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State Rundown 4/3: Some States Buck the Trend on Foolish Tax Policy
April 3, 2024 • By ITEP Staff
This week tax cuts were debated across the upper Midwest...
Five Things to Know About Tax Foundation’s Critique of Maryland’s Worldwide Combined Reporting Proposal
April 1, 2024 • By Carl Davis, Matthew Gardner
Maryland lawmakers are considering enacting worldwide combined reporting (WWCR), also known as complete reporting. This policy offers a more accurate, and less gameable, way to calculate the amount of profit subject to state corporate tax. Enacting WWCR in Maryland would represent a huge step toward eliminating state corporate tax avoidance as it neutralizes a wide […]
Biden Is Right: Corporate Tax Avoidance Has Big Problems That We Can Fix
April 1, 2024 • By Jon Whiten
Sensible reforms to the corporate tax system can help both crack down on corporate tax avoidance and ensure companies that are flourishing are paying their share for the public infrastructure that forms the building blocks of their success.
State Rundown 3/28: Tax Cut Madness, But Our Brackets Bet on Tax Fairness
March 28, 2024 • By ITEP Staff
While madness is typically reserved for basketball in March, several high-profile, regressive tax cuts are making their way through state legislatures this week...
Congress Should Enhance – Not Diminish – IRS Capability this Tax Season
March 28, 2024 • By Joe Hughes
While funding cuts to the IRS may have been necessary as a political matter to avoid harmful agency shutdowns, they are severely misguided as a policy matter. By all serious accounts, cuts to IRS funding increase the deficit due to uncollected taxes – mostly from big businesses and the very wealthy.
Every child deserves the opportunity to succeed in society – and tax policy has a huge role to play in making that happen. Better tax policy can help prepare our young children with skills to become successful and thriving adults.
The Estate Tax Should Help to Level the Playing Field. Instead it’s Letting the Rich Get Richer.
March 26, 2024 • By Amy Hanauer
The federal estate tax should ensure that family dynasties who’ve amassed enormous fortunes pay their fair share in taxes. But because policymakers have repeatedly doubled and tripled the immense sums that can be passed on before the tax kicks in, the estate tax today affects almost no one.
Over the past week Utah continued its slow march toward a more inequitable tax code...
These forward-thinking states are demonstrating the wide variety of options for policymakers who want to raise more from the wealthiest people, rein in corporate tax avoidance, create fair tax codes and build strong communities.
Governors and legislative leaders in a dozen states have made calls to fully eliminate their taxes on personal or corporate income, after many states already deeply slashed them over the past few years. The public deserves to know the true impact of these plans, which would inevitably result in an outsized windfall to states’ richest taxpayers, more power in the hands of wealthy households and corporations, extreme cuts to basic public services, and more deeply inequitable state tax codes.
Many state legislative sessions are in the final stretch...
Ahead of the ‘Bring Chicago Home’ Vote, Remember That Local Mansion Taxes are Tried and Tested
March 14, 2024 • By Andrew Boardman, Kamolika Das
As Chicago and other localities look for ways to shore up resources for critical public investments, it's important to remember that over a dozen cities and counties have already benefited from policies like mansion taxes.
Some states have improved tax equity by raising new revenue from the well-off and creating or expanding refundable tax credits for low- and moderate-income families in recent years. Others, however, have gone the opposite direction, pushing through deep and damaging tax cuts that disproportionately help the rich. Many of these negative developments are quantified in […]
President Biden discussed multiple tax proposals during the State of the Union address to Congress. Several of these proposals appeared in the budget plan he submitted to Congress last year, but at least two appear to be new proposals. Raise Corporate Tax Rate from 21 Percent to 28 Percent 10-Year Revenue Impact in President’s Previous […]
Anti-tax interests finally found the end of the tax cutting appetite in a few states this week...
Tax Cuts Fail Again in Kansas and Wisconsin; Lawmakers Should Pivot to Proven Investments
March 6, 2024 • By Neva Butkus
The governors of both Kansas and Wisconsin recently stood up to legislators who tried to push through costly tax cuts that would overwhelmingly benefit the most well-off. Lawmakers in those states and others should shift their focus from expensive, top-heavy tax cuts to tried and true policies that help middle-class and low-income families.
While many state lawmakers have spent the past few years debating deep and damaging tax cuts that disproportionately help the rich, more forward-thinking lawmakers have improved tax equity by raising new revenue from the well-off and creating or expanding refundable tax credits for low- and moderate-income families.
State legislative sessions are in full swing with New Jersey and Oklahoma both particularly active this week...
State Rundown 2/22: Some Top-Heavy Tax Cut Proposals are Getting the Chop
February 22, 2024 • By ITEP Staff
With many state legislatures now in full swing with activity heating up, some tax cut proposals have lost steam...
The ‘Low-Tax’ Lie: States Hyped for Low Taxes Usually Only Low-Tax for the Rich
February 20, 2024 • By Jon Whiten
It’s hard to go a week without seeing a politician or a news article hype up a state as the place that everyone is moving to – or should move to – because of low taxes. However, there’s a big problem with these proclamations: they aren’t true.
IRS Commissioner, New GAO Report Highlight Importance of Proper IRS Funding
February 16, 2024 • By Joe Hughes
A new GAO report and Commissioner Werfel’s testimony highlight the value and necessity of a well-funded and functioning IRS. Most families and businesses do their best to pay taxes accurately and on time. The nation benefits from a modern revenue agency that can make this process as easy and simple as possible and identify complex tax schemes that deprive the country of revenues.
As many of you may know, we love taxes, along with the many great things they provide for our communities...
State Rundown 2/8: Flowers, Chocolates, and Tax Cuts for the Wealthy?
February 8, 2024 • By ITEP Staff
While we were hoping to get progressive tax policy wins for Valentine’s Day, many state lawmakers have another idea in mind...
State Rundown 2/1: Black History Month Begins as Tax Debates Heat Up Nationwide
February 1, 2024 • By ITEP Staff
This week the showdown between the Kansas legislature and governor continued as Gov. Kelly vetoed the legislature’s latest attempt to pass a flat personal income tax. Elsewhere, the focus is on doing more for working families through proposals to expand refundable credits in Maryland and adding a millionaire tax bracket in Rhode Island. Meanwhile, there’s […]
It doesn’t matter if someone with a family income of $800,000 per year thinks they aren’t rich because they can’t quit their jobs and retire to a luxury home on the beach in Malibu. They can call themselves what they want. The point is that they are richer than 99 percent of the population and can afford to pay more.
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