Citations
ITEP's Citations Research Priorities
Pittsburgh Post-Gazette: Tax Changes Could Help Parochial Schools
December 22, 2017
As a result, a preferred private school gets funding, which it must use to offset tuition for low-income students. The donor loses almost nothing. There are certain tax situations in which business owners can give, say, $10,000 and see their total tax bill drop by more than that amount, said Carl Davis, research director at […]
Investors’ Business Daily: GE Cash Crunch That Hit Dividend May Get Worse Under Trump Tax Cuts
December 22, 2017
Companies had held off on paying income taxes on foreign earnings until those funds are returned, or repatriated, to the U.S. The 35% domestic rate has led several companies to stockpile profits abroad, leading to charges of tax avoidance. Several profitable U.S. companies paid an effective tax rate far less than 35% between 2008 and […]
Associated Press: Windfall for Workers Too?
December 22, 2017
Since the Senate passed its initial tax overhaul, 32 companies have announced share buybacks totaling $83.7 billion, Schumer’s office said. Matthew Gardner, a senior fellow at the liberal Institute on Taxation and Economic Policy, said companies have been sitting on large cash holdings for years that easily could have gone to workers before the tax […]
Washington Post: The Finance 202: Trump pledged to slash a key break for investment managers. Here’s the inside story of how he failed.
December 22, 2017
From the Institute on Taxation and Economic Policy: AT&T’s Tax Rate for Past 8 Years: 8.1% Boeing’s Tax Rate for Past 8 Years: 5.4% The idea that a new lower tax rate is really driving their recent PR stunts is nonsense Read more
CBS News: Bonuses for Some Workers After Tax Bill Passes
December 22, 2017
Matthew Gardner, a senior fellow at the liberal Institute on Taxation and Economic Policy, said companies have been sitting on large cash holdings for years that easily could have gone to workers long before the tax cuts passed Wednesday. Chicago-based Boeing, for example, had $8.8 billion at the end of 2016. “If these companies had […]
Kentucky Center for Economic Policy: Passage of the Dream Act Would Benefit Kentucky
December 21, 2017 • By ITEP Staff
The Institute on Taxation and Economic Policy (ITEP) estimates that 6,000 (formerly) DACA-eligible Kentuckians currently contribute a total of $8.1 million in local and state taxes annually through sales and excise taxes, property taxes and income taxes. Their effective tax rate of 9.1 percent is higher than that paid by the wealthiest 1 percent of […]
Policy Matters Ohio: Crackdown on Dreamers could cost Ohio millions
December 21, 2017 • By ITEP Staff
If DACA recipients stay in Ohio after losing work authorization they could earn lower wages and become less likely to file income tax returns. Without the Dream Act, Ohio can expect to lose at least $5 million in tax revenue, according to the Institute on Taxation and Economic Policy (ITEP). Read more here
WJLA: Republicans Predict Voters Will Like Tax Bill Once They See Benefits
December 21, 2017
Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, said it is important to look beyond the headlines to put these bonuses in context. An ITEP study found AT&T paid an average effective tax rate of 8.1 percent from 2008 through 2015, for example. “There really weren’t any impediments, in the […]
CNBC: Here’s How the Tax Bill Will Affect the Richest 1 Percent in All 50 States
December 21, 2017
On Wednesday, the House approved a sweeping overhaul of the nation’s tax code. President Donald Trump is expected to sign the legislation soon. As for how it will affect individuals, in general, the more you earn, the more you’ll save on taxes. “There’s clearly no question that the benefits of this tax break are going […]
Wisconsin Budget Project: Giving Young Immigrants a Pathway to Citizenship Would Boost Wisconsin’s Farm Economy
December 20, 2017 • By ITEP Staff
According to a new report from the Wisconsin Budget Project, passing the Dream Act and establishing a pathway to citizenship for immigrant youth would help Wisconsin farms and communities by: Expanding Wisconsin’s economy by up to $600 million a year by improving the access that immigrants have to educational and economic opportunity; Increasing state and […]
Wisconsin Budget Project: Dream Act Would Boost Wisconsin Economy and Tax Revenues: Revoking DACA Hurts Both
December 20, 2017 • By ITEP Staff
There are 10,000 young immigrants potentially eligible for DACA who call Wisconsin home. They currently contribute a total of $16 million to local and state taxes annually through sales and excise taxes, property taxes, and income tax. Read more here
The Chicago Tribune: The GOP Tax Plan Has a Nasty Surprise for Parents with College-Age Kids
December 20, 2017
“I don’t think they gave it a lot of thought,” said Steve Wamhoff, senior fellow for federal tax policy at the Institute on Taxation and Economic Policy. Currently, all parents can take a $4,150 tax exemption for each child up to age 19 or up to 24 if the child is in college. That reduces […]
USA Today: The new tax plan will make Trump’s family richer, experts say. Here’s how.
