alabama Amazon Workers Vote in 2nd Union Election as Amazon Dodges $5 Billion in Taxes
Meanwhile, a new report found Amazon was able to dodge over $5 billion in federal income taxes in 2021. Amazon reported record revenue of $35 billion last year but benefited… -
media mention February 10, 2022 CNBC: 1 in 3 young adults will see an average $800 tax credit boost this year
For the 37% of workers 19 to 24 who are now eligible to receive the credit, the expansion will mean an average boost of $820, according to a study from… -
blog February 8, 2022 More Than One in Three Young Workers Would Benefit from EITC Reforms in Build Back Better Plan
Although the EITC expansion did not receive as much attention as the expanded Child Tax Credit, a new ITEP report shows the positive impact of allowing young workers without children in the home to maintain access to one of the nation’s most significant and effective anti-poverty programs.
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media mention February 4, 2022 Newsweek: States’ Pursuit of Top-Heavy Tax Cuts Is Disconnected from Reality
The following is an excerpt of an opEd by Aidan Davis, ITEP senior policy analyst, and Neva Butkus, policy analyst, published on Feb. 4 in Newsweek: One report after another… -
media mention February 3, 2022 CBS News: Millions of low-income Americans eligible for tax refund boost this year
Meanwhile, the bigger credit comes at a welcome time for many Americans, as roaring inflation consumes most of low-wage workers’ pay gains. “While these folks without dependent children may not… -
media mention January 25, 2022 Northern Kentucky Tribune: General Assembly’s proposed ‘shift and shaft’ tax policy no way for Kentucky to prosper
If Kentucky were to cut its income tax rate to 4%, it would have to raise the sales tax rate from 6% to 7.4% to make up the lost revenue,… -
media mention January 24, 2022 Inequality.org: Two Sides, Same Coin: Suppressing Votes, Cutting Rich People’s Taxes
But those surpluses, points out Institute on Taxation and Economic Policy analyst Neva Butkus, reflect a set of special circumstances that range from billions in federal Covid aid to changes in tax-filing… -
media mention January 24, 2022 The Street: The Top Corporate Tax Havens and Global Tax Reform
According to the Institute on Taxation and Economic Policy: FedEx (FDX) – Get FedEx Corporation Report zeroed out its federal income tax on $1.2 billion of U.S. pretax income and… -
media mention January 20, 2022 Idaho Press-Tribune: Who gets rebates, tax cuts under House bill
Idaho’s corporate income tax rate is a single rate of 6.5%; the bill would lower it to 6%. Necochea called that “throwing money out of the state,” citing figures from… -
media mention January 20, 2022 Quad City Times: Record $600M Idaho tax cut clears House, heads to Senate
An analysis by the Institute on Taxation and Economic Policy, a nonprofit, nonpartisan tax policy organization based in Washington, D.C., found that the total tax benefits of the package for… -
media mention January 10, 2022 Exposed: Bradley and Koch Cash Fuels Push to Eliminate Wisconsin Income Tax
In addition, “sales taxes inevitably take a larger share of income from low- and middle-income families than from rich families because sales taxes are levied at a flat rate and… -
blog January 5, 2022 The Pendulum Is Swinging Toward Tax Justice
Tax justice is deeply connected to the movements for equality and racial justice. Progressive tax policy can ensure more of us share in the prosperous economy that our collective tax dollars make possible. It can mitigate economic disparities by class and race. And it can make sure the government has the resources it needs to function for all of us.
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media mention January 3, 2022 CNN: We Can’t Afford to let Build Back Better Fail
The bill also has provisions to require corporations to pay their fair share of the nation’s tax bill. According to the Institute on Taxation and Economic Policy, 55 of the… -
media mention December 31, 2021 The Daily Beast: Joe Manchin Doomed the Child Tax Credit. Can States Save Kids Instead?
A 2019 report from the Institute on Taxation and Economic Policy suggested state-level CTCs are also a means for reducing “a myriad of inequities that are exacerbated by the tax…