Notably, property taxes are regressive — though not as much as sales tax, according to the left-leaning Institute on Taxation and Economic Policy. Read more
Critics of state tax credits say the IRS workaround rules were a common-sense effort to address donors double-dipping on tax credits — essentially collecting state and federal tax benefits on…
Carl Davis of the progressive Institute on Taxation and Economic Policy wrote a piece last week using new IRS data that specifically focused on the $10,000 cap on state and…
Media contact Following is a statement by Steve Wamhoff, federal policy director at the Institute on Taxation and Economic Policy, regarding President Trump’s executive order that would suspend the employee…
It’s not surprising that millionaire and billionaire donations to President Trump’s re-election campaign have tapered off. Yes, he promised — and provided — billions in tax cuts for the wealthiest.…
The structure of the Child Tax Credit, for instance, “leaves behind some of our lowest-income children of color,” because of the way the credit is phased in as earnings increase,…
According to analyses by the Institute on Taxation and Economic Policy and New Jersey Policy Perspective, modest adjustments to income tax rates on those earning $250,000 and more would raise…
Apple has increased its buybacks since it used the Trump administration’s 2017 tax law to bring back most of the $252 billion it had once held abroad. (The law saved…
How did you make out with the big Trump tax bill? According to the Institute on Taxation and Economic policy, they cut the corporate tax rate by fourteen percent. Most…
The cost of the $2,000 stimulus checks would dwarf any other proposal passed by Congress so far; according to one estimate from the Institute on Taxation and Economic Policy, the payments…
Experts say there would still be a slight hit to the Social Security trust fund if the payroll tax payments don’t end up getting excused. That would mean companies would…
The amount of payroll tax deferred depends on how much one makes. Based on analysis by the Institute on Taxation and Economic Policy, the four month deferral would amount to $1,060 for…
A 2018 study from the Institute on Taxation and Economic Policy further found Washington to have the most regressive tax system in the country. Washington workers in the bottom 20th percentile…
The poorest 20% of people — those with income below $24,200 — would see their taxes fall by an average of $250, according to the Institute on Taxation and Economic…
An analysis from the left-leaning Institute on Taxation and Economic Policy (ITEP) found that the HEROES Act would provide more assistance to low- and moderate-income families than the HEALS Act…
The second root cause is tax holidays for unearned income — i.e., income on wealth that was earned some other time, some other place, and usually by somebody else. The…
Unemployment benefits aren’t considered earned income. “When you calculate your 2020 earned income tax credit, if your 2019 earned income tax credit would’ve been larger, you’d have the option to…
Their provision would benefit roughly 7.8 million people—4.3 million adults and 3.5 million children—according to the left-leaning Institute on Taxation and Economic Policy. Roughly 4.4 million undocumented immigrants who are…
The various state programs differ widely with the key distinction being refundability. Twenty-three of the 29 EITC states have made their credits refundable—widely considered an important check against regressivity. “Almost…
Meg Wiehe of the liberal Institute on Taxation and Economic Policy noted that most states, with just a couple of exceptions, have budgets lined up for fiscal 2021 — but…
The 1.7 million American citizens is only a subset of individuals excluded from receiving stimulus checks. The CARES Act had excluded undocumented immigrants, who do not have a Social Security…
With a complete payroll tax cut — meaning, no Social Security or Medicare taxes taken out of paychecks at all — 64% of the benefit would be reaped by the…
While Amazon reported $13.9 billion in income in 2019, Bezos’ company managed to pay just $162 million in federal taxes last year—a 1.2% tax rate despite the United States’ 21% federal tax…
