Institute on Taxation and Economic Policy

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History, Economic Justice, and COVID-19

April 14, 2020 • By Amy Hanauer

History, Economic Justice, and COVID-19

Our elected officials have to listen to we the people and change their approach. Going forward, corporate voices cannot continue to steer. Instead, families, communities and working individuals have to lead our policymaking so it better helps people struggling now. 

The Hill: Business tax provisions in coronavirus relief law spark controversy

April 14, 2020

“Even someone who believes that Congress could loosen these laws to help businesses deal with the crisis would have to come to the conclusion that the CARES Act went way too far,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. Read more

Pot Sector Cut Off From Federal Pandemic Loans, Turns to States

April 14, 2020

Pot has boosted state tax revenues in recent years, funding core state initiatives from education to infrastructure to health care. California collected about $629 million in taxes on cannabis in 2019. Washington raised more tax revenue than any other state in 2019, about $67 per person, according to a study by the Institute on Taxation […]

Bloomberg: 10 Ways States Could Fortify Tax Structures Ahead of Next Crisis

April 13, 2020

“There is nothing like a crisis to get states thinking about their tax structures and the things they can do to become more sustainable in the long run,” said Meg Wiehe, deputy executive director of Institute on Taxation and Economic Policy. Bloomberg Tax interviewed several prominent tax policy analysts and reviewed current research to identify […]

Connecticut Mirror: CT’s unflappable sales tax faces unprecedented threat from coronavirus

April 13, 2020

“Early indications are that consumers are cutting back or spending much less due to personal economic uncertainty,” analysts for the Washington, D.C.-based Institute on Taxation and Economic Policy [ITEP] wrote in a report predicting an unprecedented drop nationwide in states’ sales tax revenues. “Even people who still have jobs may substantially cut back their spending […]

Associated Press: Millions of taxpaying immigrants won’t get stimulus checks

April 12, 2020

Roughly 4.3 million mostly unauthorized immigrants who do not have a Social Security number file taxes using what’s known as a taxpayer identification number, according to the Institute on Taxation and Economic Policy. Many say they pay federal taxes because they hope it will one day help them achieve legal residency and because they feel […]

NBC4: Millions of Taxpaying Immigrants Won’t Get Stimulus Checks

April 12, 2020

Roughly 4.3 million mostly unauthorized immigrants who do not have a Social Security number file taxes using what’s known as a taxpayer identification number, according to the Institute on Taxation and Economic Policy. Read more

Bloomberg: Pot, Liquor ‘Essential’ to Keep Up Spirits, Revenue During Virus

April 10, 2020

The state of Washington raised the most cannabis tax revenue last year—$67.31 per person, according to the Institute on Taxation and Economic Policy. That compares with $60.11 per person raised in Colorado, $53.50 in Nevada, $38.83 in Alaska, $31.75 in Oregon, $15.93 in California, and $12.92 in Massachusetts, the institute said. Read more

Fox News: Coronavirus tax deadline delay: How it could hurt certain taxpayers

April 9, 2020

Further, the Institute on Taxation and Economic Policy noted that a payroll tax cut – which is another measure the president said this week he would like to see implemented – would largely benefit the wealthiest 20 percent of taxpayers. That’s because it would benefit those who were still employed, with bigger benefits reaped by […]

Bloomberg: Wealthy Win, Low-Wage Earners Lose in April 15 Tax Extension

April 9, 2020

“High income people will benefit,” said Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy. “Anyone selling a whole bunch of stock on which they had income tax withheld — those people are getting a three-month interest free loan.” Individuals who earn less, and whose income is principally from wages, might […]

Wall Street Journal:This Coronavirus Tax Policy Idea Wasn’t on the Table. Then Famous Chefs Called the President.

April 6, 2020

Tax experts across the political spectrum say it makes sense to limit meals and entertainment deductions. “It’s essentially a personal expense masquerading as a business expense, ” said Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a progressive group. “It’s a hole you can drive a truck through in the […]

CNBC: When Will the Money Arrive

April 6, 2020

Right now, the answer is that you will still get a stimulus payment. But that may have to wait until you eventually file your 2020 tax return next spring. “Anything that happens in 2020 that’s not reflected in your 2019 or 2018 taxes, you’re not going to benefit for that particular thing until you can […]

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Returning to the Economic Status Quo After COVID-19 Crisis Should Not Be an Option

April 6, 2020 • By Jenice Robinson

Returning to the Economic Status Quo After COVID-19 Crisis Should Not Be an Option

It will take immense imagination, unyielding political will and a fundamental reordering of our policy priorities to adequately address the problems of this moment and unrig our economy.

