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CNBC: Parents Worry About the End of Monthly Child Tax Credit Payments
December 18, 2021
The lowest-income households will be hit the hardest. If the credit were continued through 2022, the poorest 20% of families would have seen a 35% income boost, according to a study by the Institute on Taxation and Economic Policy. That’s significant for parents who are working but haven’t all been able to get back to […]
Pandemic Policies Demonstrate Government Can Address Widening Economic Inequality If Policymakers So Choose
December 17, 2021 • By ITEP Staff, Jenice Robinson, Joe Hughes
We are surrounded by evidence that economic inequality is spinning out of control, yet we also see straightforward examples of how government can stop the downward spiral should it choose to do so. The Build Back Better Act, which invests in communities and ensures the wealthy and corporations pay their fair share, is one such example. Congress should pass it.
The Hill: Build Back Better is a chance to finally make corporate taxes line up better with profits
December 16, 2021
These planning opportunities have long helped to make corporate tax avoidance both incredibly successful and publicly infamous. Between 2018 and 2020, the Institute on Taxation and Economic Policy reports that 39 of America’s largest companies paid zero dollars in federal income tax, despite their reporting combined net profits of $122 billion. During this same period, an […]
Time: A Wonky Tax Break for the Well-Off Is a Bigger Problem for Democrats Than You’d Think
December 16, 2021
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 their federal tax deductions—which is to say, the richest fifth of Americans. According to a November analysis from the nonpartisan Institute on Taxation and Economic […]
McClatchy: Parents Are Receiving Their Final Monthly Child Tax Credits. Will Congress Bring Them Back?
December 16, 2021
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 $29,100 income (lowest 20%): $4,080 — $29,100 to $51,700 (next 20%): $2,850 — $51,700 to $83,200 (next 20%): $2,780 — $83,200 to $151,100 (next 20%): […]
Bloomberg: SALT Debate Forces Rich Americans to Confront Widening Tax Gap
December 10, 2021
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 or in future years. “There are states moving in different directions,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. […]
USA Today: With inflation spiking, will states and voters give grocery taxes a second look?
December 9, 2021
Read more: https://www.usatoday.com/story/news/politics/2021/12/08/inflation-food-prices-grocery-taxes/8800601002/?gnt-cfr=1
Arkansas Democrat-Gazette: Income tax cut bills roll through Arkansas House and Senate; steel plant incentive also meets approval
December 9, 2021
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 the Institute on Taxation and Economic Policy estimated was how much the income tax rate cuts would eventually reduce state general revenue. The House Democrats’ […]
NJ.com: 96% of N.J. residents would get their full property tax break restored under this Senate plan
December 9, 2021
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 be phased out for those making $400,000 to $475,000, and anyone making more than that would be limited to the $10,000 deduction currently in the […]
Tax Notes: Looking Ahead: State Tax Policy Trends To Watch Next Year
December 7, 2021
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
McClatchy: What would the Biden tax-break plan mean for your wallet?
December 7, 2021
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 far. Middle income people see a somewhat smaller tax break on average, according to an analysis from the Institute on Taxation and Economic Policy, a […]
Washington Post: Treasury officials raised concerns about new minimum tax on corporations, key to Biden spending plan
December 5, 2021
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 deductions. Biden repeatedly embraced it as a key campaign pledge. Read more
New York Times: A proposed minimum tax would hit Amazon, Facebook and others, a report shows
November 18, 2021
“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 of the profits and pay little or nothing in taxes,” Ms. Warren said in an interview. “It’s time to put a stop to that.” Ms. […]
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
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 […]
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