Blog
1216 posts
Corporate Minimum Tax Examples: Apple Would Likely Pay More, 3M Would Not
August 5, 2022 • By Matthew Gardner
Apple, one of the largest corporations in the United States despite manufacturing most of its physical products offshore, would likely pay the corporate minimum tax that is included in the Inflation Reduction Act that the Senate is debating this week. 3M, a manufacturer that has about 40 percent of its workforce in the United States, likely would not pay the corporate minimum tax if current trends in the company’s profits and taxes continue, because it is already paying above 15 percent of its profits in taxes.
Opponents of Inflation Reduction Act Call for Continued Tax Avoidance by Large Manufacturers
August 2, 2022 • By Steve Wamhoff
The biggest revenue-raising provision in the Inflation Reduction Act, the 15 percent minimum tax for corporations that have more than a billion dollars in profits, is under attack from members of Congress who argue that manufacturing companies should not be required to pay any minimum amount of tax. Sen. Mike Crapo, the top Republican on […]
Top Republican Tax-Writer Falsely Claims that Minimum Tax for Huge Corporations Is a Tax Hike on Middle-Class
August 2, 2022 • By Steve Wamhoff
Opponents of requiring corporations to pay even a minimum amount of taxes hold an unpopular position. But Sen. Mike Crapo, the top Republican on the Senate Finance Committee and a leader of that opposition, is using a one-sided and incomplete analysis to claim that the corporate minimum tax would raise taxes on low- and middle-income people.
State Rundown 7/27: It’s (Sales Tax) Holiday Season, But Who’s Really Celebrating?
July 27, 2022 • By ITEP Staff
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...
Legislative Momentum in 2022: New and Expanded Child Tax Credits and EITCs
July 22, 2022 • By Neva Butkus
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 […]
Most States Used Surpluses to Reduce Taxes But Not in Sustainable or Progressive Ways
July 22, 2022 • By Kamolika Das
The average person on the street would have no idea that many states experienced unprecedented budget surpluses this year. Iowa, for instance, has the most structurally deficient bridges of any state with nearly 1 in 5 falling apart. The Iowa Board of Regents proposed a 4.25 percent tuition increase for all three state universities and […]
New ITEP Brief Shows How State Sales Tax Holidays Fail to Live Up to the Hype
July 20, 2022 • By Marco Guzman
Twenty states this year have decided to go so far as to forgo a combined $1 billion in vital tax revenue in favor of conveniently popular yet ultimately ineffective sales tax holidays. Whether it’s a state looking for a way to help families manage the rising cost of goods or to celebrate back-to-school shopping season, these policy options are poorly targeted and an inadequate use of state tax revenue that could be doing more to make childcare more affordable, health care more accessible and high-quality education available to everyone.
The Tax Legislation Debated in Congress Would Reduce Inflation and Help Americans Deal with Rising Costs
July 19, 2022 • By Steve Wamhoff
Opposing a fully paid-for spending bill because of inflation concerns does not make any sense. Opposing a deficit-reducing bill because of inflation is absurd.
From the Bay State to the Golden State, lawmakers across the nation are making deals and negotiating budgets with major tax implications...
No Reason to Water Down the Tax Reforms in the Build Back Better Act
June 30, 2022 • By Steve Wamhoff
There is no justification for recently reported efforts to scale back the tax reforms in the Build Back Better Act, a bill passed by the House of Representatives in November that would raise significant revenue and make our tax code more progressive by enacting widely popular proposals. (See ITEP’s report on the BBBA.) Of course, […]
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...
New ITEP Report Examines the Path to Equitable Tax Policy in the South
June 22, 2022 • By Kamolika Das
“From the inception of the emerging American nation, the South is a central battleground in the struggles for freedom, justice, and equality. It is the location of the most intense repression, exploitation, and reaction directed toward Africans Americans, as well as Native Americans and working people generally. At the same time the South is the […]
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...
Rising Prices: Another Reason to Be Wary of Tax Cutting Right Now
June 10, 2022 • By Carl Davis
Many state lawmakers see any economic challenge as an excuse to cut taxes and in 2022, some are citing inflation as a reason to do so. All eyes today are on the inflation rate facing consumers which, spurred on in part by rising corporate profits, is now running at its fastest pace in decades. But […]
State Rundown 6/8: Tax Policy Features Prominently During Budget and Primary Season
June 8, 2022 • By ITEP Staff
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...
State Rundown 5/11: Mid-Year Special Elections and Primary Season Kicks Off with Taxes in the Spotlight
May 11, 2022 • By ITEP Staff
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...
Most Senate Democrats Join Republicans in Calling for Corporate Tax Break
May 6, 2022 • By Steve Wamhoff
The vast majority of Senate Democrats joined their Republican colleagues in approving a new corporate tax break related to research in legislation that contains no offsetting corporate tax increases.
While tax discussions among federal lawmakers continue in fits and starts, major tax news continues to make waves across the nation...
Biden’s Proposals Would Fix a Tax Code that Coddles Billionaires
April 21, 2022 • By Steve Wamhoff
Billionaires can afford to pay a larger share of their income in taxes than teachers, nurses and firefighters. But our tax code often allows them to pay less, as demonstrated by the latest expose from reporters at ProPublica using IRS data. According to their calculations, Betsy DeVos, the Education Secretary under former President Donald Trump, […]
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...
Some Lawmakers Continue to Mythologize Income Tax Elimination Despite Widespread Opposition
April 19, 2022 • By Kamolika Das
One of the most surprising trends this legislative session is that conservative leaders and the business community joined with progressive advocates to oppose income tax repeal plans. There is a general consensus that income tax repeal is a step too far.
Cannabis Taxes Outraised Alcohol by 20 Percent in States with Legal Sales Last Year
April 19, 2022 • By Carl Davis
In 2021, the 11 states that allowed legal sales within their borders raised nearly $3 billion in cannabis excise tax revenue, an increase of 33 percent compared to a year earlier. While the tax remains a small part of state budgets, it’s beginning to eclipse other “sin taxes” that states have long had on the books.
Long-term troubles for this country and this planet now demand our attention. Progressive tax policy would transform our ability to tackle them.
Blog Categories
Institute on Taxation
and Economic Policy
ITEP is a non-profit, non-partisan tax policy organization. We conduct rigorous analyses of tax and economic proposals and provide data-driven recommendations to shape equitable and sustainable tax systems.
Subscribe to ITEP Emails
Tax research and policy news in your inbox.
Promote Fair Tax Policy
Your gift to ITEP promotes tax justice. With your help, we do research that supports taxing millionaires and billionaires, taxing big corporations and raising revenue for the things our people, our communities and our planet need.
Together, we can create a country with more economic justice, more racial justice, more climate justice… and more tax justice.