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The Hill: Top 1 Percent Paying Lower Tax Rates Than Other Residents in Most States: Study
January 10, 2024
The wealthiest families in most states are paying lower tax rates than everyone else, a new analysis found. Read more.
Fast Company: Florida Can’t Get Enough of Tax Holidays. But They’re Not the Magic Bullet Ron DeSantis Claims
January 10, 2024
Floridians saved more than $475 million on tax-free holidays—but it comes at the expense of the state’s schools and infrastructure. Read more.
Massachusetts Budget & Policy Center: How Much Does the Millionaire Tax Improve Tax Fairness? How Does Massachusetts Compare Now to Other States?
January 10, 2024
A new 50-state analysis from the Institute on Taxation and Economic Policy (ITEP) finds that Massachusetts’ recently adopted millionaire tax makes Massachusetts’ state and local tax system much more equitable. Even under current law, however, those with incomes over $1 million still will pay a smaller share of their income in state and local taxes […]
HuffPost: Most States Have Tax Codes That Are Rigged To Benefit The Wealthy: Report
January 9, 2024
A sweeping new analysis of taxes across the country reveals that in four out of every five states, the top 1% are paying a lower tax rate than their middle-class and low-income neighbors. Instead of taxing wealthy residents an equal share, the vast majority of states are filling their budget gaps with taxes that disproportionately burden […]
The vast majority of state and local tax systems are upside-down, with the wealthy paying a far lesser share of their income in taxes than low- and middle-income families. Yet a few states have made strides to buck that trend and have tax codes that are somewhat progressive and therefore do not worsen inequality.
Tax Systems in 44 States Exacerbate Inequality, In-Depth ‘Who Pays?’ Study Finds
January 9, 2024 • By ITEP Staff
The vast majority of state and local tax systems are upside-down, with the wealthy paying a far lesser share of their income in taxes than low- and middle-income families. That’s according to the latest edition of the Institute on Taxation and Economic Policy’s Who Pays?, the only distributional analysis of tax systems in all 50 states and the District of Columbia.
Yahoo Finance: The Tax Credit That Could Do More for American Pocketbooks Than Any New Year’s Resolution
January 8, 2024
Many Americans are making promises to do better in 2024 with New Year’s resolutions to save money and spend it wisely. Read more.
Washington Post: Va. General Assembly Girds for Fights Over Arena, Taxes, Schools and More
January 7, 2024
Democratic lawmakers have the majorities. Republican Gov. Glenn Youngkin has the veto. That’s the crux as a new-look Virginia General Assembly rolls into town Wednesday, opening a 60-day legislative session in which roughly a third of lawmakers are rookies and Democrats control both chambers but can’t get much done without Youngkin’s cooperation. Read more.
ProPublica: Utah Bills Itself as “Family-Friendly” Even as Lawmakers Have Long Neglected Child Care
January 5, 2024
Federal relief had improved access to child care. But when funding expired, the state rejected proposals to replace it. Some advocates say the historical influence of the LDS church has added to the resistance. Read more.
Common Good Iowa: Tax Cuts: What’s At Stake for Iowans
January 4, 2024
The income tax is a way Iowans come together to lay strong foundations that create opportunity and help people thrive. Governor Reynolds and legislative leaders want to eliminate Iowa’s personal income tax — a virtual promise to decimate the services that make Iowa a better place to live, work and raise a family. Read more.
Stateline: State Lawmakers Seek to Limit Property Tax Increases as Home Values Soar
January 4, 2024
Property taxes are rising along with real estate prices — particularly in the Mountain West. Read more.
National Public Radio: To Tackle Poverty, More States Will Offer Bigger Child Tax Credits in 2024
January 4, 2024
Many Americans took a double whammy to the pocketbook this year: Prices for things like food and rent rose, and federal pandemic aid continued to peter out. But a string of states took a cue from one of those relief measures — the expanded federal child tax credit — and are stepping in to help […]
Marketplace: The IRS is Trying a Free Online Tax-Filing System That Cuts Out Vendors
January 2, 2024
It’s January, which means you’ll be able to file your 2023 tax returns soon. And this year the IRS is trying something new: Some taxpayers in 12 states will be able to electronically file their federal returns directly with the agency, as opposed to using third parties, which is how the agency’s current e-filing program works. Read […]
The Lever: Billionaire Gifts To Thomas: Generosity Or Taxable Income?
December 23, 2023
If billionaires’ largesse was designed to keep the justice on the high court, experts say the money could be considered a taxable payment. Read more.
Everything You Need to Know About Proposals to Better Tax Billionaires
December 21, 2023 • By Steve Wamhoff
Tax policy may not be on the minds of most Americans during the final weeks of 2023, but billionaires with an eye on their own tax bills have been riveted by developments in D.C.
Reuters: Exxon’s Low US Tax Payments Ruffle Biden’s Climate Agenda
December 15, 2023
Exxon Mobil’s income tax payments to the U.S. government have dropped to 3% over the past five years – several times below the company’s 20-year average – on massive deductions passed under former President Donald Trump. Read more.
Money: What Would Happen If The IRS Was Abolished?
December 14, 2023
What would happen if the U.S. actually did eliminate the IRS? When I posed this question to Joe Hughes, federal policy analyst at the Institute on Taxation and Economic Policy, he wanted to make one thing clear right away: “There’s no feasible way to abolish the IRS.” Read more.
Keystone Research Center: Fair Taxation Can Help Achieve a More Just Pittsburgh
December 13, 2023
Over the past several years, federal funding via the American Rescue Plan (ARP) has temporarily boosted City of Pittsburgh revenues and allowed increased investment in affordable housing, workforce training, healthy and accessible food programs, public safety, and public transportation. ARP funds, however, will expire in 2024, leaving a $30.6 million shortfall in the city budget. This […]
HuffPost: The Estate Tax Has Hit A Historic Low In America
December 9, 2023
Thanks to policy changes, more and more of the country’s megarich are keeping their wealth in the family. Read more.
Washington Monthly: A Taxing Question for the Roberts Court
December 8, 2023
The justices are being asked to define income under the 16th Amendment, and their answer will have a huge effect on enacting taxes on extreme wealth. Read more.
The Reach of the Ever-Shrinking Estate Tax is at a Historic Low
December 7, 2023 • By ITEP Staff
Contact: Jon Whiten ([email protected]) Last month when the IRS announced the inflation-adjusted 2024 tax brackets, it also adjusted the basic exemption to the federal estate tax. Next year, an individual can leave behind an estate of $13.61 million without triggering the tax (for a married couple, that doubles to $27.22 million). Clearly, the estate tax […]
CNBC: Supreme Court Hears Tax Case On ‘Income’
December 6, 2023
The Supreme Court is set to hear oral arguments Tuesday on a case that could affect broad swaths of the U.S. tax code and federal revenue. Read more.
The Messenger: How a $15,000 Case Before the Supreme Court Could Open the Door to a Wealth Tax
December 6, 2023
A $15,000 dispute before the Supreme Court could create billions of dollars in tax bills for rich people — or it could lead to massive government refunds to companies like Apple. Read more.
Associated Press: Georgia’s Governor and Top Republican Lawmakers Say They Want To Speed Up State Income Tax Cut
December 5, 2023
Georgia’s Republican governor and legislative leaders want to speed up an already-planned cut in the state income tax rate. Read more.
South Florida Sun Sentinel: Editorial: America’s Deep Divide on Display in So-Called Debate
December 3, 2023
The staged TV confrontation on Fox News Thursday between Gov. Ron DeSantis and his California counterpart, Gavin Newsom, didn’t live up to the hype. You knew it wouldn’t. Read more.
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