Citations

During this year’s legislative sessions, at least one in three states are considering or have enacted school voucher expansions alongside broad, untargeted property tax cuts. Over half of states have already enacted deep personal and corporate income tax cuts in the last three years. These policies will result in under-resourced public schools, worse student outcomes, and, over time, weaker communities.

Gov. Polis of Colorado signed the bill expanding its Child Tax Credit, which cites ITEP’s research on the second page of the bill text. Read the bill and its status.

The U.S. Federal and many State Governments provide social security tax deductions, either partial or all, for senior citizens. However, tax systems still require those whose incomes exceed standard deductions to report and calculate their income taxes. Usually, senior citizen's income sources are from social security benefits, 401K retirement funds, IRA, annuities, pensions, and/or others. This paper provides a linear tax rate and tax formula to simplify federal and state social security and retirement taxes compared with the existing complicated tax calculation systems. This research also provides a reform proposal to combine all taxable incomes for qualified seniors who have…

Today, President Biden’s visit to Racine, Wisconsin will underscore how his economic agenda is uplifting Wisconsin families by creating good-paying jobs, cutting costs, and building the middle class. Just last week, Trump spent his short time in Wisconsin lying about President Biden’s economic wins, because he knows that his only defense against President Biden’s successful record is to lie in a desperate attempt to hide how he failed Wisconsin families.

According to the latest report by the nonpartisan Congressional Budget Office (CBO), extending the Trump tax cuts for the next 10 years—as Republicans have proposed—would add $4.6 trillion to the deficit.

The Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) are two of the most effective anti-poverty tools in the United States, helping to boost household economic security while incentivizing work for millions of Americans each year. Over the past three years in particular, attention increased on the interactions between state and federal tax policy as states grappled with the EITC’s and the CTC’s rapid temporary expansion, as well as changes to complementary federal policies and programs during the COVID-19 pandemic. Changes at the federal level to these two credits highlighted critical challenges facing policymakers and the public…

The Southern economic development model has failed to create shared prosperity in the region. In fact, this model was deliberately designed to do the opposite—to extract the labor of Black and brown Southerners as cheaply as possible. This report examines the racist roots of the model and provides the necessary context to challenge the enduring […]

The 2017 Tax Cuts and Jobs Act (TCJA) made sweeping changes to America’s tax laws. Signed into law by then-President Donald Trump and approved with only Republican support in both the House of Representatives and the Senate, the TCJA permanently slashed corporate tax rates and changed the way the nation taxes the profits of U.S. multinational corporations.1 It also temporarily cut personal income and estate taxes, changes that largely benefited the wealth.

A new fact sheet released today by nonpartisan think tank ThinkTennessee finds that while Tennessee has one of the lowest overall tax burdens in the nation, its low-income families face a higher effective tax rate than both wealthier families and businesses. The analysis comes on the heels of Tax Day when millions of individual income tax returns are due to be submitted to the federal government.

The tax exclusions, exemptions, deductions, and credits in the U.S. tax code aimed at helping all individuals and families build economic security instead provided $1.2 trillion in support to mostly wealthy white households. The U.S. tax code was intended to more evenly collect and distribute the aggregate resources of our nation to care for all, over the course of its 111-year existence, this system has been molded by wealthy, largely white, elites and our policymakers into a wealth-hoarding mechanism for the nation’s most privileged people seeking to amass obscene levels of wealth.

Read the report here.

Most Nebraskans who claim the state income tax credit on property taxes paid to public schools will see little change in what they pay resulting from the tax package to be debated today, the final day of the Legislative session. But for Nebraska’s lowest-income earners – households making less than $30,000 annually – the impact of […]

States and localities can realize more equitable, thriving economies by proactively addressing the historical marginalization and persistent exploitation of Black women through their revenue policies. State tax policy is not race-neutral but rather functions as a support system that upholds whiteness in politics and prosperity. Applying the Black Women Best framework — an economic principle that argues […]

Increased tax revenues and increased tax progressivity need to be further explored as policy solutions in Illinois. More specifically, the adoption of worldwide combined reporting and a state-level child tax credit, could help prevent infant deaths in our state.

New Jersey’s fundamental strength lies in the rich tapestry of people who call the Garden State home, reflecting a diverse range of cultures and backgrounds. Nearly one in four residents (2.2 million) are immigrants,[i] who play a pivotal role in shaping the state’s identity. Immigrants bring a wealth of skills and talents that enrich New Jersey’s arts, cuisine, and entertainment, add to the intellectual achievements across various fields, and play essential roles in the private and public sectors. Across the state, immigrants make significant contributions to their local communities and the broader economy through their labor, entrepreneurial endeavors, and tax contributions.