Citations
ITEP's Citations Research Priorities
McClatchy: Biden’s spending plan has big income tax changes. Here are the Californians who would benefit
October 12, 2021
Chief beneficiaries of tax cuts would be parents and very low-income workers without children who are among the lowest 20% of income earners, which means those making less than $29,100 in California. Increases in the Child Tax Credit and the Earned Income Tax Credit help people in their income bracket. “This is going to have […]
Brinkwire: Update on the IRS Child Tax Credit for 2021
October 12, 2021
Only kids with Social Security numbers are eligible to claim the tax credit, CNBC reports. So, some lawmakers have proposed to allow kids with individual taxpayer identification numbers (ITIN) to receive the credit. Researchers at the Institute on Taxation and Economic Policy think this change could benefit up to one million children. Read more
Associated Press: How US states help rich foreigners shield assets
October 10, 2021
The Pandora Papers revealed how hundreds of politicians, celebrities, religious leaders and drug dealers have used shell companies and trusts to hide their wealth and investments. “The Pandora Papers is all about individuals using secrecy jurisdictions, which we would call tax havens, when the goal is to evade taxes,″ said Steve Wamhoff, director of federal […]
Associated Press: ‘Pandora Papers’ bring renewed calls for tax haven scrutiny
October 8, 2021
“The Pandora Papers is all about individuals using secrecy jurisdictions, which we would call tax havens, when the goal is to evade taxes,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy in Washington. Read more
Politico: Democrats likely to throw billions in tax hikes overboard as spending plans shrink
October 8, 2021
“Democrats need to think about reforms to capital gains that prevent rich people from avoiding capital gains,” said Steve Wamhoff, a former tax aide to Sen. Bernie Sanders (I-Vt.) now at the left-leaning Institute on Taxation and Economic Policy. “You can do all kinds of things to improve the tax code but if those people […]
Arkansas Times: Arkansas income tax cut plan favors the rich. Duh.
October 8, 2021
Analyses by the Institute on Taxation and Economic Policy (ITEP) show that plans to cut the top income tax rate would largely benefit Arkansans with the highest incomes and cost hundreds of millions in annual revenue. ITEP estimates that cutting the top tax rate from 5.9 percent to 5.5 percent would cost the state $138 million annually. […]
Arkansas Advocates for Children and Families: Proposed Cuts to the Top Tax Rate Are Costly and Heavily Favor the Rich
October 8, 2021 • By ITEP Staff
As the Arkansas Legislature concludes the 2021 general session, our attention must turn to the special session they are preparing to begin to discuss personal income tax cuts. Although income tax cuts may sound like something everyday Arkansans would welcome, when we examine the details, it turns out most Arkansans will be getting a bad […]
Yahoo! Finance: Democrats’ tax plan makes ‘baby steps’ toward racial wealth equity
October 6, 2021
By lifting up families at the bottom through tax credits and taxing affluent households more, Democrats can help narrow the racial wealth gap. But their latest plan may not be ambitious enough, according to experts, after they scaled back some of President Joe Biden’s initial proposals. “It’s baby steps,” Carl Davis, research director at the […]
Truthout: Elizabeth Warren Probes “Corrupt” Link Between Tax System and Private Sector
October 6, 2021
A report by the Institute on Taxation and Economic Policy earlier this year found that 55 large corporations, including FedEx, Nike and American Electric Power, paid $0 in federal income taxes in 2020. In fact, the effective tax rate was in the negatives for many of these companies, partially thanks to the 2017 tax cuts […]
Georgia Budget and Policy Institute: How Georgia’s Tax Code Contributes to Racial and Economic Inequality
October 6, 2021 • By ITEP Staff
Today, state and local taxes consume a greater share of income earned by Georgians in poverty—who are more likely to be people of color—while the richest pay a far lower share of their income in taxes. As such, Georgians who are among the bottom 20 percent of income earners, those who make less than $20,000 […]
Maine Beacon: Analysis: Dems’ budget plan would raise taxes on rich, cut rates for 80% of Mainers
September 25, 2021
A report released this week by a national policy group found that proposed changes to the tax code advanced by the House Ways and Means Committee to pay for the sweeping expansion of the social safety net within Democrats’ $3.5 trillion budget bill could result in a tax cut for 80% of Mainers while only […]
Florida Policy Institute: A Working Floridians Tax Rebate for a Stronger and More Equitable Florida
September 24, 2021 • By ITEP Staff
Floridians who are paid lower wages spend significantly more of their income on state and local taxes than those with high income. This is because the state lacks a personal income tax and relies mostly on the sales tax to raise revenue. The state’s upside-down tax code also exacerbates racial inequity because Floridians with low […]
The Commonwealth Institute: Tax Policy in Virginia
September 24, 2021 • By ITEP Staff
