Citations
ITEP's Citations Research Priorities
Maryland’s Money Matters: ‘Dreamers’ Make Important Contributions to Maryland
May 5, 2017 • By ITEP Staff
It is unclear, as of now, whether the Trump administration will choose to end protections for young adults who came to the U.S. as children and have legal status through the Deferred Action for Childhood Arrivals (DACA) program. If the administration elects to end the program, thousands of Marylanders could lose their jobs and ability to attend college, many business could lose valued workers, and Maryland could lose nearly $14 million annually in state and local tax revenue.
International Business Times: Who Ends Up Paying for the Gig Economy?
May 4, 2017
As the gig economy has grown, the tax gap has widened. Because of inconsistencies in sales tax policies, state and local governments across the U.S. may be missing out on $300 million in annual tax revenues from transportation network companies like Uber and Lyft, according to a March study from the non-profit Institute on Taxation […]
San Diego Union Tribune: Report Tallies Taxes from Unauthorized Immigrants
May 4, 2017
Unauthorized immigrants in San Diego County pay an estimated $218.5 million in state and local taxes annually, according to a report from the left-leaning Institute on Taxation and Economic Policy. That amount could increase by more than $30 million, according to the report, if those unauthorized immigrants were granted legal status. In California as a […]
Charleston Gazette Mail: Beware a Compromise That Takes from the Poor and Gives to the Rich
May 3, 2017
An assessment by Mark Muchow, deputy secretary of the Department of Revenue, estimates that by 2020, this will cause a revenue decline of $220 million due to income tax cuts. This would come on top of year after year of major budget cuts. On top of that, the Institute on Taxation and Economic Policy found […]
Between the Lines: Trump Tax Plan Revives Economic Voodoo
May 3, 2017
On April 26, just a few days short of President Trump’s 100th day in office, a so-called “tax reform” plan was released by the White House that consisted of bullet points on a single printed page. Although there were few details on implementation and the net impact on families and federal revenue, it was clear […]
The Progressive Pulse: Young Undocumented Immigrants’ Tax Contributions Would Drop by Nearly Half Without the Protection of the DACA Program
May 3, 2017 • By ITEP Staff
Young immigrants eligible for DACA (Deferred Action for Childhood Arrivals) annually contribute $2 billion in state and local taxes, according to new analysis from the Institute on Taxation and Economic Policy. The ITEP report finds that this number would drop by nearly half without DACA protection at a time when the Trump Administration has sent mixed signals on whether it intends to honor the DACA executive order in the long term.
NBC News: Even Families Making $100K Won’t Be Better Off Under New Tax Plan
May 2, 2017
This might not help taxpayers who live in states with high state and local taxes. Currently, taxpayers in the bottom half of the top income quintile — that is, those with an average income of $129,000 — pay nearly 11 percent in state and local taxes as a percentage of income, according to the Institute […]
CNBC: Trump’s Tax Holiday Could Be a Windfall for These Stocks
May 2, 2017
On a per-share basis, the company’s foreign earnings left overseas come to more than $40 a share, according to CNBC calculations using figures from a recent report by the Institute on Taxation and Economic Policy. Unlike Apple, most companies do not report overseas cash breakdowns. But regulations do require that they report money that will […]
Associated Press: Tax Package Backed by Nebraska Gov. Ricketts Stalls
May 2, 2017
The bill would have given a larger benefit to wealthy residents who pay a larger share of their income at the top tax rate. Supporters said the income tax portion was largely aimed at small businesses that would promote job growth and diversify the economy. Critics said the package doesn’t do nearly as much for […]
Oklahoma Policy Institute: Itemized Deduction Reform is a Promising State Budget Solution
May 2, 2017 • By ITEP Staff
When Oklahomans filed their state income taxes in 2016, more than 70 percent of households used the standard deduction, which was $6,300 for individuals and $12,600 for married couples filing jointly. The remaining households itemized their deductions, adding up deductions for mortgage interest, charitable contributions, business expenses, and several other deductions allowed under federal and state tax laws. […]
Bloomberg: Trump Study of Gas Tax Could Run Afoul of GOP, Rural Voters
May 1, 2017
Voters in rural areas overwhelmingly chose Trump over Democrat Hillary Clinton in the 2016 presidential election, and a higher gas tax also may indeed affect those areas disproportionately, said Carl Davis, research director for the Institute on Taxation and Economic Policy, a non-profit research organization in Washington. The gas tax is regressive, meaning it puts […]
The Minneapolis Star-Tribune: Tax the Rich? Done. Tax Fairness, Well …
April 29, 2017
