Citations
6,230 posts
Money: These States Are Using Their Budget Surpluses to Give Tax Breaks to Residents
April 8, 2024
The most impactful changes in state taxes this year have come in the form of new or expanded tax credits targeted at families with children, according to Aidan Davis, state policy director at the Institute of Taxation and Economic Policy (ITEP), a nonprofit, nonpartisan tax policy organization. “The first really incredible — and, I would say, positive — trend was that 18 states created or enhanced child tax credits or income tax credits in their states,” Davis…
Associated Press: Lawmakers in GOP-Led Nebraska Advance Bill To Raise Sales Tax
April 3, 2024
LINCOLN, Neb. (AP) — With no votes to spare, Nebraska lawmakers advanced a bill that would raise the state’s sales tax by 1 cent to 6.5% on every taxable dollar spent — which would make it among the highest in the country.
Capital & Main: Extreme Wealth Is on the Ballot This Year — Will Americans Vote to Tax the Rich?
April 3, 2024
On March 7, President Joe Biden reintroduced proposals to increase taxes on the wealthiest Americans and the nation’s most profitable corporations. The move virtually ensures that the nation’s extreme wealth inequality — more than one in four dollars in the country is held by a tiny sliver of households with a net worth over $30 million — will be part of the national election debate. But excessive wealth may take center stage in at least 10 states, ranging from…
Video: President Biden Cites ITEP’s Data on Corporate Tax Avoidance at the State of the Union
• By ITEP Staff
From the State of the Union on March 7, 2024
Video: Rep. David Trone Discusses Corporate Tax Avoidance at House Budget Committee Hearing
• By ITEP Staff
His remarks were at a March 21, 2024 House Budget Committee hearing on President Biden’s proposed budget.
Center on Budget and Policy Priorities: States Can Fight Corporate Tax Avoidance by Requiring Worldwide Combined Reporting
• By ITEP Staff
To reduce their federal corporate income taxes, every year large multinational corporations shift hundreds of billions of dollars in profits earned in the United States onto the books of subsidiaries formed in foreign tax havens like Bermuda, the Cayman Islands, and Ireland. Because nearly all state corporate taxes are based on the taxable profits a corporation reports on its federal return, each year states lose at least $10 billion — and perhaps as much as…
Open Sky Policy Institute: Why Proposed Tax Shift is Wrong for Nebraska
• By ITEP Staff
The tax package designed to lower property taxes paid to local political subdivisions would increase the tax burden on low- and middle-income working families and make it increasingly difficult for cities, counties and schools to provide the services that Nebraskans expect.
Open Sky Policy Institute: How the Tax Package Impacts Nebraskans
• By ITEP Staff
The proposal to lower property taxes paid to fund local government services will reduce property taxes paid by property owners, but it’s important to understand how the package that raises the state sales tax rate impacts all consumers and the effect of plans to “front load” the existing tax credit for taxes paid to public schools.
Montana Budget & Policy Center: The Great Tax Shift
• By ITEP Staff
The taxes paid by Montana residents and businesses have created and continue to fund an equitable educational system, roads and bridges, and services that keep our communities safe. Unfortunately, over time, responsibility for our tax system has shifted to everyday Montanans, like our teachers, plumbers, and construction workers, and away from the wealthy. Over the […]
The Volcker Alliance: State Tax Cuts After the Pandemic
• By ITEP Staff
The Issue Paper by Can Chen and Alex Hathaway, State Tax Cuts After the Pandemic: Strategies to Sustain Fiscal Health, is the latest in a series of Alliance issue papers on state and local budgeting in the COVID Era. Following the unprecedented federal aid issued to offset the impact of COVID-19, state revenues and cash reserves reached […]
Vermont Lt. Gov David Zuckerman: Fair Share
• By ITEP Staff
Today, I have an exceptionally important topic to talk about: taxes! Taxes have become a dirty word, and in many ways for good reason. Since the 1980’s there has been a significant shift in how much everyday people pay in taxes. Wealthy and high-income individuals have seen their marginal tax rates drop precipitously, while working […]
Video: Sen. Warren Slams Republicans Pushing Corporate Handouts While Fighting Child Tax Credit Expansion
• By ITEP Staff
Senator Warren’s exchange at a March 12, 2024 Senate Finance Committee hearing entitled: American Made: Growing U.S. Manufacturing Through the Tax Code
The Nation: Biden Should Channel His Inner FDR and Soak the Rich
March 13, 2024
There’s no risk and everything to gain politically. According to a Navigator Research poll from last month, 79 percent of registered voters favor higher taxes on billionaires and corporations. Only 16 percent are opposed. Democrats favor wealth taxes on billionaires by a 94-2 margin, independents by a 78-15 margin, Republicans by a 63-30 margin.
