Citations
ITEP's Citations Research Priorities
Open Sky Policy Institute: Most Nebraskans Left Behind by Income Tax Cut Bills
February 4, 2022 • By ITEP Staff
Non-Nebraskans, corporations and wealthy residents would be big winners under the latest income tax cuts proposed in in LB 938 and LB 939. Meanwhile, the bills – which would ratchet the state’s top corporate and personal income tax rates to 5.84% over four and three years respectively – offer most Nebraskans little tax savings while depleting revenue needed […]
CBS News: Millions of low-income Americans eligible for tax refund boost this year
February 3, 2022
Meanwhile, the bigger credit comes at a welcome time for many Americans, as roaring inflation consumes most of low-wage workers’ pay gains. “While these folks without dependent children may not be faced with the cost of childcare, they’re definitely paying more for food, for gas, for rent. For these folks, these necessities may be out […]
Connecticut Voices for Children: Steps to a Fairer Tax System
February 1, 2022 • By ITEP Staff
Although Connecticut has the second highest level of per capita personal income in the US, making it exceptionally wealthy overall, many families consistently struggle because Connecticut also has the second highest level of income inequality and a substantial racial income gap, meaning a small, disproportionately white portion of the population primarily benefits from the state’s […]
Northern Kentucky Tribune: General Assembly’s proposed ‘shift and shaft’ tax policy no way for Kentucky to prosper
January 25, 2022
If Kentucky were to cut its income tax rate to 4%, it would have to raise the sales tax rate from 6% to 7.4% to make up the lost revenue, according to the Institute on Taxation and Economic Policy. That would give our state the highest state sales tax in the country. The bottom 60% […]
Inequality.org: Two Sides, Same Coin: Suppressing Votes, Cutting Rich People’s Taxes
January 24, 2022
But those surpluses, points out Institute on Taxation and Economic Policy analyst Neva Butkus, reflect a set of special circumstances that range from billions in federal Covid aid to changes in tax-filing deadlines during the pandemic that have left many 2020 and 2021 tax payments getting collected in the same fiscal year. Using the surpluses these special […]
The Street: The Top Corporate Tax Havens and Global Tax Reform
January 24, 2022
According to the Institute on Taxation and Economic Policy: FedEx (FDX) – Get FedEx Corporation Report zeroed out its federal income tax on $1.2 billion of U.S. pretax income and received a rebate of $230 million, Nike (NKE) – Get NIKE, Inc. Class B Report paid no federal income tax on almost $2.9 billion of […]
Idaho Press-Tribune: Who gets rebates, tax cuts under House bill
January 20, 2022
Idaho’s corporate income tax rate is a single rate of 6.5%; the bill would lower it to 6%. Necochea called that “throwing money out of the state,” citing figures from the Institute on Taxation and Economic Policy estimating that 81% of the benefit from that cut would flow out of state. “Corporate owners can live […]
Quad City Times: Record $600M Idaho tax cut clears House, heads to Senate
January 20, 2022
An analysis by the Institute on Taxation and Economic Policy, a nonprofit, nonpartisan tax policy organization based in Washington, D.C., found that the total tax benefits of the package for a person in the top 1% of Idaho income earners making $557,000 or more annually would benefit by $13,254. Read more
Exposed: Bradley and Koch Cash Fuels Push to Eliminate Wisconsin Income Tax
January 10, 2022
In addition, “sales taxes inevitably take a larger share of income from low- and middle-income families than from rich families because sales taxes are levied at a flat rate and spending as a share of income falls as income rises,” according to the Institute on Taxation and Economic Policy. Read more
CNN: We Can’t Afford to let Build Back Better Fail
January 3, 2022
The bill also has provisions to require corporations to pay their fair share of the nation’s tax bill. According to the Institute on Taxation and Economic Policy, 55 of the nation’s largest and most profitable corporations paid no federal tax at all in 2020. Build Back Better would require corporations with profits exceeding $1 billion […]
The Daily Beast: Joe Manchin Doomed the Child Tax Credit. Can States Save Kids Instead?
