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CNNMoney: How the Federal Tax Overhaul Could Reshape State Budgets
January 12, 2018
Meg Wiehe, deputy director of the left-leaning Institute on Taxation and Economic Policy, said she’s noticed a trend over the past year toward more aggressive taxation of companies and high-income people, ever since Kansas backtracked on a high-profile experiment with eliminating taxes on pass-through companies that led to a plunge in revenue. Despite the challenges […]
USA Today: High-Tax States Plot Ways to Get Around New Limit on Federal Tax Deductions
January 12, 2018
But a more liberal group, the Institute on Taxation and Economic Policy, reported last year how financial advisers have advertised how taxpayers could make a profit by giving to funds in other states that support private school tuition vouchers. Read more
Yahoo Finance: Democrats Downplay Bonuses Employees Are Getting In Wake Of GOP Tax Law
January 12, 2018
But it’s worth noting that PEPCO, which was acquired by Exelon Corp. in 2016, paid an effective tax rate of negative 27.9 from 2008 to 2015 partly because of various credits and refunds from the government, according to a report by the Institute on Taxation and Economic Policy. Many other corporations similarly pay less in […]
Washington Post: Is the Trump Tax Cut Good or Bad for the Middle-Class?
January 12, 2018
A state-by-state analysis produced by the Institute on Taxation and Economic Policy, a liberal-leaning group, show the vast majority will get some kind of tax cut in Missouri in 2019, but then as much of a third will experience tax increases in 2027. Even more striking is how even the tax cuts shrink. In the […]
Politico: The Progressive Skepticism on the SALT Run-Arounds:
January 12, 2018
The progressive skepticism on the SALT run-arounds: The Institute on Taxation and Economic Policy has a new paper that says it’s understandable why states would try to make sure residents don’t face a tax hike under what it believes to be a horribly flawed law. But ITEP adds that most taxpayers facing the new cap […]
Time: Walmart Shocked Employees By Closing Dozens of Sam’s Club Stores. Here’s What We Know
January 12, 2018
And how much richer will Walmart be in light of the new tax law the company is crediting as the big reason for raises and bonuses for workers? Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, told the New York Times that based on Walmart’s earnings over the past five […]
Using Private Debt Collectors as a Substitute for the IRS Is a Bad Deal
January 11, 2018 • By Matthew Gardner
If President Trump is indeed a deal maker, then he should dismantle Congress’s decision to rely on private debt collectors as a substitute for the Internal Revenue Service. This decision, championed for years by Sens. Charles Grassley, R-Iowa, and Chuck Schumer, D-New York, is a lousy deal for everyone--American taxpayers, the federal government--except private debt collectors.
The Hill: Why You Shouldn’t Pay Attention to What Companies Say about Their Tax Bills
January 9, 2018
Following in an excerpt from an op-ed by ITEP Senior Fellow Matthew Gardner that appear in The Hill: A flurry of announcements by corporate giants such as Goldman Sachs, Morgan Stanley, American Express and others are informing their shareholders of expected “losses” in 2018 because of the new tax law’s requirement that they pay taxes […]
Salon: Apple’s Biggest Innovation Isn’t Gadgets. It’s Dodging Taxes
January 9, 2018
Why would so many American companies register themselves in the Caymans? Elementary. American tax law allows corporations to defer paying taxes on profits earned overseas, until those profits are repatriated back home. So here’s what you do, if you’re a major corporation. You set up a subsidiary in a tax haven. You hide your domestic […]
The Fiscal Times: More States Are Turning to Toll Roads
January 9, 2018
Nineteen states have waited a decade or more since last increasing their gas tax rates. Another 13 states have gone at least two decades, and three states — Alaska, Oklahoma and Mississippi — have not increased their gas tax rates since the 1980s, according to the Institute on Taxation and Economic Policy, a progressive think tank […]
New Tax Law Allows Affluent Taxpayers to Write off K-12 Private School Tuition
January 9, 2018 • By Matthew Gardner
Taxpayers are still learning about the intended and unintended consequences of the major tax overhaul that Republican leaders ramrodded through late last year. One little-noted provision subverts state laws that prohibit the use of public dollars for private schools by allowing taxpayers to use 529 plans to pay for K-12 tuition. Until last year, the […]
MTPR: Federal Tax Bill Casts Uncertainty on Montana’s Budget
January 8, 2018
The federal tax bill could result in about another one percent loss, under one of the state’s interpretations of the federal law’s impacts. Meg Wiehe is deputy director the left-leaning Washington D.C. based Institute on Taxation and Economic Policy. She says that there was an amendment added to the federal tax bill to prevent a […]
CBS St. Louis: Metro East Gubernatorial Candidate Wants Progressive Income Tax
January 4, 2018
Democrat Bob Daiber, currently Madison County’s Regional Superintendent of Schools, claims Illinois’ tax system is fifth most regressive in the nation — citing the Institute on Taxation and Economic Policy. “There’s an old saying ‘you can’t squeeze blood from a turnip,’ but we continue to try,” Daiber told reporters during a Chicago news conference. “I […]
Philadelphia Business Journal: New Federal Tax Loophole Could Stoke Interest in Private School Donations
January 2, 2018
Changes to the federal tax code could encourage more Pennsylvania businesses to pump money into K-12 private schools instead of paying state taxes. That’s according to an analysis by the nonprofit Institute on Taxation and Economic Policy (ITEP), which says it discovered an expanded loophole in the new law. By cross-referencing federal and state incentives, […]
The Tax Law
January 2, 2018 • By Alan Essig
The truth is, if lawmakers truly wanted to craft a tax overhaul that would benefit working people most, they would have started from fundamentally different principles and developed policies that would provide true tax relief for all working families while shutting down favorable tax treatment for rich people.
