That’s because raising the cap on SALT deductions from $10,000 to $80,000, as prescribed in the House-passed version of BBB, would disproportionately help taxpayers rich enough to benefit from itemizing…
Continuing the expanded credit in 2022 would mean these savings for California families with tax cuts next year, according to the Institute on Taxation and Economic Policy: — Less than…
Lawmakers in Arizona, Arkansas, Idaho, Iowa, Louisiana, Missouri, Montana, North Carolina, Ohio and Oklahoma have also approved cuts to their top personal income tax going into effect either this year…
The state Democratic House Caucus held a news conference Wednesday morning to release several proposals that they said would be a better use of the $600 million a year that…
According to the progressive Institute on Taxation and Economic Policy, the Senate proposal would encompass 96% of New Jersey taxpayers. The higher cap for what is known as SALT would…
This pod cast features ITEP research director Carl Davis: https://www.forbes.com/sites/taxnotes/2021/12/07/looking-ahead-state-tax-policy-trends-to-watch-next-year/?sh=7f2a4ba02add
Most families with children as well as taxpayers with higher six-figure incomes are the biggest California winners from the tax changes in the Biden administration’s Build Back Better plan so…
The proposal gained traction among some liberals in recent years amid reports that 55 major corporations are effectively able to zero out their tax liability by aggressive use of tax…
“Giant corporations have figured out how to game the system so that the costs of running this country are borne by hardworking families while these big corporations scoop up all…
ProPublica this year released multiple exposés revealing how the nation’s wealthiest individuals and families avoid taxes on an unimaginable scale. Most recently, it uncovered Republican and Democratic elected officials and political…
Institute on Taxation and Economic Policy responded to the controversy via Twitter: “This disgrace is why we need real tax reform.” Tax reform is exactly what Democratic lawmakers have been advocating.…
The Institute on Taxation and Economic Policy, a left-leaning think tank, called ProPublica’s findings a “disgrace” that shows “why we need real tax reform.” Read more
In 2020, 55 profitable corporations paid no federal income tax, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank. Biden noted the statistic while…
It’s true: Eliminating the limit on the SALT deduction would be more costly than the other parts of Biden’s social spending agenda, including the extension of the child tax credit,…
In response to the eye-opening findings, the Institute on Taxation and Economic Policy tweeted: “This disgrace is why we need real tax reform.” Read more
“This disgrace is why we need real tax reform,” the Institute on Taxation and Economic Policy, a left-leaning think tank, said on Twitter about the findings. Read more
Covid-19 dramatically altered how and where many employees work, a shift that could have a long-term negative effect on commercial real estate occupancy rates and, ultimately, on local governments’ tax revenue base, a new study…
“The majority of benefits from repealing the SALT cap just go to the 1 percent,” said Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy. “If…
Steve Wamhoff, an expert on taxes with the Institute on Taxation and Economic Policy, said that “the majority of benefits from repealing the SALT cap just go to the 1…
One proposal, for example, removes the cap for 2022 and 2023 and restores it for 2026 and 2027, after it’s scheduled to sunset per the Tax Cuts and Jobs Act.…
But there is little evidence that immediate expensing significantly encourages more investment, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a progressive…
The plan aims to collect taxes from companies that dodge most of the 21% corporate tax rate. Companies including Amazon, Nike, and FedEx have avoided paying federal taxes for years through a…
Supporters of the buyback tax acknowledge companies can instead shift spending to regular or special dividends, which would be taxed to the recipients. “Isn’t that the issue with stock buybacks?”…
The proposal is aimed at preventing large corporations from paying zero in federal income taxes. According to the left-leaning Institute on Taxation and Economic Policy, at least 55 large U.S. corporations paid…
