
July 23, 2021
Between cash hitting bank accounts — in the form of stimulus payments and advance child tax credits — and the expanded earned income tax credit, the value is an average of $3,450 for the bottom 60% of earners (making $65,000 or less per year), according to research from the Institute on Taxation and Economic Policy. […]
July 22, 2021
t looks like the combination of stimulus checks and at least two expanded tax credits will be a boon to most U.S. households. Between cash hitting bank accounts — in the form of stimulus payments and advance child tax credits — and the expanded earned income tax credit, the value is an average of $3,450 […]
July 21, 2021
The IRS also feels significantly short-changed by dozens of big, profitable companies. Just as the Biden administration is pushing to raise corporate tax, a new study by the Institute on Taxation and Economic Policy found that at least 55 American giants paid zero corporate income tax last year, despite raking in billions in profits. However, […]
July 21, 2021
Jacobs was among 55 large companies included on an annual list of firms that don’t pay U.S. income taxes put together by the left-leaning Institute on Taxation and Economic Policy. Read more
July 16, 2021
Carl Davis, director of research at the Institute on Taxation and Economic Policy, said he supports such an idea. The shift would mean the IRS could work directly with taxpayers, rather than “putting our faith” in corporations, he said. Read more
July 15, 2021
“This is super targeted to lower income families,” Aidan Davis, senior policy analyst at the Institute for Taxation and Economic Policy (ITEP), told Yahoo Money. “The families that are being targeted through this enhancement are families that are struggling to pay for rent, keep up with necessities, or they’re having trouble paying for things like […]
July 15, 2021
“We saw that many states are using better-than-expected revenue outlooks as an excuse to cut personal and corporate income taxes,” Marco Guzman, state policy analyst at the Institute on Taxation and Economic Policy told The Daily Poster. “Unfortunately, the people that will be benefiting most from these cuts are not the people who were most […]
July 14, 2021
One challenge for the IRS is that each company tends to interpret tax laws differently, says Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a left-leaning Washington nonprofit organization. Corporate accountants are “exercising their own judgment about what constitutes [an unrecognized tax benefit] and what is not,” Gardner said. Read […]
July 12, 2021 • By ITEP Staff
The highest income residents in DC pay less as a share of their income than the rest of us. At the same time, low-income Black and brown DC residents have been economically devastated by the pandemic. Watch videos
July 9, 2021 • By ITEP Staff
People seeking a more equitable state tax code and stronger supports for parents scored major victories earlier this year in Washington state, after more than a decade of hard work and focused advocacy by community leaders. By enacting a new excise tax on extraordinary stock profits (capital gains) and an expansive new tax credit for […]
July 8, 2021
In fact, the Institute on Taxation and Economic Policy reports that California’s tax system does the most of any state to alleviate inequality — while taxes in most states serve to widen the gap between rich and poor. Read more
July 8, 2021
“It’s very likely they’re getting hundreds of millions of dollars a year in R&D tax credits,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, who’s studied the tax habits of Amazon and other big companies. Amazon declined to comment. The tax breaks themselves aren’t at risk, but the deduction […]
July 8, 2021
Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, who’s studied the tax habits of Amazon and other big companies, told Politico that Amazon is likely “getting hundreds of millions of dollars a year in R&D tax credits.” Read more
July 6, 2021
In all, the changes proposed by the Biden administration would generate about $88.4 billion in new tax revenue, according to a separate analysis conducted by the Institute on Taxation and Economic Policy. Read more
July 1, 2021
This means that the state’s wealthiest 5% of taxpayers will receive nearly 60% of the benefits, while the bottom 80% will get only 23%, according to an analysis for Policy Matters Ohio by the left-leaning Institute on Taxation and Economic Policy. Read more
July 1, 2021 • By ITEP Staff
States across the country are tackling an equity issue in the tax code by breaking from federal eligibility standards for their state Earned Income Tax Credits (EITCs). Specifically, states are taking it upon themselves to end the exclusion of taxpayers who file their taxes with an Individual Taxpayer Identification Number (ITIN). ITINs are personal tax […]
June 29, 2021 • By ITEP Staff
Instead of using Ohio’s public resources to build strong, resilient communities, the General Assembly approved income-tax cuts that would favor the very wealthiest Ohioans, while providing only modest benefits for moderate-income Ohioans and nothing at all to the state’s poorest. Benefiting especially from the elimination of the top bracket of the tax, the most affluent […]
June 29, 2021 • By ITEP Staff
Income-tax cuts approved by the General Assembly in the budget bill would favor the very wealthiest Ohioans, while providing only modest benefits for moderate-income Ohioans and nothing at all to the state’s poorest. Benefiting especially from the elimination of the top bracket of the tax, the most affluent 1% of Ohioans would see an average […]
June 25, 2021
“It’s a wildly inappropriate use of the Roth IRA, even if it’s legal,” said Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy and a former tax policy analyst for Sen. Bernie Sanders, I-Vt. “Lawmakers said that they were trying to encourage retirement savings and make it easier […]
June 24, 2021 • By ITEP Staff
Oregon lawmakers discuss a SALT-cap workaround provision. ITEP analysis found that in Oregon more than 91 percent of the tax cut benefits of repealing the SALT cap would go to those earning more than $200,000, and four of five households that benefit are white-led households. Watch here
June 23, 2021 • By ITEP Staff
The Senate’s budget plan would bring the state’s investments to a new low while committing the state to untold losses in the form of revenue reductions by eliminating income taxes for profitable corporations by 2028 and lowering the already flat (read: regressive) personal income tax rate. Read more
June 16, 2021 • By ITEP Staff
With the passing of the American Rescue Plan in March, more than 5 million children are projected to be lifted out of poverty this year, cutting child poverty by more than half, through Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) expansions. But what about state tax codes? What can states do to […]
June 15, 2021
According to the nonpartisan Institute on Taxation and Economic Policy, 55 of the largest corporations in America — including Archer Daniels Midland, FedEx and Nike — paid no federal income taxes last year, despite racking up almost $41 billion in pre-tax profits. At 21 percent, their total tax bill would have been $12 billion. Instead, […]
June 11, 2021
“I think it’s a big wake-up call,” said Steve Wamhoff, director of federal tax policy for the Institute on Taxation and Economic Policy in Washington. “It tells us things that tax experts have already known for a long time. But it’s the amount of detail, the specific names, that we don’t normally see,” Wamhoff said. […]
June 10, 2021
“Outright repeal of the SALT cap without an adequate replacement would exacerbate racial inequities in this country,” said a study from the Institute on Taxation and Economic Policy’s Carl Davis and Jessica Schieder. The report noted that property taxes tend to be a big component of state and local taxes, which could “disproportionately benefit home-owning […]