Citations

ITEP Federal Policy Director Steve Wamhoff appeared on the Oregon Center for Public Policy’s “Policy for the People” podcast, discussing his recent report and the 2025 tax debate.

We find that since Trump’s first tax giveaway, these companies have raked in nearly $500 billion in profits and enriched their shareholders by $463 billion while paying just $140 billion in federal income taxes. Compared to the two years before the TCJA was passed, these companies’ profits have more than doubled while their effective tax rates fell by 39 percent.

As part of a group of tax proposals, Republican leaders recently called for eliminating taxes on overtime pay. Excluding overtime compensation from federal taxes would create a new tax expenditure — also known as a tax break — that would reduce federal revenues and make the U.S. tax system more complex. Here, we review how much no tax on overtime could impact federal tax receipts and deficits, as well as its effect on fairness within the federal tax system.

Conservative lawmakers’ preference to cut taxes is nothing new, but Missouri state lawmakers are currently considering a tax measure that would privilege the state’s wealthiest individuals in ways no other state with an income tax has done—by fully exempting all capital gains income from taxation. This change would exacerbate an already regressive state tax system, forcing low- and middle-income Missourians to shoulder a larger share of financing for state public services.

Tax Day is approaching, but the Trump administration’s mass deportation efforts may make many undocumented immigrants hesitant to file taxes. Some worry that providing personal information to the Internal Revenue Service (IRS) could be used against them.

Maine’s Dependent Exemption Tax Credit (DETC) is a vital investment in the state’s future. As Maine’s version of the child tax credit, it helps families with children or dependent adults afford essentials like food, rent, and childcare, especially in rural areas.

Ohio’s House Ways and Means Committee today holds its first hearing on HB 30, a bill that would tax the income of everyday Ohioans at the same rate as the state’s wealthiest households. The bill would eliminate the state’s top income-tax bracket of 3.5% on income above $100,000. By tax year 2026, Ohio would be left with a single rate of 2.75% on income above $27,350.

The Trump administration is seeking to turn the IRS into another immigrant-hunting apparatus of the federal government, by seeking the confidential information of taxpayers who are even just suspected of being undocumented.

State-level budget and tax policy matters deeply for Oklahomans because it directly affects how the state can meet its obligations to our fellow residents. This includes shared services like public safety, education, transportation construction, workforce development, and other programs that help all Oklahomans thrive.