Courier-Journal: For Kentucky’s undocumented immigrants, COVID-19 adds challenges to already harsh reality

April 1, 2020

Congress’ $2 trillion stimulus package, which boosts unemployment benefits including to gig-economy workers, didn’t include any help for undocumented workers. In Kentucky, such residents paid an estimated $36.6 million in state and local taxes in 2014, according to the Institute on Taxation and Economic Policy. Read more

Bloomberg:Billion-Dollar Blows to U.S. States Crater Spending Plans

April 1, 2020

At least 38 states and territories have issued some version of a stay-at-home order, shuttering parts of the economy as residents stay inside and restaurants and stores close. The result may be the steepest drop in sales taxes ever, according to the Institute on Taxation and Economic Policy, a left-leaning think tank. States like Florida, […]

Eater NY: Why NYC’s Undocumented Restaurant Workers Are the Forgotten Victims of the Shutdown

March 31, 2020

Government help is nearly impossible to get, even though undocumented workers in the United States pay $11.74 billion in taxes each year, equivalent to 8 percent of their incomes, according to the Institute on Taxation and Economic Policy. (By comparison, the top 1 percent pays an effective 5.4 percent.) Because undocumented workers are, at least […]

KQED: New COVID-19 Relief Benefits Leave Out Millions Of Undocumented Immigrants

March 31, 2020

In California, undocumented residents contribute $3 billion annually in state and local taxes, according to the nonprofit Institute on Taxation and Economic Policy. Immigrants who are not eligible for a Social Security number, including undocumented ones, can use an Individual Tax Identification Number to pay taxes. The federal government collected $13.7 billion from taxpayers using […]

Fox: Coronavirus stimulus FAQ: Who gets stimulus money? Will paper checks be issued? When will it come?

March 31, 2020

According to the Institute on Taxation and Economic Policy, immigrants who file taxes using an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number will be exempt from payments, which the institution says excludes an additional estimated 4.3 million adults and 3.5 million children from the benefit. The one-time checks will also go […]

Scripps News Service: It will likely take at least 2 weeks for stimulus checks to arrive

March 30, 2020

Scripps News Service interviewed Amy Hanauer, ITEP’s executive director, about the $2.2 trillion relief package. https://content.uplynk.com/509a8108debf4051984bc3b66951d875.m3u8

Wall Street Journal:Whiting Petroleum Adopts Poison Pill to Protect Potential Tax Breaks

March 28, 2020

One tax analyst said hard-hit industries might be trying to protect their net operating losses from unwelcome distressed investors looking for buying opportunities. “It seems like one of the unforeseen consequences of the economic downturn that you’re now seeing is that it’s probably creating a target-rich environment for anyone who sees this as an acquisition,” […]

Slate: Why Some Americans Entitled to a Coronavirus Relief Check Won’t Get One

March 28, 2020

The reason why is that the government intends to track Americans down and deliver their corona-bonus using the tax information they submitted in 2018 or 2019. But a fairly large number of households don’t file returns to the IRS each year because their income is so small that they are not required to. As a […]

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The Job Is Not Yet Done: ITEP Statement on the $2 Trillion Relief Package

March 27, 2020 • By Amy Hanauer

The Job Is Not Yet Done: ITEP Statement on the $2 Trillion Relief Package

Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding the $2 trillion relief package expected to be enacted today. ITEP’s distributional analysis of how the rebate checks will affect individuals and families is here and here.  “Crisis and unprecedented are overused words at a time like […]

Bloomberg: Delayed Tax Filing Could Mean Larger Stimulus Check for Some

March 27, 2020

For people who were ineligible in 2018 and perhaps took a pay cut or got a divorce that put them under the income thresholds in 2019, “there needs to be a real information campaign to get people to file on time,” said Meg Wiehe, deputy director of the Institute on Taxation and Economic Policy. Read […]

Crooked: Democrats Must Keep Fighting Trump’s Bailouts

March 27, 2020

These massive corporations also reaped huge benefits from Trump’s 2017 corporate tax cuts. An Institute on Taxation and Economic Policy report from March 10 lays it out: “In the two full years since the Trump corporate tax cuts took effect, seven large U.S.-based airlines reported $30 billion of U.S. pretax income and paid an average […]

CNN: These taxpayers won’t get stimulus checks. That’s unjust

March 27, 2020

Unfortunately, the Senate proposal does not include all taxpayers. Those who file their taxes using an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number have been left out, according to the Institute on Taxation and Economic Policy. Omitting these taxpayers will exclude many of the American taxpayers who are most vulnerable in […]