California

More than one in four dollars of wealth in the U.S. is held by a tiny fraction of households with net worth over $30 million. Nationally, we estimate that wealth over $30 million per household will reach $26 trillion in 2022 with roughly one-fifth of that amount ($4.5 trillion) held by billionaires.

Although the weather is beginning to cool down in parts of the country, the same cannot be said for many state economies, which are still running hot. That, however, doesn’t mean that the good times are guaranteed to last...

13 states plus D.C. created or expanded state CTCs or EITCs this year, helping create more equitable state tax systems WASHINGTON, D.C.: In 2022’s state legislative sessions, lawmakers across the country advanced tax policies that will bolster the economic security of millions of low- and moderate-income working families through new and enhanced Child Tax Credits […]

States continued their recent trend of advancing EITCs in 2022, with nine states plus the District of Columbia either creating or improving their credits. Utah enacted a 15 percent nonrefundable EITC, while the District of Columbia, Hawaii, Illinois, Maine, Vermont and Virginia expanded existing credits. Meanwhile, Connecticut, New York and Oregon provided one-time boosts to their EITC-eligible populations.

After years of being limited in reach, there is increasing momentum at the state level to adopt and expand Child Tax Credits. Today ten states are lifting the household incomes of families with children through yearly multi-million-dollar investments in the form of targeted, and usually refundable, CTCs.

The Child Tax Credit expansion led to a 46 percent decline in childhood poverty. That it could be accomplished during the largest economic disruption in most of our lifetimes underscores a basic fact: thoughtful, decisive government action to combat poverty works.

Though Labor Day has passed, advocates on the ground in states across the country are continuing to uphold the spirit of the labor movement...

Everyone loves a deal, so it’s no surprise why the appeal of the state sales tax holiday continues to persist. This year, 20 states will forgo more than $1 billion in combined revenue to enact a variety of sales tax holidays that—like most things that are too good to be true—will do little to provide meaningful benefits and instead undermine funding for public services.

While federal tax policy has dominated the headlines with the Senate’s recent approval of the Inflation Reduction Act, lawmakers in statehouses across the country...

It’s the holiday season – well, the sales tax holiday season, that is. But after taking a closer look, you may notice that there is little to celebrate...

State legislatures across the country made investments in their future, centering children, families, and workers by enacting and expanding state Earned Income Tax Credits (EITCs), Child Tax Credits (CTCs), and other refundable credits this session. In total, seven states either expanded or created CTCs this session. Connecticut, New Mexico, New Jersey, Rhode Island and Vermont […]

From the Bay State to the Golden State, lawmakers across the nation are making deals and negotiating budgets with major tax implications...

Although the sun is shining and Independence Day is right around the corner, many state lawmakers are still indoors hammering out the details of future budgets or still hard at work passing laws...

With many state legislative sessions wrapped or wrapping up, we at ITEP want to take a moment to direct your attention south, and specifically, to the American South...

The South's negative outcomes on measures of wellbeing are the result of a century and a half of policy choices. Lawmakers have many options available to make concrete improvements to tax policy that would raise more revenue, do so equitably, and generate resources that could improve schools, healthcare, social services, infrastructure, and other public resources.

With inflation dominating headlines both nationally and locally, state lawmakers around the U.S. are searching for ways to put their revenues to good use, and not surprisingly, some options are better than others...

As voters head to the polls to weigh in on their state’s primary elections and legislators convene to hash out budget deals, tax policy remains atop the agenda...

While the temperature ticks up outside, the temperature in state legislatures around the country has fallen slightly. But with several states still dealing with ongoing tax and budget issues, this summer could be a hot one...

As 2022 inches closer to its midpoint, important tax policy decisions are being put in the hands of voters, as special elections and the primary season begin...

While tax discussions among federal lawmakers continue in fits and starts, major tax news continues to make waves across the nation...

This Spring looks to be bringing a mix of showers and flowers as states around the nation continue to act on a range of tax proposals...

Two prominent blue states made headlines this past week when they passed budget agreements that include relief for taxpayers, and fortunately, the budget plans don’t include costly tax cuts that primarily benefit the wealthy...