December 31, 2021
A 2019 report from the Institute on Taxation and Economic Policy suggested state-level CTCs are also a means for reducing “a myriad of inequities that are exacerbated by the tax codes in many states,” including by rectifying existing racial inequities in state tax policy and lifting tax burdens off of the poor. “State lawmakers… do […]
CNBC: Some Americans may receive more stimulus money this tax season
December 23, 2021
Still, many America have money coming to them if they still have not received all that was due them from the three stimulus checks, or if they are eligible for the enhanced child tax credit or earned income tax credit. “It could be quite a bit of money for people who may be struggling in […]
Zero Hedge: American “Super Rich” Feel “Immense Relief” As ‘BBB’ Tax Hikes Are Canceled
December 21, 2021
Of course, a bunch of admittedly left-leaning economists say the Democrats’ plan would help “reduce inequality.” Though many of Democrats’ more radical tax proposals were scaled back or dropped in negotiations, the bill would be “a meaningful step for reducing inequality,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. […]
NBC News: Build Back Better demise ‘a crushing blow’ to child tax credit payments, advocates say
December 20, 2021
About 10 million children could sink into poverty or deeper into poverty if the credit is discontinued, according to CBPP. The poorest 20 percent in the U.S. would experience a 35 percent increase to their incomes if the credit was extended through next year, according to a study by the Institute on Taxation and Economic […]
Bloomberg: Super-Rich Americans Feel Relief as Tax Hikes Canceled for Now
December 20, 2021
Though many of Democrats’ more radical tax proposals were scaled back or dropped in negotiations, the bill would be “a meaningful step for reducing inequality,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. An analysis by the group estimated the plan’s changes to the child tax credit and earned […]
CNBC: Parents Worry About the End of Monthly Child Tax Credit Payments
December 18, 2021
The lowest-income households will be hit the hardest. If the credit were continued through 2022, the poorest 20% of families would have seen a 35% income boost, according to a study by the Institute on Taxation and Economic Policy. That’s significant for parents who are working but haven’t all been able to get back to […]
The Hill: Build Back Better is a chance to finally make corporate taxes line up better with profits
December 16, 2021
These planning opportunities have long helped to make corporate tax avoidance both incredibly successful and publicly infamous. Between 2018 and 2020, the Institute on Taxation and Economic Policy reports that 39 of America’s largest companies paid zero dollars in federal income tax, despite their reporting combined net profits of $122 billion. During this same period, an […]
Time: A Wonky Tax Break for the Well-Off Is a Bigger Problem for Democrats Than You’d Think
December 16, 2021
That’s because raising the cap on SALT deductions from $10,000 to $80,000, as prescribed in the House-passed version of BBB, would disproportionately help taxpayers rich enough to benefit from itemizing their federal tax deductions—which is to say, the richest fifth of Americans. According to a November analysis from the nonpartisan Institute on Taxation and Economic […]
McClatchy: Parents Are Receiving Their Final Monthly Child Tax Credits. Will Congress Bring Them Back?
December 16, 2021
Continuing the expanded credit in 2022 would mean these savings for California families with tax cuts next year, according to the Institute on Taxation and Economic Policy: — Less than $29,100 income (lowest 20%): $4,080 — $29,100 to $51,700 (next 20%): $2,850 — $51,700 to $83,200 (next 20%): $2,780 — $83,200 to $151,100 (next 20%): […]
Bloomberg: SALT Debate Forces Rich Americans to Confront Widening Tax Gap
December 10, 2021
Lawmakers in Arizona, Arkansas, Idaho, Iowa, Louisiana, Missouri, Montana, North Carolina, Ohio and Oklahoma have also approved cuts to their top personal income tax going into effect either this year or in future years. “There are states moving in different directions,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. […]
USA Today: With inflation spiking, will states and voters give grocery taxes a second look?
December 9, 2021
Read more: https://www.usatoday.com/story/news/politics/2021/12/08/inflation-food-prices-grocery-taxes/8800601002/?gnt-cfr=1
Arkansas Democrat-Gazette: Income tax cut bills roll through Arkansas House and Senate; steel plant incentive also meets approval
December 9, 2021
The state Democratic House Caucus held a news conference Wednesday morning to release several proposals that they said would be a better use of the $600 million a year that the Institute on Taxation and Economic Policy estimated was how much the income tax rate cuts would eventually reduce state general revenue. The House Democrats’ […]
NJ.com: 96% of N.J. residents would get their full property tax break restored under this Senate plan
December 9, 2021
According to the progressive Institute on Taxation and Economic Policy, the Senate proposal would encompass 96% of New Jersey taxpayers. The higher cap for what is known as SALT would be phased out for those making $400,000 to $475,000, and anyone making more than that would be limited to the $10,000 deduction currently in the […]
The Commonwealth Institute: Tax Proposals Would Reduce Resources for Education, Transportation, and Other Priorities
December 8, 2021 • By ITEP Staff
The incoming Youngkin administration and state lawmakers have proposed several major tax proposals to reduce taxes for individuals and businesses. These include one-time tax rebates, dramatically increasing the state standard deduction, eliminating the state and local sales tax on groceries, and pausing the recent increase to the fuels tax. While some of these policy ideas […]
Tax Notes: Looking Ahead: State Tax Policy Trends To Watch Next Year
December 7, 2021
This pod cast features ITEP research director Carl Davis: https://www.forbes.com/sites/taxnotes/2021/12/07/looking-ahead-state-tax-policy-trends-to-watch-next-year/?sh=7f2a4ba02add
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