Institute for Policy Studies: More for Them, Less for Us
• By ITEP Staff
Corporate tax dodging and executive pay packages have both gotten so far out of control that a significant number of major U.S. corporations are paying their top executives more than they’re paying Uncle Sam in federal income taxes.
Maine Center for Economic Policy: The Case for Corporate Transparency
• By ITEP Staff
Mainers work hard to support themselves and their communities. They pay taxes to fund the services communities need to thrive, like education, health care, and infrastructure. But it is increasingly clear that big corporations aren’t holding up their end of the bargain by contributing their fair share. They deploy complicated tax loopholes and accounting schemes to avoid paying what they owe, using their money and power to ensure laws in place don’t expose the tricks…
Sacramento Bee: California Families Could Save Thousands of Dollars From Proposed Child Tax Break. Here’s Why
March 12, 2024
President Joe Biden’s child tax credit plan would benefit millions of California parents, saving eligible families an average of $2,980, according to data from Washington’s Institute on Taxation and Economic Policy.
Newsweek: What a Second Trump Term Means for Taxes
March 12, 2024
A second Donald Trump presidency would likely see another round of tax cuts targeted at the wealthy, similar to his 2017 Tax Cuts and Jobs Act, according to a prominent taxation expert and lawyer.
USA Today: What President Joe Biden Got Wrong (and Right)
March 11, 2024
Though President Joe Biden largely stuck to the facts during his third State of the Union address Thursday, on several occasions he overstated the truth, left out key context or was simply wrong.
ITEP’s Marco Guzman Testifies in Favor of Tax Fairness Bills in Connecticut
• By Marco Guzman
Good afternoon, Senator Fonfara, Representative Horn, and members of the Committee, and thank you for this opportunity to testify. My name is Marco Guzman and I'm a senior policy analyst with the Institute on Taxation and Economic Policy, or ITEP, and we’re a nonprofit research organization that focuses on state, local, and federal tax policy issues.
The White House Fact Sheet: President Biden Is Fighting to Reduce the Deficit, Cut Taxes for Working Families, and Invest in America by Making Big Corporations and the Wealthy Pay Their Fair Share
• By ITEP Staff
President Biden is fighting to make the tax system fairer while Republicans continue to push tax cuts for the wealthy and big corporations. The President’s plan delivers tax cuts for families with children and working Americans, invests in America, and reduces deficits by trillions of dollars by enacting a new billionaire minimum tax and cracking […]
Washington Post: Biden: Ban Deductions for Firms Paying Executives More Than $1 Million
March 7, 2024
President Biden will call for blocking corporations from deducting the costs of paying salaries over $1 million from their federal taxes in Thursday night’s State of the Union address, part of populist-oriented tax proposals in the speech as the 2024 campaign kicks off in earnest. Read more.
Yahoo Finance: Trump-Era Corporate Tax Cuts Boosted Investment, but Did Not Pay for Themselves
March 6, 2024
The corporate tax cuts included in the 2017 Tax Cuts and Jobs Act helped boost business investment while delivering a small increase in worker pay, according to a new analysis published by the Bureau of Economic Research. The tax cuts did not, however, come anywhere close to paying for themselves, as their Republican proponents in Congress and the Trump administration insisted they would, and instead are costing the federal government more than $100 billion per year in…
Common Good Iowa: Killing Democracy by Superminority
• By ITEP Staff
Iowa’s tax structure has long favored the wealthiest Iowans and corporations, and tax cuts passed in 2022 are making inequities worse. The average millionaire will see a cut of $62,000 a year. In the middle, Iowans earning $40,000 to $60,000 will see an average cut of $300, or about $6 a week. Most with incomes under $40,000 will see no cut at all.
ITEP’s Kamolika Das Testifies on Pennsylvania’s Upside-Down Tax Code
• By Kamolika Das
Below is written testimony delivered by ITEP Local Policy Director Kamolika Das before the Pennsylvania House Finance Subcommittee on Tax Modernization & Reform on March 1, 2024. Good afternoon and thank you for this opportunity to testify. My name is Kamolika Das, I live in South Philly, and I’m the Local Tax Policy Director at […]
Colorado Department of Revenue: Property Tax Circuit Breaker Programs
• By ITEP Staff
Because property taxes are based upon property values, they are not as strongly connected to an ability to pay as the income tax. This can be particularly burdensome when income changes as a result of job loss, divorce, illness, or retirement. As a result, property taxes tend to be regressive.
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