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media mention October 8, 2021 Politico: Democrats likely to throw billions in tax hikes overboard as spending plans shrink
“Democrats need to think about reforms to capital gains that prevent rich people from avoiding capital gains,” said Steve Wamhoff, a former tax aide to Sen. Bernie Sanders (I-Vt.) now… -
media mention October 8, 2021 Arkansas Times: Arkansas income tax cut plan favors the rich. Duh.
Analyses by the Institute on Taxation and Economic Policy (ITEP) show that plans to cut the top income tax rate would largely benefit Arkansans with the highest incomes and cost… -
media mention October 6, 2021 Yahoo! Finance: Democrats’ tax plan makes ‘baby steps’ toward racial wealth equity
By lifting up families at the bottom through tax credits and taxing affluent households more, Democrats can help narrow the racial wealth gap. But their latest plan may not be… -
media mention October 6, 2021 Truthout: Elizabeth Warren Probes “Corrupt” Link Between Tax System and Private Sector
A report by the Institute on Taxation and Economic Policy earlier this year found that 55 large corporations, including FedEx, Nike and American Electric Power, paid $0 in federal income… -
news release October 4, 2021 How State Income Tax Reforms Can Narrow the Racial Income and Wealth Gaps
This report is second in a series that will examine how state tax codes impact the racial income and wealth gaps and offer policy recommendations for addressing those inequities. Currently, all but five state tax systems are upside down, meaning they tax the top 1 percent at a lower rate than the poorest 20 percent. Longstanding economic and social injustices, including unequal access to education and job discrimination among other things, have created an economy in which white families are more likely to thrive and build wealth and be in the highest-income brackets. So, state tax systems that rely more on regressive consumption taxes than on progressive income taxes directly contribute to the post-tax racial income gap.
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September 29, 2021 Galen Hendricks
Galen Hendricks joined ITEP in 2021. As a data analyst, he supports ITEP’s microsimulation model and analyzes the impacts of tax policy changes. Prior to joining ITEP, Galen worked at the Center for American Progress, where he conducted research on federal fiscal policy and labor market trends.
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media mention September 25, 2021 Maine Beacon: Analysis: Dems’ budget plan would raise taxes on rich, cut rates for 80% of Mainers
A report released this week by a national policy group found that proposed changes to the tax code advanced by the House Ways and Means Committee to pay for the… -
media mention September 24, 2021 Wall Street Journal: Zero-tax companies could remain
Mr. Biden’s often-cited list of 55 companies comes from the Institute on Taxation and Economic Policy, or ITEP, a progressive group that publishes a regular report on the zero-tax-company phenomenon.… -
media mention September 19, 2021 The Motley Fool: House Democrats Push for Expansion of Tax Credit Designed for Low Earners
Now, House Democrats want to make the expanded EITC a permanent fixture of the tax code. If they get their way, the increased credit could provide $12.4 billion to families… -
news release September 17, 2021 New ITEP Report Reveals a Trove of Data that Support the Case for a Higher Corporate Tax Rate
Media contact A new report from ITEP highlights multiple data sets that reveal how U.S.-based multinational corporations are avoiding taxes and debunks claims that a higher tax rate would make firms less… -
media mention September 17, 2021 The Hill: Lessons from Occupy Wall Street for today’s tax fight
Following is an excerpt from an opEd by Amy Hanauer, ITEP’s executive director, published in The Hill. Right now, Congress is debating President Biden’s Build Back Better agenda, a plan that would make… -
media mention September 17, 2021 CNBC: About 1 Million More Kids Could Get the Child Tax Credit in the Future Thanks to This Change in Plan From Democrats
One major change in the current proposal is allowing children with individual taxpayer identification numbers, or ITINs, to receive the credit. These kids, who are often undocumented children growing up… -
media mention September 17, 2021 The Sun: Nearly one million kids could get child tax credits in new plan… are you in line for cash?
Researchers at the Institute on Taxation and Economic Policy think this change could benefit up to one million children. The 2017 Tax Cuts and Jobs Act prevented families with ITINs… -
media mention September 14, 2021 Boston Now: Housing, commuting and medical care pushes 9.4% of Bay Staters into poverty, Census data shows
The Institute on Taxation and Economic Policy also pointed to the stimulus payments as a reason why there was no commensurate spike in poverty in 2020 to go with the… -
media mention September 14, 2021 Houston Chronicle: Stimulus checks saved many from poverty, Census data show
“At the start of the health and economic crisis, we knew that we needed deep government investments to alleviate widespread hardship,” said Aidan Davis, a senior policy analyst at the… -
media mention September 14, 2021 Los Angeles Times: Democrats are ready to raise taxes, but not by nearly enough
They write off executive stock options, take advantage of federal research and development subsidies, and use accelerated depreciation schedules to write off the decline in the value of equipment faster… -
media mention September 14, 2021 The Hill: House Democrats take step back from Biden on tax hikes
Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, said the committee’s proposal would be a “huge improvement” over the current tax code. But… -
media mention September 14, 2021 CNBC: House Democrats push for permanent EITC expansion
A permanent expansion may cost $135 billion over the next decade, the Joint Committee on Taxation estimates. If enacted, the increased credit may provide $12.4 billion to families in 2022, affecting… -
media mention September 14, 2021 Marketwatch: Biden v. House Democrats: How their proposed tax hikes differ on Roth IRAs, capital gains
But the Ways and Means Committee proposals do “not go as far as the Biden administration proposals go,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute… -
news release September 13, 2021 ITEP: House Ways and Means Revenue Proposals Are a Promising Start, Leave Some Crucial Work Undone
Earlier this year, the Biden administration put forth a transformative tax proposal that would raise significant revenue, reduce corporate tax avoidance, and substantially increase taxes paid by the wealthiest individuals. The Ways and Means Committee has kept some of these important reforms but has diluted others in ways that would leave some of the work of tax reform undone.
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media mention September 13, 2021 Daily Tax Report: House Democrats’ International Tax Plan More Modest in Aim
“It’s definitely more corporate-friendly than the Biden plan,” said Steve Wamhoff, director of federal tax policy for the left-leaning Institute on Taxation and Economic Policy. But in big-picture terms, he… -
media mention September 8, 2021 Huffington Post: How Farms Became Wealthy Heirs’ Anti-Tax Mascot
The tax proposals in question do not actually target family farms. The White House has called for higher taxes on capital gains, like the profits from buying a stock and… -
media mention September 8, 2021 Business Insider: Biden is picking a fight on corporate taxes with Disney, Fedex, and others. Senate Democrats may go easier.
He also ripped into 55 large companies that paid no federal income taxes in 2020, per a report from the left-leaning Institute on Taxation and Economic Policy. Those firms who… -
media mention September 8, 2021 The Intercept: Companies Lobbying Infrastructure Tax Increase Have Avoided Paying Billions in Taxes
A 2016 report from the U.S. Public Interest Research Group, Citizens for Tax Justice, and the Institute on Taxation and Economic Policy found that Bristol Myers Squibb held $25 billion… -
media mention September 8, 2021 Wall Street Journal: Heirs, Estates and the Step-Up in Basis Rule
Following is an excerpt from a letter to the editor published in the Wall Street Journal by Steve Wamhoff, ITEP federal policy director. Under current law, America’s wealthiest people can…