Black and Latinx people face tremendous barriers in areas like employment, education, and housing. These barriers include explicitly racist policies like school segregation as well as policies that appear “race-neutral” yet reinforce or exacerbate racially inequitable outcomes. Virginia’s upside-down tax code is no different. A more progressive and racially equitable tax code — one that […]
Wall Street Journal: Zero-tax companies could remain
September 24, 2021
Mr. Biden’s often-cited list of 55 companies comes from the Institute on Taxation and Economic Policy, or ITEP, a progressive group that publishes a regular report on the zero-tax-company phenomenon. This year’s list included companies such as VeriSign Inc., Sealed Air Corp. and DTE Energy Co. Amazon.com Inc., often the political poster child for light […]
The Motley Fool: House Democrats Push for Expansion of Tax Credit Designed for Low Earners
September 19, 2021
Now, House Democrats want to make the expanded EITC a permanent fixture of the tax code. If they get their way, the increased credit could provide $12.4 billion to families in 2022, impacting 19.5 million workers, according to the Institute on Taxation and Economic Policy. At the same time, Democratic lawmakers are pushing to keep […]
The Hill: Lessons from Occupy Wall Street for today’s tax fight
September 17, 2021
Following is an excerpt from an opEd by Amy Hanauer, ITEP’s executive director, published in The Hill. Right now, Congress is debating President Biden’s Build Back Better agenda, a plan that would make a meaningful dent in the key questions the Occupy movement raised. Who is the economy for? How can it work for all of us, not just […]
CNBC: About 1 Million More Kids Could Get the Child Tax Credit in the Future Thanks to This Change in Plan From Democrats
September 17, 2021
One major change in the current proposal is allowing children with individual taxpayer identification numbers, or ITINs, to receive the credit. These kids, who are often undocumented children growing up in the U.S., were left out of the 2017 Tax Cuts and Jobs Act. Thus, their parents have not been able to claim the child […]
The Sun: Nearly one million kids could get child tax credits in new plan… are you in line for cash?
September 17, 2021
Researchers at the Institute on Taxation and Economic Policy think this change could benefit up to one million children. The 2017 Tax Cuts and Jobs Act prevented families with ITINs to claim the stimulus payment. Read more
Boston Now: Housing, commuting and medical care pushes 9.4% of Bay Staters into poverty, Census data shows
September 14, 2021
The Institute on Taxation and Economic Policy also pointed to the stimulus payments as a reason why there was no commensurate spike in poverty in 2020 to go with the deepest unemployment spike since the Depression era. “At the start of the health and economic crisis, we knew that we needed deep government investments to […]
Houston Chronicle: Stimulus checks saved many from poverty, Census data show
September 14, 2021
“At the start of the health and economic crisis, we knew that we needed deep government investments to alleviate widespread hardship,” said Aidan Davis, a senior policy analyst at the Institute on Taxation and Economic Policy, in a statement. “The last year and a half demonstrates that the nation can make a significant dent in […]
Los Angeles Times: Democrats are ready to raise taxes, but not by nearly enough
September 14, 2021
They write off executive stock options, take advantage of federal research and development subsidies, and use accelerated depreciation schedules to write off the decline in the value of equipment faster than the equipment actually loses value. According to the nonpartisan Institute on Taxation and Economic Policy, 26 profitable corporations paid no income tax or recorded a […]
The Hill: House Democrats take step back from Biden on tax hikes
September 14, 2021
Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, said the committee’s proposal would be a “huge improvement” over the current tax code. But he also said that a lot of the income of very wealthy people would not be taxed at all, because the committee didn’t adopt Biden’s […]
CNBC: House Democrats push for permanent EITC expansion
September 14, 2021
A permanent expansion may cost $135 billion over the next decade, the Joint Committee on Taxation estimates. If enacted, the increased credit may provide $12.4 billion to families in 2022, affecting 19.5 million workers, research from the Institute on Taxation and Economic Policy shows. Read more
Marketwatch: Biden v. House Democrats: How their proposed tax hikes differ on Roth IRAs, capital gains
September 14, 2021
But the Ways and Means Committee proposals do “not go as far as the Biden administration proposals go,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. The committee’s proposal comes months after Biden unveiled his own proposal for tax hikes, which include a higher top income […]
Daily Tax Report: House Democrats’ International Tax Plan More Modest in Aim
September 13, 2021
“It’s definitely more corporate-friendly than the Biden plan,” said Steve Wamhoff, director of federal tax policy for the left-leaning Institute on Taxation and Economic Policy. But in big-picture terms, he added, it’s also “a big improvement over the tax code as it exists now.” Read more
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