Institute on Taxation and Economic Policy

ITEP's Research Priorities

Foreign Policy: To Build Bridges, Biden Plans to Hike Taxes

March 31, 2021

A 2019 study by the Institute on Taxation and Economic Policy found that at least 60 of the largest publicly held U.S. corporations paid no federal income taxes in 2018. The companies included household names like Amazon, Chevron, Netflix, and General Motors. Read more

US News: Biden Wants Corporate America to Pick Up the Tab On His Infrastructure Plan

March 31, 2021

Moreover, a study by the Institute on Taxation and Economic Policy of the effects of the 2017 tax cuts found that 379 companies with combined profits of nearly $766 billion paid effective corporate tax rates on average of 11.3%. Some 91 companies, including household names like Delta Airlines, FedEx, Amazon and Eli Lilly, paid no […]

Washington Post: Power Up: Unions, liberal groups urge Biden to go even bigger on tax hikes for infrastructure plan

March 31, 2021

Some tax experts, however, estimate that the benefits of restoring the deduction would go to the richest Americans: “House Democrats included a provision suspending the cap for 2020 as part of a COVID relief package last year. [The Institute on Taxation and Economic Policy] estimated that this would cost more than $90 billion in a […]

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President Biden’s Infrastructure Plan Moves Toward Ending “Zero-Tax” Profitable Corporations

March 31, 2021 • By Matthew Gardner

Following is a statement by Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, regarding the corporate tax provisions in the “American Jobs Plan,” released by the White House on March 31. “For years, our corporate tax has been broken, allowing profitable corporations to altogether avoid taxes or pay far below […]

The Street: Cannabis Stocks Rise as New York Moves Closer to Legalization

March 30, 2021

New York would be the 16th state, plus the District of Columbia, to fully legalize marijuana after decades of imprisoning people who participated in the cannabis black market. About one in three Americans live in a state with legal sales of recreational cannabis, according to the Institute on Taxation and Economic Policy. Read more

Daily Wire: Zoom Profits in 2020: $660 Million. Zoom Tax Payment In 2021: $0

March 29, 2021

Zoom hauled in some $660 million in pre-tax profits in 2020, compared to $16 million in profits in 2019, according to the Institute on Taxation and Economic Policy. “Corporations that pay their executives in stock often benefit from a provision in the federal tax code that lets them write off expenses that appear far larger […]

Washington Post: Fact-checking President Biden’s first news conference

March 26, 2021

Biden loves this statistic, but he usually is careful to say “federal taxes.” Simply saying “taxes” makes it wrong, because no matter what the federal tax liability, these companies certainly pay a variety of payroll, real estate and local or state taxes. In a 2019 report, the left-leaning Institute on Taxation and Economic Policy (ITEP) […]

Jackson (Miss.) Clarion-Ledger: Eliminating state income tax would hurt Mississippi working families, widen inequities

March 25, 2021

This is because individual income taxes are the only major tax in which the state’s highest-income earners pay a larger percentage of their income in taxes than the state’s lower-income earners. Not surprisingly, then, the state’s wealthiest households stand to gain the most from eliminating the tax. On average, Mississippians in the lowest 20% of […]

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Tax Reform Must Include Adequate Funding for the IRS

March 25, 2021 • By Jenice Robinson

The Biden administration has made clear that its top priorities include a major recovery package with critical investments to boost the nation’s economy and tax increases for corporations and the wealthy. Adequately funding the IRS must be part of that agenda. It seems every week, a new study, data set or research-driven commentary reveals how […]

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Looking at the Tax Code Through A Race Equity Lens Presents a Strong Case for Reforms

March 25, 2021 • By Carl Davis

An important new book from Professor Dorothy Brown at Emory University offers a timely look at the federal tax code through the lens of racial equity. The Whiteness of Wealth: How the Tax System Impoverishes Black Americans—And How Can We Fix It uses a mix of data, legal scholarship, interviews, and personal stories to tear […]

Vox: Third stimulus bill: The American Rescue Plan moves through Congress

March 9, 2021

Some 280 million people will be eligible for the third round of stimulus checks, according to the Institute on Taxation and Economic Policy, and unlike previous direct payments, all dependents — including college students and some people with disabilities, not just children under 17 — will be eligible. Read more

NPR: Tax Credit Could Lower Child Poverty More in 2021 Than Any Year in History

March 9, 2021

The Institute on Taxation and Economic Policy has just estimated that the bottom 60% of Americans by income would receive an increase in their incomes of 11% on average, and then the bottom 20% would receive an increase of 33% on average. So we are living through one of the largest boosts to family incomes, […]

