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Mother Jones: Republicans Are Already Giving Up on a Key Part of Trump’s Tax Plan
October 5, 2017
For the third time in eight days, a new study has found that President Donald Trump’s tax plan is a major handout to the richest Americans. On Wednesday, the left-leaning Institute on Taxation and Economic Policy estimated that the top 1 percent of Americans would get 67 percent of the benefits from the Republican tax plan released last […]
The Washington Monthly: The Republican Tax Cut Framework Is Already in Trouble
October 4, 2017
The tax cut framework suggests that Republicans will eventually define some corporate tax loopholes to close. They haven’t done so yet because that will unleash a host of corporate lobbyists to fight against them, which is all the proof we should need that the statutory tax rate, as it exists today, is meaningless. The real […]
50-State Analysis: GOP-Trump Tax Proposal Would Give the Store Away to the Wealthy, Exacerbate the Income Divide
October 4, 2017 • By Alan Essig
A 50-state analysis of the GOP tax framework reveals the top 1 percent of taxpayers would receive a substantial tax cut while middle- and upper-middle-income taxpayers in many states would pay more, the Institute on Taxation and Economic Policy said today. The GOP continues to tout its tax plan as “beneficial to the middle class.” […]
Bloomberg: Trump Plan Aims New Foreign Tax at Apple, Other Multinationals
October 2, 2017
Currently the U.S. taxes corporate profits worldwide, no matter where they’re earned. That approach — which makes America unique among developed nations — comes with a large asterisk: Companies can defer paying tax on their overseas earnings until they return that income to the U.S., a process known as repatriation. The repatriation quirk has prompted […]
Raleigh News & Observer: The Racial Wealth Divide Could Grow with Tax Changes
September 30, 2017
But that’s assuming nothing changes. If Trump moves forward with the policies he campaigned on, especially his tax “reform” plan, the gap surely grows. Trump’s tax plan is heavily skewed toward providing massive tax breaks for the ultra-wealthy. Half of the proposed cuts will go to millionaires, according to the Institute on Taxation and Economic […]
On Point with Tom Ashbrook: Totaling Up President Trump’s Tax Overhaul Plan
September 28, 2017
And now, it’s time for the Trump tax plan. A miracle for the middle class, the president said in Indianapolis yesterday. He’s selling hard. But there are knowns and unknowns here. Known: upper-income households would get large tax cuts. Known: lower-income households would get none. Unknown: how exactly the middle class would make out. Or […]
Salon: Everyone Hates Trump’s Godawful Tax Plan — Except the GOP Donor Class
September 28, 2017
Wealthy businesses and individuals will benefit from the proposal in other ways as well, including a reduction in the corporate tax rate from 35 percent to 20 percent. On the other hand, the outline also proposes eliminating many corporate deductions, which primarily benefit the largest enterprises. According to research by the left-leaning Institute on Taxation and […]
Bloomberg: Stock Traders Celebrate Nonexistent Tax Cuts
September 28, 2017
Although Republicans say the plan is to reduce the corporate tax rate to 20 percent from the current 35 percent, the Institute on Taxation and Economic Policy found that more than 250 of the largest U.S. companies already paid an effective rate of just 21.2 percent from 2008 to 2015. Read more
Think Progress: Trump’s Plan Gives Corporate Tax Lobbyists Nearly Everything They Want
September 28, 2017
Another key corporate giveaway in the proposal would allow multinational corporations to bring accumulated foreign earnings back to the homeland at a low one-time rate, known as a repatriation tax. The administration has still not announced that rate but officials have reportedly indicated it will be somewhere in the 10 percent range. The non-partisan Institute […]
ITEP ED on GOP Tax Plan: “There is Something Terribly Wrong with This Picture”
September 27, 2017 • By Alan Essig
Economically, the rich are doing just fine, yet the GOP is brazenly selling old hat trickle-down economic theories laden with rhetoric about projected economic growth that will benefit working people. Worse, they are doing so even though opinion polling shows the majority of Americans do not want Congress to pass tax cuts for the wealthy and corporations.
Fox News: Trump, Republicans reveal tax plan: What to know
September 27, 2017
The Institute on Taxation and Economic Policy last week slammed Trump’s plan as it said it wouldn’t alleviate financial burdens of the middle class. “Vague promises can’t conceal the hard facts: if anything resembling President Trump’s current proposal becomes law, the outcome would be a redistribution of wealth to the already wealthy on a scale […]
New York Times: Will a Corporate Tax Holiday Give Workers Anything to Cheer?