Select state coverage of ITEP’s analyses of Republican tax Plans
January 1, 2018
Burlington County Times: Will Phil Murphy raise NJ’s taxes (and 4 other political questions for .. Kaplan Herald: This chart exhibits how the GOP tax plan will hit your pockets Wiscnews: Tax cuts increase inequity Patch.com: MacArthur Touts Tax Reform; Will It Help NJ As Much As He Says? NJ.com: Long lines spring up as […]
NPR: This Tax Loophole for Wealthy Donors Just Got Bigger
December 29, 2017
One of the changes, according to the Institute on Taxation & Economic Policy, which advocates for a “fair and sustainable” tax system, allows far more wealthy donors in 10 states to turn a profit through “donations” to private school scholarships. Yes, you read that right. If your income is high enough, you can actually make […]
Nasdaq: The New GOP Tax Law and Millennials
December 29, 2017
Still there remains much confusion on what will happen to Jane and Joe’s taxes. From CBS: Tax experts are combing through the legislation to get a handle on how its new tax brackets and treatments of everything from bonds to charitable donations will impact their clients. Meanwhile, Republican leaders say the tax bill will put more money […]
The Observer: ITEP Responds to MacArthur on GOP Tax Plan
December 28, 2017
Excerpt from op-ed by Meg Wiehe: Rep. Tom MacArthur’s Dec. 27 op-ed cherry-picked data from analyses by my organization, the Institute on Taxation and Economic Policy (ITEP), to bolster his misguided claim that New Jerseyans are against the GOP-Trump tax plan because they don’t have the proper information. This suggestion insults his constituents’ intelligence. Polling […]
The Washington Journal: Greater Washington’s Achilles’ heel on tax cuts: Its pricey real estate
December 28, 2017
Greater Washington’s high median income should have set up the region to reap more than its share of $1.5 trillion in tax cuts passed by Congress and signed by President Donald Trump this month — but the region’s high real estate values will blunt its impact for many regional taxpayers. The D.C. metro area reported […]
The Street: General Electric Has Seen Almost $70 Billion of Its Value Disappear in 2017
December 27, 2017
GE was one of 18 Fortune 500 companies that paid no net federal income taxes between 2008 and 2015, a study by the Institute on Taxation and Economic Policy found. Though GE did report paying some federal taxes in 2010, its overall rate during the period has been negative. In 2016, the company earned $10 […]
Alternet: Republican Tax Plan Opens Backdoor to Federally Supported School Vouchers
December 25, 2017
Another voucher-like provision Republicans put into the tax code will not have as much immediate impact as the 529 extension but may have much more negative and wide-reaching effects long-term. As an analysis by the Institute on Taxation and Economic Policy explains, a loophole added to the tax bill in conference “reward[s] some of the nation’s […]
Vanity Fair: “You All Just Got a Lot Richer”
December 24, 2017
When Donald Trump and the Republican party unveiled its precious tax legislation, outside analysts immediately noted that the bill seemed designed to favor a slim subset of Americans. The Institute on Taxation and Economic Policy, for example, found that almost a third of the plan’s benefits would go to the wealthiest 1 percent of Americans […]
Fortune: Real Estate Investors Will Love This Last-Minute Change to the Tax Plan
December 22, 2017
This is an excerpt from an op-ed by ITEP Senior Fellow Steve Wamhoff that appeared in Fortune. A last-minute change to the just-passed tax plan that would benefit real estate investors like Donald Trump should surprise no one. He loudly opposed 1986 tax reform legislation because it shut down tax shelters for real estate investors […]
Pittsburgh Post-Gazette: Tax Changes Could Help Parochial Schools
December 22, 2017
As a result, a preferred private school gets funding, which it must use to offset tuition for low-income students. The donor loses almost nothing. There are certain tax situations in which business owners can give, say, $10,000 and see their total tax bill drop by more than that amount, said Carl Davis, research director at […]
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