A broader comparison of all state and local taxes comes from the Institute on Taxation and Economic Policy, a progressive Washington research group. It, too, ranks Minnesota’s tax system today among the country’s most progressive — or, as ITEP says, among the “least regressive.” “Virtually every state tax system is fundamentally unfair,” the report declares, […]
The Hill: Making Wall Street Loopholes Great Again
April 29, 2017
The choice of Cohn and Mnuchin as the faces of Trump’s tax plan really says it all. Their former employer, Goldman Sachs, is already a champion tax dodger. When Cohn stepped down as the bank’s president to join the administration, Goldman had $31 billion in untaxed offshore profits and 987 tax haven subsidiaries, according to […]
PBS News Hour: Corporations Go Overseas to Avoid U.S. Taxes
April 29, 2017
PATRICIA SABGA: From the White House to Capitol Hill, Republicans are determined to lower the 35 percent corporate tax rate — the highest of any developed economy. Matt Gardner is a Senior Fellow with the Institute on Taxation and Economic Policy, a liberal, Washington-based think tank. MATT GARDNER: The biggest, most profitable corporations are now […]
Roll Call: As GOP Tax Overhaul Shapes Up, Democrats Push to End the Tax Return
April 28, 2017
Groups like Grover Norquist’s Americans for Tax Reform, which advocates a flat tax, have also opposed return-free filing, saying it would allow the IRS to “intimidate” taxpayers into paying whatever is on the pre-filled return. Richard Phillips, a senior policy analyst at the left-leaning Institute on Taxation and Economic Policy, said anti-tax organizations also want people to find doing […]
Crain’s Chicago Business: How Much Do Illinois Companies Pay in Taxes?
April 28, 2017
Illinois’ Fortune 500 companies are paying less and less in state corporate taxes—and sometimes, almost nothing at all. A new report by the Institute on Taxation and Economic Policy found certain corporations are finding ways to shelter much of their profit from state taxes. The eight-year study looked at 240 Fortune 500 companies from 2008 […]
CBS News: Trump’s Tax Cut Promise to Pay for Themselves. So Will They?
April 28, 2017
The most durable effect of the 1981 cuts was to lay the groundwork for a tax reform in 1986, which was intended not to raise revenue but to clean up the tax code. In the century-old history of the income tax, the 1986 effort gets high marks from left and right alike as the only […]
CNBC: Companies Holding $2.6 Trillion Pile of Cash Offshore
April 28, 2017
The top companies in terms of overseas holdings are Apple, Pfizer and Microsoft, according to a report from the Institute on Taxation and Economic Policy. General Electric and IBM round out the top five. Read more
Massachusetts Budget and Policy Center: The Evidence on Millionaire Migration and Taxes
April 27, 2017 • By ITEP Staff
Economists consistently find that a well-educated workforce and a high-quality transportation system are among the bedrock elements upon which a prosperous state economy is built. Providing everyone with access to the education and training they need to reach their full potential boosts the productivity of individual workers and strengthens the overall economy.
Oregon Center for Public Policy: State corporate income taxes continue to shrink
April 27, 2017 • By ITEP Staff
As Oregon lawmakers consider raising corporate taxes to prevent cuts to schools and other public services, a new report finds that many of the nation’s largest corporations are paying little or nothing in state income taxes across the country. Despite reporting large profits to shareholders, these corporations are paying less to states in income taxes […]
Fast Company: At Last, Silicon Valley May Have Found a Trump Proposal to Like–Hist Tax Plan
April 27, 2017
Apple, for one, would likely be happy about a one-time repatriation of earnings, depending on the details of the plan. In 2016, the European Union, after a lengthy investigation, ruled that Apple parking earnings at its Irish subsidiaries (to avoid paying U.S. taxes) amounts to the tech giant receiving “illegal state aid” from Ireland. As […]
International Business Times: Winners and Losers in Trump Tax Plan
April 27, 2017
On the state level, 240 Fortune 500 firms avoided paying $126 billion in income taxes between 2008 and 2015, a study released Thursday by the non-profit Institute on Taxation and Economic Policy found. Of those 240 companies, 92 avoided state income taxes for at least one year during that period, and 49 paid no state income […]
Governing: This Week in Public Finance
April 27, 2017
She’s right that sales tax exemptions are political. But to be fair, which exemptions aren’t? Moreoever, taxes themselves are unavoidably political. They speak to the policies and values held by each government. For example, four of the top 10 states that the Institute on Taxation and Economic Policy ranks as the most regressive also don’t exempt […]
Center for Public Integrity: Big Tax Cuts for the Rich, Less for the Poor
April 26, 2017
Others see it differently. The Tax Foundation is one of the leading proponents of tax cuts that disproportionately favor the wealthy over low-income families, said Meg Wiehe, director of programs at the Institute on Taxation and Economic Policy, a liberal tax policy group that receives much of its financial support from the Ford Foundation, the […]
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