
August 18, 2014 • By ITEP Staff
Tax overhauls in the past nine years have slashed average tax bills for the top 1 percent by more than $20,000, while the bottom three-fifths pay more as a group. Read the full report
August 14, 2014
By Elaine S. Povich It was the potholes that convinced real estate broker Lester Friedman that there’s got to be a better way to pay for road construction and repairs. Friedman, who lives in Bend, Oregon, drives about 8,000 miles a year in his 1999 Chevrolet Suburban, ferrying clients throughout central Oregon. He sees roads […]
August 14, 2014
By Kelsey Snell Trendy craft beer sales are booming, and cities and states are hoping tax breaks will help them elbow their way into a seat at the bar. Targeted tax breaks are a favorite tool for states looking to capitalize on a growing industry, and states from California to New York are all hoping […]
August 14, 2014
By Jim Watts Congress delayed but did not fix a $100 billion hole in federal transportation spending with the enactment last Friday of legislation providing $10.8 billion to extend solvency of the rapidly shrinking Highway Trust Fund by 10 months. … The gasoline tax is quickly losing steam and purchasing power, according to the Institute […]
August 14, 2014
By Michael Kerman Processor and semiconductor giant Intel Corp. entered a Strategic Investment Program Agreement Aug. 11 with Washington County, Oregon’s second-largest county, located just outside Portland, the Portland Business Journal reports. The agreement is loaded with property tax incentives to ensure that Intel continues to invest in manufacturing and developing technologies in the state. […]
August 14, 2014
By Patricia Cohen Every loophole has its lover. That’s why, despite the furor that has erupted over American companies adopting foreign headquarters to reduce their taxes, it is proving so difficult to fix a corporate tax system that most everyone agrees is badly broken. … According to a study of scores of Fortune 500 companies […]
August 11, 2014
By Sarah Halzack It’s back-to-school shopping season, meaning parents everywhere are dragging their kids to the store to stock up on notebooks and supplies or to nab the perfect first-day-of-school outfit. Sixteen states, including Maryland and Virginia, have offered or will offer some sort of sales tax holiday in July or August, a policy that […]
August 8, 2014
By David Olive American corporate CEOs who don’t object to paying the dues granting them the privilege of country club memberships — possibly because their employer covers that perk, which often is a tax-deductible expense — are increasingly taking radical objection to paying their fair share of dues for the privilege of profiting from doing […]
August 6, 2014
In response to questions, Rich said Florida’s tax structure was too regressive. Rich cited a 2013 report by the Institute on Taxation and Economic Policy, which partners with Citizens for Tax Justice, a group that advocates for middle- and low-income families. The report concluded that all states have regressive tax systems. It means that state […]
August 6, 2014
By Jared Hunt With students set to return to school this month, many parents are once again going through their annual ritual of back-to-school shopping. It might not be an enjoyable experience, if Huntington Bank’s latest “Backpack Index” price gauge — which estimated some parents could pay up to 20 percent more for supplies this […]
August 6, 2014
By Alex Wukman … Kelly Davis, Midwest director for the Institute on Taxation and Economic Policy, said the three-day tax holiday provides no relief for low- and moderate-income taxpayers throughout the remainder of the year and unfairly favors higher-income earners. “Unlike higher-income taxpayers, low- and middle-income families can’t always shift their shopping to take advantage […]
August 1, 2014
By Hal Bundrick The Institute on Taxation and Economic Policy (ITEP) finds another fly in the sales tax holiday ointment. “One popular rationale for sales tax holidays is that they increase local consumer spending and boost local retail, but this has not been demonstrated,” ITEP says. “Rather, increased sales during sales tax holidays have been […]
August 1, 2014
By Kelly Davis Your article about sales tax holidays “Virginia’s Back-To-School Tax Holiday Returns This Weekend” suggests that sales tax holidays are a great deal for shoppers, when, in fact, sales tax holidays aren’t really worth celebrating. These holidays are poorly targeted, costly and represent a lost opportunity to get tax fairness right. A […]
August 1, 2014
By Tim Tally Figures provided by the commission indicate that in 2008, the first year the sales tax holiday was in effect, shoppers saved $6.4 million in sales taxes on clothing and footwear. Last year, shoppers saved more than $7.2 million, and this year the commission estimates shoppers will save almost $7.3 million in sales […]
August 1, 2014
By Stephen Miller But a sales tax is one of the most regressive revenue-raisers out there. Of the types of taxes states typically levy — on property, income, and sales — “sales and excise taxes are the most regressive, with poor families paying eight times more of their income in these taxes than wealthy families, and […]
August 1, 2014
By Angie Schmitt That means, if Amendment 7 passes, the state’s poorest residents — whether they drive or not — will pay a larger share of their income than the state’s affluent residents. A study by the Institute on Taxation and Economic Policy found that the poorest 20 percent of Missouri residents spend 5.9 percent of their income […]
August 1, 2014
By Mike Hasten “The Institute on Taxation and Economic Policy has called Louisiana’s tax holiday “more hype than help.””
August 1, 2014
By the Editorial Board Florida touts these holidays — in which the 6 percent tax is temporarily lifted — as breaks for the average family, and says that Floridians will save $40 million this weekend alone. That may not be the whole story. We don’t argue the state numbers, but the truth is that the […]
August 1, 2014 • By ITEP Staff
It comes as no surprise to working families that New York State’s tax system is fundamentally unfair. Low- and middle-income workers pay, on average, a much higher share of their income in state and local taxes than the highest income earners. According to analysis by the Washington, D.C.-based Institute on Taxation and Economic Policy, the […]
July 31, 2014 • By ITEP Staff
The federal Earned Income Tax Credit (EITC) is a federal tax credit for low- and moderate-income working people. It encourages and rewards work as well as offsets federal payroll and income taxes. Read the Full Report (PDF)
July 31, 2014 • By ITEP Staff
Legislation enacted in 2003 that allows New Mexicans with capital gains income to deduct half of that income from their state taxes has failed as an economic development tool. Further, it makes the state’s overall tax system lean more heavily on low-income families and exemplifies the need for a more robust accounting of tax giveaways. […]
July 31, 2014 • By ITEP Staff
Citizen’s Guide to the New Mexico State BudgetThis guide focuses on the operating budget—the annual spending for ongoing programs and services that affect the lives of every New Mexico resident. Read the Full Report (PDF)
July 31, 2014 • By ITEP Staff
Working Marylanders with the lowest earnings will pay slightly less of their income in taxes — 9.9 percent compared to 10.1 percent now – once the expansion of the state’s Earned Income Tax Credit is fully phased in, according to a new study. That’s a small change, and the top 1 percent of income earners […]
July 30, 2014 • By ITEP Staff
A number of high-profile U.S. corporations have, or are reportedly considering, corporate “inversions,” where they move their “headquarters” overseas to avoid paying U.S. corporate income taxes. Unless Congress acts, federal and state governments are set to lose, at minimum, tens of billions in revenue to support urgent priorities such as schools, roads and bridges, and […]
July 24, 2014
“South Carolina’s gas tax has been at 16.8 cents since 1989, one of the lowest rates in the nation. Haley has said she would veto any bill raising the gas tax, but the state has actually been lowering the tax for years. What the DOT could buy with 16.8 cents in 1989 is far less […]