
May 8, 2018
Amazon effectively paid no U.S. income taxes in 2017, according to an analysis by the Institute on Taxation and Economic Policy. Meanwhile, the company reported a staggering $1.9 billion in profits in the fourth quarter of 2017. “At a time when states all want to see HQ2 coming to them, but they don’t necessarily have the cash […]
May 8, 2018
Such migration concerns are “overblown,” Carl Davis, research director at the liberal-leaning Institute on Taxation and Economic Policy, told Bloomberg Tax. “High-income earners tend to move less often than everyone else because they are already living comfortably,” Davis said. “There is no need for them to uproot their lives in search of a tax savings […]
May 8, 2018
"The trigger is a politically expedient way for lawmakers to claim they’ve cut your taxes without having to do anything immediately to make up for the consequences of reducing revenue," said Meg Wiehe, of the Institute on Taxation and Economic Policy, a left-leaning think tank.
May 5, 2018
When lawmakers do gather enough votes to raise tax revenues, it is usually for “low hanging fruit” like cigarette taxes or a sales tax, said Meg Wielhe, the deputy director for the Institute on Taxation and Economic Policy, a tax research group. These increases “definitely fall more heavily on low-income families,” she said, which can means […]
May 5, 2018 • By ITEP Staff
As Iowa lawmakers consider the agreed-upon tax plan developed by Republican leadership and Governor Reynolds, sharp differences are clear from earlier proposals by the Governor and the House Ways and Means Committee.
May 4, 2018
The research director of the liberal-leaning Institute on Taxation and Economic Policy, Carl Davis, said in a blog post Thursday that “the Trump Organization quietly updated TrumpStore.com’s sales tax information page this week to indicate that the company will now collect sales tax in New York.” Read more
May 4, 2018
New York’s addition to the list of states where TrumpStore.com collects sales tax, which previously included Louisiana, Florida, and Virginia, was first spotted Thursday by the Institute on Taxation and Economic Policy, a nonpartisan think tank. “Refusing to collect sales tax in New York was a risky move, and it’s not surprising that they’ve reversed course,” […]
May 4, 2018
The Trump Store has started collecting sales tax on online purchases from customers in New York, a state where it most certainly seemed to have the physical presence required for collection — a Manhattan flagship store. The liberal Institute on Taxation and Economic Policy noted that update on the store’s website. In all, the store […]
May 3, 2018
The trick for companies? They get to write off the value at which the stock was later traded, not the original price for which they sold their stock to employees. “Even if the grant was pennies on the dollar, the companies get to write off the full market value,” said Matt Gardner, senior fellow at […]
May 3, 2018
Tax experts said the only similar recent tax break that came to mind was in 2014, when New York Gov. Andrew M. Cuomo (D) pushed through a more targeted, three-year tax package aimed at middle-class families ahead of his reelection bid, according to Meg Wiehe, a tax expert at the Institute on Taxation and Economic […]
May 1, 2018
As a result, a few states will see revenue gains from higher prices because their tax rates are tied to the price of fuel, rather than its volume, Carl Davis, research director for the left-leaning Institute on Taxation and Economic Policy, told Bloomberg Tax. Those states include California, Connecticut, Kentucky, Maryland, Nebraska, New Jersey, New […]
April 30, 2018
In fact, a 2013 Institute on Taxation and Economic Policy study found that states with high tax rates are outperforming no-tax states, particularly in per capita gross state product: 8.2 percent per capita growth in gross state product compared with 5.2 percent in no-tax states. Read more
April 30, 2018
Lujan says it’s is all about balancing an out-of-whack tax structure that is too dependent on sales taxes – one that has left low-income Arizonans paying far more in taxes as a percentage of their income than the wealthy. Indeed, 40 percent of Arizona taxpayers – those who earn an average of $28,300 a year […]
April 30, 2018 • By ITEP Staff
According to the Institute for Taxation and Economic Policy, Illinois ranks as the fifth-most-regressive state and local tax system in the country — and the most regressive in the Midwest. In Illinois, the top one percent of income earners pay just 4.6 percent of their income in state and local taxes, while the middle 20 percent of workers pay more than double that, coming in at 10.8 percent of income, and the bottom 20 percent of earners have almost three times the tax burden of the wealthiest, coming in at 13.2 percent.
April 30, 2018 • By ITEP Staff
In one week, Democratic and Republican voters will choose their candidates for the November election. That includes the selections for governor, the job coming open after eight years with John Kasich. The governor has his achievements, most notably, the Medicaid expansion. His tenure also frames a worthy debate for this campaign. Fortunately, Innovation Ohio and Policy Matters Ohio, two think tanks, highlighted that discussion last week in unveiling their report “A Winning Economic Agenda for Ohio’s Working Families.”
April 29, 2018
For example, embattled Wells Fargo saved $662 million off its tax bill during the first three months of 2018. Those tax savings promise to quickly wipe out the $1-billion fine the bank agreed this month to pay to settle mortgage and auto loan violations against its customers. And Google’s parent company saved as much as $1 billion […]
April 29, 2018 • By ITEP Staff
IFP's Tax Policy Kit offers resources for the public, advocates and policy makers who want to better understand the stakes — and sort away the spin — on state tax debates.
April 26, 2018
Some Democratic-led states are also moving forward with plans that would offset the tax benefits for the rich, with New Jersey Gov. Phil Murphy (D) acting swiftly to enact a millionaire’s tax, according to Meg Wiehe, deputy director of ITEP, who noted Murphy has acknowledged the workaround may help the rich. Cuomo has rebuffed similar […]
April 26, 2018 • By ITEP Staff
Republican Gov. Doug Ducey tried to avert the strike by promising a 20 percent raise over the next three years — a promise that some say is tied to overly optimistic growth projections. But it’s important to understand why Arizona teachers aren’t just happy with a raise, and why their demands include restoring education funding […]
April 25, 2018
The nonpartisan Institute on Taxation and Economic Policy said the state would have $2.8 billion more in annual revenue if legislators had not changed the tax system that existed in 2013. Gov. Roy Cooper had said improving education funding is a priority. Read more
April 23, 2018
In December, House Speaker Paul Ryan published on his website that the Tax Cuts and Jobs Act benefits “job creators of all sizes” as it “Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad.” Observers like the Institute on Taxation […]
April 23, 2018
The non-partisan Institute on Taxation and Economic Policy finds the state would have about $3 billion more in yearly revenue if the tax system from 2013 was still in place. Read more
April 23, 2018
The tax overhaul that took effect Jan. 1 provides generous breaks for corporations and wealthy Americans and more modest relief for middle- and low-income households. In addition, the tax cuts for corporations are permanent; those for individuals and families are only temporary. Richard Phillips is a senior policy analyst at the nonpartisan, liberal-leaning Institute on […]
April 22, 2018
When Mr. Trump bashes Amazon for not collecting taxes, he is echoing long-running criticism of the company by the Institute on Taxation and Economic Policy, a nonpartisan research organization. Amazon collects sales tax in states that have one for items it sells directly to shoppers, but in most states it does not when shoppers buy […]
April 20, 2018
The wealthiest Rhode Islanders have benefited enormously from recently enacted federal tax changes. The Institute on Taxation and Economic Policy reported this month that the wealthiest 5 percent of Rhode Island families would receive 45 percent of the total tax cuts in 2018. The Rhode Island tax code as currently structured is upside down — […]