December 20, 2017
“Usually when people sell property at a profit, that profit is considered income and taxed,” said Steve Wamhoff, senior fellow for federal tax policy at the nonpartisan Institute on Taxation and Economic Policy. “But some investors are able to set up deals so that technically they are just ‘trading’ one property for another, and they […]
Michigan League for Public Policy: The benefits of Deferred Action for Childhood Arrivals (DACA) on immigrants in Michigan
December 20, 2017 • By ITEP Staff
Researchers at the Institute on Taxation and Economic Policy (ITEP) estimate that nationwide, DACA enrollees contribute $2 billion in state and local taxes each year. In Michigan, these young adults contribute $13 million in state and local taxes annually. If federal elected officials fail to pass a replacement to DACA and beneficiaries’ work permits expire, […]
New Jersey Policy Perspectives: Failure to Act on DACA and Dream Act Would Harm New Jersey’s Tax Revenues
December 20, 2017 • By ITEP Staff
There are 53,000 young immigrants who were potentially eligible for DACA that call New Jersey home. They have attended our public schools, graduated high school and many have enrolled in our public colleges. And many are our coworkers, our neighbors and loved ones. They currently pay a total of $57 million to state and local […]
Florida Policy Institute: Dream Act: What’s at Stake for Florida?
December 20, 2017 • By ITEP Staff
There are 72,000 young immigrants who were potentially eligible for DACA that call Florida home. They currently contribute a total of $78 million to local and state taxes annually through sales and excise taxes, property taxes and income tax. Read more here
The Commonwealth Institute: Dream Act Would Boost Virginia Families, Communities, State Economy, and Tax Revenues; Revoking DACA Hurts All
December 20, 2017 • By ITEP Staff
There are 30,000 young immigrants who were potentially eligible for DACA and call Virginia home. They currently contribute a total of $29.3 million to local and state taxes annually through sales and excise taxes, property taxes and income tax. Read more here
NC Policy Watch: Devastating consequences if Congress fails to replace DACA in three months
December 20, 2017 • By ITEP Staff
State and local government coffers would also take a hit if Congress fails to pass the Dream Act, or another effective solution. The Institute for Taxation and Economic Policy estimates that current DACA recipients pay almost $58 million in state and local taxes, contributions which could grow to $78 million if the Dream Act were […]
The Hill: The most surprising winners from Trump’s ‘America First’ tax plan are not American
December 20, 2017
Following is an excerpt from an op-ed by ITEP Senior Fellow Matthew Gardner: When President Trump announced in his inauguration speech that he would pursue a policy of “America First,” some people probably liked it while others feared it sounded too isolationist or perhaps even xenophobic. But even his most ardent supporters might be taken […]
Newsweek: Trump’s Huge Tax Cuts for the Rich Betray Working People
December 20, 2017
Following is an excerpt from an op-ed by ITEP Executive Director Alan Essig: The Institute on Taxation and Economic Policy (ITEP) analyzed the final House and Senate bill. Households in the top 5 percent will receive more than half of the tax cuts in 2019, and families in the richest 1 percent will reap a […]
Between the Lines: Unpopular GOP Tax Code Revision Rewards Party Donors, Exacerbates Inequality
December 20, 2017
ALAN ESSIG: It’s basically a Christmas gift to the most profitable corporations and the wealthiest Americans. It is a bill that has been written for and geared towards – and most benefits – that group. There are individual tax cuts included in this also. The individual tax cuts as a share are much smaller than […]
CNBC: Tax Expert: Middle-Income Families an ‘Afterthought’
December 19, 2017
Tax expert: Middle-income families an ‘afterthought’ in GOP tax plan from CNBC.
Washington Post: The Tax Bill Is Worse Than Bad, It’s Corrupt
December 19, 2017
For most taxpayers who use the existing deduction, this doesn’t solve their problem. One estimate from the Institute on Taxation and Economic Policy found that 1.89 million Californians would still see their taxes rise under the new provision, only a modest drop from the 2.36 million who would have had a tax increase under the […]
Bloomberg: These Are the Tricks States May Use to Get Around the SALT Deduction
December 19, 2017
Republican Senate and House negotiators in Washington agreed last week on a $10,000 cap on state and local tax deductions, or SALT. In high-tax states, that’s bad news. Personal taxes are poised to rise for 13 percent of New Yorkers and 11 percent of California and New Jersey residents, according to an analysis by left-leaning […]
CNBC: Here’s How the Final GOP Tax Bill Would Hit Your Wallet
December 19, 2017
Your odds of being hit with a bigger bill depend on a number of provisions in the more than 500 pages of new rules. To better show the impact of these factors, analysts at the Institute on Taxation and Economic Policy crunched the numbers and came up with an estimate of how individual households may […]
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