Citations
ITEP's Citations Research Priorities
The Economist: The Democrats target companies with giant profits but tiny tax bills
October 28, 2021
The structure of the minimum tax looks simple enough. Companies that report more than $1bn in profits to shareholders would pay a tax of at least 15% on those profits. The levy would be explicitly aimed at firms such as Amazon, which had an effective federal income-tax rate of just 4.3% from 2018 to 2020, […]
The Hill: Overnight On The Money — Senate Democrats lay out their tax plans
October 27, 2021
The background: The proposal is aimed at preventing large corporations from paying zero in federal income taxes. According to the left-leaning Institute on Taxation and Economic Policy, at least 55 large U.S. corporations paid no federal income taxes in 2020, including FedEx and Nike. Read more
Oklahoma Policy Institute: A Budget and Tax Roadmap for Oklahoma
October 27, 2021 • By ITEP Staff
A more just tax system will level the playing field for all Oklahomans, providing more opportunity to save and build wealth. It will also benefit the economy, as equal opportunity for individuals expands the economy as a whole. The state must continue providing and expanding shared services that are often lifelines for low-income individuals, but […]
Bloomberg: How Democrats Could Tax Companies More—Without Undoing Trump’s Tax Cuts
October 22, 2021
However, Democrats would need to take a much more aggressive approach if they want to raise revenue to cover some of the gap from a company, according to Steve Wamhoff, the director of federal policy at the Institute on Taxation and Economic Policy, a left-leaning think tank. For example, Biden has floated a 21% minimum […]
Marketwatch: As Democrats’ tax proposals evolve, the outlook for the super-rich is improving
October 22, 2021
“There is no doubt that wealthy people are talking Democratic lawmakers into doing things that are not popular with the American public,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. For example, more than half of U.S. adults (59%) said they are bothered “a lot” that […]
Business Insider: Biden roasts 55 companies like Nike and FedEx for paying less in taxes than the price of a cup of coffee
October 21, 2021
To make the case, he’s referencing one of his favorite talking points when it comes to the corporate tax: Multinational corporations who paid $0 in income taxes. An April report from the left-leaning Institute on Taxation and Economic Policy found that 55 corporations including Nike and FedEx paid no federal income taxes on their 2020 […]
The Washington Post: Biden’s favorite stat — that 55 major corporations paid no federal income tax
October 21, 2021
The number comes from a report issued in April by the left-leaning Institute on Taxation and Economic Policy (ITEP). The group studied the corporate filings with the Securities and Exchange Commission of companies listed in the Fortune 500, zeroing in on companies that posted profits. In 2020, ITEP found, 55 profitable companies indicated that they […]
Barrons: Even Scaled Back, Biden’s Tax Reforms Would Reshape Business
October 19, 2021
Following is an excerpt of an opEd by ITEP Executive Director Amy Hanauer: Despite the drama about getting majorities of lawmakers to support it, the tax bill before Congress right now would deliver fundamental reform. The Build Back Better proposal raises revenue from corporations and the wealthy, blocks corporate tax avoidance, and funds crucial priorities that […]
Fast Company: Is the Global Minimum Tax Enough?
October 13, 2021
The result of many months of negotiations, the decision means companies doing business abroad will have to pay a minimum tax of 15% on their overseas profits, leaving little advantage to continue various “accounting gimmicks” currently in play, says Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy (ITEP), […]
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 […]
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