Institute on Taxation and Economic Policy

ITEP's Research Priorities

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Paying The Estate Tax Shouldn’t Be Optional for the Super Rich

November 9, 2021 • By Carl Davis

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 appointees who used complex strategies to avoid taxes.  Richard Painter, a White House ethics lawyer under George W. Bush, said these revelations should be “troubling […]

PennLive: Several billionaires received federal direct relief payments, report says

November 8, 2021

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. These lawmakers argue billionaires and other wealthy individuals should pay more in taxes out of fairness. Read more

New York Post: At least 18 billionaires got COVID stimulus checks, report claims

November 8, 2021

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

The Washington Post: Biden’s minimum tax proposal could hit these ultra-profitable corporations

November 8, 2021

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 announcing his budget plan, saying “If they report big profits to their shareholders, they should be paying taxes. It’s that simple.” Read more

Star-Ledger: On SALT, Dems push tax relief for the rich, not the middle class

November 8, 2021

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, universal pre-K, affordable childcare and more. Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy, echoed this point: “We could be […]

1945: How Is This Possible? Billionaire George Soros Received A Stimulus Check

November 8, 2021

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

CBSNews.com: At least 18 billionaires got federal stimulus checks, report says

November 5, 2021

“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

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New Study: Increase in Working from Home Could Depress Commercial Real Estate Prices, Reduce Local Tax Revenue

November 4, 2021 • By ITEP Staff

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 reveals.  The Impact of Work from Home on Commercial Property Values and the Property Tax in U.S. Cities concludes that even as the recovery strengthens, if […]

Washington Post: Democrats look at expanding minimum tax on wealthy in exchange for state and local tax break

November 3, 2021

“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 BBB [the Build Back Better legislation] is amended to include that, we could be looking at a bill that cuts taxes for a lot of […]

Newsmax: Dems Consider Upping Minimum Tax on Rich in Exchange for SALT Deduction Cap

November 3, 2021

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 percent. If BBB [the Build Back Better legislation] is amended to include that, we could be looking at a bill that cuts taxes for a […]

CNBC: Democrats still weighing changes to limit on state and local taxes deduction

October 30, 2021

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. However, future changes and projected revenue may hinge on who controls Congress, said Steve Wamhoff, director of federal tax policy for the Institute on Taxation […]

Wall Street Journal: Corporate Minimum Tax Resurfaces

October 28, 2021

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 think tank in Washington. That may be in part because a key audience for corporations—their investors—typically watch net income and per-share earnings, which aren’t affected […]

Business Insider:Biden Stock Buyback Tax: What to Know About the Latest Proposal

October 28, 2021

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 collection of loopholes, tax breaks, and rebates, according to the Institute on Taxation and Economic Policy. Read more

The Wall Street Journal: Biden Stock Buyback Tax: What to Know About the Latest Proposal

October 28, 2021

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?” said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a progressive Washington think-tank. Read more

The Hill: Tech billionaires in the crosshairs of new tax proposals

October 28, 2021

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 no federal income taxes in 2020, including FedEx and Nike. Read more

Forbes: Salesforce Billionaire Marc Benioff Pledges $200 Million For Reforestation, Climate Entrepreneurs

October 28, 2021

Benioff, 57, and his wife have in the past supported health care in San Francisco, donating $200 million since 2010 to U.C. San Francisco’s children’s hospitals. Salesforce, which is based in San Francisco and employs 65,000 people, paid no federal income tax in 2020 despite having $2.6 billion in net income in the fiscal year […]

The Economist: The Democrats target companies with giant profits but tiny tax bills

October 28, 2021

The structure of the minimum tax looks simple enough. Companies that report more than $1bn in profits to shareholders would pay a tax of at least 15% on those profits. The levy would be explicitly aimed at firms such as Amazon, which had an effective federal income-tax rate of just 4.3% from 2018 to 2020, […]

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Tax Provisions in the White House Build Back Better Framework: The Good and Bad

October 28, 2021 • By Amy Hanauer

The tax provisions in the Build Back Better framework released by the White House today include enormously helpful reforms but also some disappointments. The good news is that the plan would raise nearly $2 trillion over a decade from those who can afford to pay–the richest Americans and large, profitable corporations.  The bad news is that some fundamental problems with our tax code would remain unaddressed.

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A Surprising Idea from the Era of Reaganomics

October 27, 2021 • By Amy Hanauer

President Reagan is lionized by many for cutting taxes and government. But the story is more complicated. Reagan knee-capped regulation and much domestic spending, and early in his administration he slashed taxes in ways that drastically reduced revenue. Yet he vastly expanded military spending, so his cuts were only to things he disliked.   Less known […]

The Hill: Overnight On The Money — Senate Democrats lay out their tax plans

October 27, 2021

The background: 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 no federal income taxes in 2020, including FedEx and Nike. Read more

Bloomberg: How Democrats Could Tax Companies More—Without Undoing Trump’s Tax Cuts

October 22, 2021

However, Democrats would need to take a much more aggressive approach if they want to raise revenue to cover some of the gap from a company, according to Steve Wamhoff, the director of federal policy at the Institute on Taxation and Economic Policy, a left-leaning think tank. For example, Biden has floated a 21% minimum […]

Marketwatch: As Democrats’ tax proposals evolve, the outlook for the super-rich is improving

October 22, 2021

“There is no doubt that wealthy people are talking Democratic lawmakers into doing things that are not popular with the American public,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. For example, more than half of U.S. adults (59%) said they are bothered “a lot” that […]

Business Insider: Biden roasts 55 companies like Nike and FedEx for paying less in taxes than the price of a cup of coffee

October 21, 2021

To make the case, he’s referencing one of his favorite talking points when it comes to the corporate tax: Multinational corporations who paid $0 in income taxes. An April report from the left-leaning Institute on Taxation and Economic Policy found that 55 corporations including Nike and FedEx paid no federal income taxes on their 2020 […]

The Washington Post: Biden’s favorite stat — that 55 major corporations paid no federal income tax

October 21, 2021

The number comes from a report issued in April by the left-leaning Institute on Taxation and Economic Policy (ITEP). The group studied the corporate filings with the Securities and Exchange Commission of companies listed in the Fortune 500, zeroing in on companies that posted profits. In 2020, ITEP found, 55 profitable companies indicated that they […]

Barrons: Even Scaled Back, Biden’s Tax Reforms Would Reshape Business

October 19, 2021

Following is an excerpt of an opEd by ITEP Executive Director Amy Hanauer: Despite the drama about getting majorities of lawmakers to support it, the tax bill before Congress right now would deliver fundamental reform. The Build Back Better proposal raises revenue from corporations and the wealthy, blocks corporate tax avoidance, and funds crucial priorities that […]