September 26, 2017
Apple alone is sitting on an overseas stash of almost $260 billion, according to Bloomberg, while Microsoft has more than $120 billion parked abroad. The pharmaceutical giant Pfizer does not regularly disclose how much of its offshore profits are stored in foreign tax havens, but the Institute on Taxation and Economic Policy estimates that at […]
New York Times: Nothing Is Too Strange for Cities Wooing Amazon to Build There
September 25, 2017
Tax policy experts are more skeptical of Amazon’s bidding process and how much cities stand to benefit. “Why are they doing this whole dog and pony show? Amazon wants something for nothing,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a nonpartisan think tank. “They would like a package […]
Mother Jones: The 5 Biggest Myths In Republicans’ Quest To Lower Corporate Taxes
September 22, 2017
And then there are the companies that pay far less than the average—or sometimes nothing at all. Earlier this year, the left-leaning Institute on Taxation and Economic Policy found that eighteen profitable Fortune 500 companies, including General Electric and Priceline, had paid no federal corporate taxes from 2008 to 2015.
Associated Press: Doubts Arise on Whether Corporate Tax Cut Would Boost Growth
September 18, 2017
The AT&T executive added that “anything” would be an improvement on the current corporate tax rate of 35%. But like many corporations, AT&T also benefited substantially from tax breaks between 2008 and 2015, saving as much as than $38 billion, according to an analysis by the left-leaning Institute on Taxation and Economic Policy. The administration […]
Fact Sheet: The Consequences of Adopting a Territorial Tax System
September 18, 2017 • By Steve Wamhoff
President Trump and Republican leaders in Congress have proposed a “territorial” tax system, which would allow American corporations to pay no U.S. taxes on most profits they book offshore. This would worsen the already substantial problem of corporate tax avoidance and result in more jobs and investment leaving the U.S. Lawmakers should know some key facts about the territorial approach.
The Richmond Register: DACA Recipients in Limbo While Congress Debates
September 16, 2017
The Institute on Taxation and Economic Policy (ITEP) revealed dreamers pay an effective state and local tax rate of 9.1 percent of their income. That’s higher than the wealthiest 1 percent in Kentucky who pay just six percent. ITEP puts the total amount of taxes undocumented immigrants of all ages contribute to Kentucky in state […]
Census Data Reveal Modest Gains for Working People; GOP Tax Overhaul Could Reverse These Gains
September 14, 2017 • By Jenice Robinson
On the surface, census poverty and income data released Tuesday reveal the nation’s economic conditions are improving for working families. The federal poverty rate declined for the second consecutive year and is now on par with the pre-recession rate. For the first time, median household income surpassed the peak it reached in 1999 and is […]
International Business Times: There Is a Direct Link Between Tax Evasion and Inequality
September 13, 2017
According to Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a Washington, D.C.-based think tank, the reason the U.S. exhibits such a high level of wealth inequality, even without hidden holdings taken into account, is that “we have a tax system that’s pretty much designed to help individuals accumulate wealth.” […]
Money Morning: Trump’s Tax Plan Gives Perks to the “1%,” Shirks Everyone Else
September 13, 2017
The White House has just 12 days to fix a glaring flaw in President Donald Trump’s tax plan. That’s because just this morning (Sept. 13), his administration promised to provide further specifics on that plan no later than Monday, Sept. 25. So what’s the flaw? The Institute on Taxation and Economic Policy (ITEP) has found […]
CNBC: Richest Households Get the Biggest Benefit Under Trump Plan
September 13, 2017
This report, using ITEP data, examines which households will benefit most from the White House’s proposed tax plan. https://www.cnbc.com/video/2017/09/13/richest-households-get-biggest-benefits-under-trump-tax-plan-report.html
Fox Business: Trump gives assurances on tax reform,
September 13, 2017
According to an April 2017 report by the Institute on Taxation and Economic Policy, a Washington research organization, the top 1% of income earners in the United States pays an estimated 23.8% share of total taxes. Read more
New Analysis Shows White House Tax Proposal Would be an Unprecedented Upward Redistribution of Wealth
September 13, 2017 • By ITEP Staff
The tax plan outlined by President Trump would strip away the U.S. tax system’s moderate progressivity by lowering the effective tax rate for the wealthiest 1 percent of Americans by 7.5 percentage points and shifting more of the nation’s tax bill to every other income group, a new analysis released today by the Institute on […]
Trump Proposals Would Reduce the Share of Taxes Paid by the Richest 1%, Raise It for Everyone Else
September 13, 2017 • By Steve Wamhoff
The tax proposals released by the Trump Administration in April would reduce the share of total federal, state and local taxes paid by America’s richest 1 percent while increasing the share paid by all other income groups. This clearly indicates that the tax system would be less progressive under the president’s approach.
Marketplace: The American Dream: How Undocumented Immigrants Buy Homes in the U.S.
September 12, 2017
Undocumented immigrants pay as much as $3.6 billion in property taxes each year, according to the Institute on Taxation and Economic Policy which analyzed MPI’s undocumented home ownership data. The data helps dispel the myth that undocumented immigrants aren’t paying taxes, said Meg Wiehe, co-author of the report and a deputy director at ITEP. Even […]
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