Washington Post: Biden stimulus showers money on Americans, sharply cutting poverty and favoring individuals over businesses

March 8, 2021

These tax changes, along with another round of cash payments, will boost incomes of the bottom 20 percent of Americans by 33 percent, according to Steve Wamhoff, a tax expert at the liberal Institute on Taxation and Economic Policy. That’s more than double what the March 2020 Cares Act did for the poorest Americans. Read […]

Newsweek: How Your Stimulus Check, Income Might Be Affected by the Latest Bill Changes

March 8, 2021

According to Institute on Taxation and Economic Policy, the changes would benefit around 83 million children and significantly reduce child poverty in the U.S. Read more

Yahoo! Finance: The new stimulus checks: What’s still ahead, before you can get your money?

March 8, 2021

Some 17 million fewer Americans will get stimulus checks this time because of the new income thresholds, according to an estimate from the Institute on Taxation and Economic Policy. Read more

Fox Business: Third stimulus check calculator: See how much money you could receive from Biden’s relief bill

March 8, 2021

As with previous rounds, Americans who earn more than the threshold line will still receive a partial check. But the money will phase out faster than previous rounds, cutting off payments for roughly 16 million Americans who qualified for previous relief payments, according to a preliminary analysis published by the left-leaning Institute on Taxation and Economic […]

Forbes: Americans Should Receive $1,400 Stimulus Checks Starting End Of March, Says Biden

March 8, 2021

Over 85 percent of American households would get stimulus payments of $1,400 per person, according to the White House. Preliminary estimates from the Institute on Taxation and Economic Policy (ITEP), a left-leaning think tank show that 200 million adults and 80 million children would receive payments under the new stimulus provision passed by the Senate. Read […]

Observer: $1,400 Stimulus Checks: When to Expect Payment & Calculate How Much You’ll Get

March 8, 2021

About 17 million fewer people will receive direct payments as a result of the rule change, according to the Institute on Taxation and Economic Policy. Read more

CNET: Child tax credit 2021: When will families get more money? Here’s what you should know

March 8, 2021

The bill also would expand other child-related credits so families could claim up to half their child-care expenses on their taxes. For the bottom 20% of families in terms of income, the proposed expansion of the CTC would increase income by an average of 9.7% — even higher if you consider only tax filers with children, according […]

Time: The Senate Passed a $1.9 Trillion COVID-19 Relief Bill. Here’s What’s In It

March 7, 2021

The decision means that an estimated 17 million Americans who received a check under former President Donald Trump won’t get one under Biden, according to a study from the nonpartisan Institute on Taxation and Economic Policy. Biden said on Saturday that the government will begin sending the checks to eligible Americans this month. Read more

Huffington Post: Senate Passes $1.9 Trillion COVID-19 Relief Bill

March 6, 2021

The full $1,400 checks will only go to those making $75,000 or less (or $150,000 for joint filers) and be cut off for individuals who make more than $80,000 (or $160,000 for joint filers), cutting out 12 million adults and 5 million children, according to early estimates from the liberal-leaning think tank Institute on Taxation […]

CBS News.com: Democrats limit eligibility for stimulus checks in Senate COVID bill

March 5, 2021

The proposal to lower caps on the stimulus checks would cut an estimated 17 million people from eligibility, according to the Institute on Taxation and Economic Policy. Their analysis found 297 million adults and children would benefit under the bill passed in the House, but only 280 million people would in the Senate version of the […]

Vanity Fair: Millions of people who received stimulus checks last time around won’t get them again

March 5, 2021

Under the narrower eligibility rules, individuals earning under $75,000 (and couples earning under $150,000) are set to receive the full check, but those making $80,000 and up (and $160,000 or more as a couple) will no longer qualify. According to an analysis from the Institute of Taxation and Economic Policy, approximately 16 million fewer Americans […]

Market Place: Who qualifies for the $1,400 checks under the Democrats’ new proposal?

March 5, 2021

The left-leaning Institute on Taxation and Economic Policy has analyzed how many people would get help under the Senate caps, and found that 86% of adults and 85% of children would. On the other hand, the House bill would help 91% of adults and 90% of children. In total, 11.8 million fewer adults and 4.6 […]

Marketwatch: ‘This is pure politics’: Fewer Americans will get a stimulus check this time around — here’s how many people will get one

March 5, 2021

The previous House version would have covered 91% of adults — 212.1 million Americans — and 90% of children — another 84.7 million people, said Steve Wamhoff, director of federal tax policy at the left-learning Institute on Taxation and Economic Policy. “It’s a difference, but it’s not an enormous difference,” he said. “When you look […]