
April 20, 2018 • By ITEP Staff
In the waning days of the 2018 General Assembly, legislators passed House Bill 366 (HB 366), a regressive tax reform package that gives a tax break to the wealthiest but asks more of everyone else, especially low-income Kentuckians. In addition to widening income disparities, these changes will exacerbate existing racial and geographic inequality in our state.
April 18, 2018
Estimates are that the couple will pay about $200 more a year. “That’s a week’s worth of groceries, and it’s gas in the car,” she said. “The majority of the state is in my situation.” An analysis of the changes by the left-leaning Institute on Taxation and Economic Policy says 95 percent of Kentuckians will pay more. […]
April 17, 2018
Following in an excerpt from an op-ed by Matthew Gardner that appeared in the American Prospect: A new report from my organization, the Institute on Taxation and Economic Policy, digs into these disclosures and finds that 15 profitable Fortune 500 companies collectively earned $24 billion in U.S. profits during 2017—and each paid zero, or less, […]
April 17, 2018
But here’s the truth: If you add up all the taxes Americans pay, the system is only slightly progressive. As this new report from the Institute on Taxation and Economic Policy shows, those in the poorest quintile pay a total of about 16 percent of their income in taxes, those in the middle pay 25 […]
April 17, 2018 • By ITEP Staff
While it’s easy to tick off a list of the things we enjoy that are paid for out of our taxes, paying taxes is really a moral duty that we all participate in. It is a contract that we honor collectively because it’s the way we invest in our communities. In fact, some research shows that Americans […]
April 17, 2018
This chart shows how the current version of the new tax laws will impact Americans at different income levels. The colors represent the average change one can expect as a percentage of 2018 pre-tax income according to the Institute on Taxation and Economic Policy. The darker the color the greater the cuts as a share […]
April 17, 2018 • By ITEP Staff
Because of the federal tax overhaul spearheaded by President Trump and Congressional Republicans, the Maine Legislature is considering two competing proposals to change its own tax code. Lawmakers face a stark choice: Will Maine double down on the lopsided tax policy set at the federal level, which favors those at the top at the expense […]
April 17, 2018 • By ITEP Staff
Taxes allow us to invest in public programs that help everyone, but recent federal tax cuts are shifting those dollars to the Arkansans who need it least. Those tax cuts are expensive–to the tune of $1.5 trillion dollars over 10 years. Nearly a third of Arkansas’s total operating budget is made up of federal revenue. This means that on top of federal budget changes, our state budget will also be forced to make cuts to things that Arkansas kids and families rely on today, like parks, community colleges, and firefighters.
April 16, 2018
The CBO findings echo analysis from non-partisan think tanks like the Institute on Taxation and Economic Policy, which found that the Republican Tax Cuts and Jobs Act would make offshore tax dodging even worse than it was before. The Center on Budget and Policy Priorities similarly found that the plan is “likely to lead to more […]
April 16, 2018 • By ITEP Staff
Tax season comes to a close this week, and Tax Day serves as a good time to reflect on who pays taxes in North Carolina. The income tax is, naturally, at the foremost of our minds, but often ignored as one of the best tools to align our tax code with taxpayers’ ability to contribute […]
April 16, 2018 • By ITEP Staff
While undocumented immigrants in New Jersey now face greater threats from the federal government than ever before, new data at the state and county level released by the Institute on Taxation and Economic Policy make clear that the Garden State’s undocumented immigrants are an important economic benefit to this immigrant-rich state. Read more here
April 16, 2018
We are also not fixated on cutting taxes for the wealthy at the expense of the middle class. According to the Institute on Taxation and Economic Policy, Texas is home to the third-most unfair state and local tax system in the country, with middle-class and working families paying disproportionately higher rates than the wealthiest Texans. […]
April 16, 2018 • By ITEP Staff
It is not a coincidence these movements took place in Republican-led states in which tax cuts take precedence over funding education. An example is Kentucky House Bill 366, which would cut taxes of the state’s wealthiest residents while increasing taxes of low-wage earners, according to the Institute on Taxation and Economic Policy.
April 15, 2018
Matthew Gardner, a senior fellow with the Institute on Taxation and Economic Policy, added that Amazon aggressively fought off calls for years that it start collecting such taxes. Avoiding collection of this money for that long gave the company a huge advantage with shoppers and greatly disadvantaged bricks-and-mortar retailers, he said. Read more
April 15, 2018
Under the Republican tax bill, New Jersey and five other states, four of which now pay more to Washington than they receive in services, will contribute a greater share of federal income taxes than they do now, according to the Institute on Taxation and Economic Policy, a progressive research group. Read more
April 15, 2018
ITEP’s corporate data was featured on Last Week Tonight with John Oliver
April 13, 2018
Yatziri has recently benefited from her DACA status, and her tax dollars have helped fuel the $2 billion dollars in state and local taxes contributed by DACA recipients across this country. According to Meg Wiehe, deputy director at the Institute on Taxation and Economic Policy, this money was instrumental in a circuit court judge’s decision to halt […]
April 13, 2018
Roskam’s campaign estimates that his district will get $1 billion in tax relief in 2019 for individuals and pass-through businesses, citing data from the IRS and the Institute on Taxation and Economic Policy. While Democrats seeking to unseat the GOP tax-writers say voters have concerns about the new tax law, they expect that other issues […]
April 13, 2018
The best estimates come from research by the Institute of Taxation and Economic Policy, a Washington, DC, think tank, which suggests that about half of undocumented workers in the United States file income tax returns. The most recent IRS data, from 2015, shows that the agency received 4.4 million income tax returns from workers who […]
April 13, 2018 • By ITEP Staff
Republicans in Kentucky's state legislature overturned Gov. Matt Bevin's (R) vetoes of their tax overhaul and budget plan Friday, capping a dramatic confrontation between members of the same party that has also seen thousands of teachers descend on the state Capitol in protests for better pay.
April 12, 2018
Some states that have also recently pushed through big income tax cuts, including North Carolina and Ohio, did so while also broadening their tax base, according to Meg Wiehe of the Institute on Taxation and Economic Policy. But until this year, Oklahoma did very little to balance rate reductions with increases in the tax base. Oklahoma raised […]
April 12, 2018
A report by the Institute on Taxation and Economic Policy, or ITEP, said data showed how profitable Fortune 500 companies have routinely lowered their tax bills long before the Republican tax overhaul signed into law by President Donald Trump in December. The 15 corporations had profits of $24.5 billion in 2017 but managed to obtain […]
April 12, 2018 • By ITEP Staff
Unfortunately, many myths permeate the public discourse about our state tax code. At the Washington State Budget & Policy Center, we are committed to making sure you know the truth about that tax code – and the real solutions that must be enacted in Olympia to make it work for everyone. Because it is a tax code that doesn’t live up to our values. It isn’t set up to invest in our communities in the short and long term. And it is set up to favor corporations, special interests, and the ultra-wealthy over everyday Washingtonians. As a result, the tax…
April 11, 2018
House Bill 366 has come under criticism from Democrats and analysts who say that it favors the wealthy and corporations, reported CNN affiliate WKYT. An analysis of that bill by the Institute on Taxation and Economic Policy found it would bring a huge tax cut for the richest 1% of residents, while the biggest tax […]
April 11, 2018
An analysis of that bill by the Institute on Taxation and Economic Policy found it would bring a huge tax cut for the richest 1% of residents, while the biggest tax increase would affect those making less than $21,000 a year.