Citations
ITEP's Citations Research Priorities
Phoenix Business Journal: Arizona flat tax proponents point to survey showing residents’ support
May 22, 2021
The Republic also reported that an Institute on Taxation and Economic Policy analysis found that 20% of Arizona taxpayers would get 91% of the reductions. The report said the switch would cut state revenues by $1.5 billion per year. The plan has drawn opposition from cities in the state. They say the reduced revenue will […]
NJ.Com: Live in N.J.? You’ll pay more in taxes over a lifetime than anywhere else, study says
May 22, 2021
Five states, including New Jersey, would be the only states where more than 1% of their taxpayers would face a higher tax bill under Biden’s proposals, according to the progressive Institute on Taxation and Economic Policy. Read more
New Hampshire Fiscal Policy Institute: Elimination of the Interest and Dividends Tax Would Disproportionately Benefit High-Income Individuals
May 21, 2021 • By ITEP Staff
A new analysis of the proposed elimination of New Hampshire’s Interest and Dividends Tax shows nearly nine out of every ten dollars of the tax reduction would flow to the top 20 percent of income earners in New Hampshire, and almost half of the benefits would flow to the top one percent of income earners. […]
KOIN: ‘Nike, just pay it’: Ad tells Nike to pay federal tax
May 20, 2021
“Last year you made $2.9 billion in profit but paid zero federal income tax,” the ad states. “Nike, thanks to your ads, I’m unstoppable. I have power. I am a change maker. You inspired us to step up. Now, it’s your turn. Nike, just pay it.” The claim is based on a report by the […]
CNBC: Taxes would likely rise for the wealthy regardless of Biden’s plans
May 19, 2021
Two-thirds of taxpayers in the top 1% would see their taxes increase as a result of the Biden proposal, according to the Institute on Taxation and Economic Policy. (This group has an average income of $2.2 million, according to the analysis.) Read more
Vice: These 55 Companies Kick Ass at Avoiding Taxes. Congratulations!
May 19, 2021
That’s exactly what many big corporations did this year, once again. At least fifty-five companies managed to book a combined total of more than $40 billion in pre-tax profits in their most recent fiscal year, while reducing their corporate income tax bill to zero, according to the Institute on Taxation and Economic Policy (ITEP). Those […]
The Guardian: Millionaires who support taxing the rich protest in front of Jeff Bezos’s homes
May 17, 2021
Bezos has said he supports raising the corporate tax rate. But Amazon has long been the subject of protests about tax avoidance. According to calculations by the progressive Institute on Taxation and Economic Policy in February, in 2020 Amazon only paid a 9.4% federal income tax rate, less than half the statutory 21%. Read more
AZ Central: Flat tax plan could decimate Arizona revenue, benefit a few. Don’t buy it
May 17, 2021
This is not a tax plan that will benefit most Arizonans. According to an analysis of the plan by the Institute on Taxation and Economic Policy, 53% of the tax cuts would go to the wealthiest 1% of taxpayers, while the bottom 80% would receive only 8% of the tax cuts. Read more
Massachusetts Budget & Policy Center: Ending the Tax Penalty Against Working Immigrants: MA Should Follow Other States Extending EITC to Immigrant Tax Filers
May 17, 2021 • By ITEP Staff
The Earned Income Tax Credit (EITC) is a key program for reducing poverty in the United States. Together with the federal Child Tax Credit, these low-income federal credits lifted 7.5 million households above the poverty line in 2019, more than any other program except Social Security. In Massachusetts, the EITC provides support to more than […]
Business Insider: Jeff Bezos’ support for Biden’s corporate tax hike means nothing if Amazon can still dodge paying their fair share in taxes
May 16, 2021
This number should not come as a shock; some of the most profitable companies – often those that represent the future of the economy – have long looked for ways to skirt their tax bill. A recent study by the Institute on Taxation and Economic Policy, for example, found that 55 of the largest corporations […]
Mississippi Today: Mississippi could help long-neglected poor with Rescue Plan payments
May 16, 2021
For instance, those earning less than $16,100 pay 10.2% of their income on state and local taxes, primarily because of Mississippi’s high sales tax rate, which includes the 7% tax on groceries. Those in the middle — earning between $43,000 and $77,500 pay — pay 9.2% of their income on state and local taxes, while […]
Associated Press: IRS to the rescue? Tax audits eyed for infrastructure cash
May 15, 2021
The Internal Revenue Service has estimated the tax gap is $440 billion per year. But IRS Commissioner Charles Rettig stunned his audience at a recent Senate hearing when he offered a new number: about $1 trillion annually. The old estimates don’t take into account the recent boom in income made by self-employed “gig” workers, which […]
Jacobin: In Washington State, the Left Won a Major Victory for Taxing the Rich
May 14, 2021
Last week, Washington State passed a capital gains tax aimed at the state’s ultra-wealthy. The tax is historic because Washington, despite its progressive reputation, until now had the worst tax code in the nation when it comes to fairness, behind Texas, Florida, and South Dakota. A landmark 2018 report by the Institute on Taxation and […]
The New York Times: How to collect a trillion dollars
May 11, 2021
It’s difficult to quantify just how much money goes uncollected each year, officials say. Corporate tax collections in the U.S. are “at historic lows and well below what other countries collect,” according to a recent Treasury report. U.S. multinational companies can be taxed at a 50 percent discount compared with their domestic peers, an incentive […]
Commonwealth Magazine: Mass. delegation not jumping on SALT bandwagon
May 11, 2021
The politics of SALT are tricky. While the SALT deduction benefits a wide swath of taxpayers across many states, the biggest beneficiaries tend to be wealthy people with big homes who pay a lot of state income and property tax. The Institute on Taxation and Economic Policy estimates the richest 5 percent would receive 85 […]
Toledo Blade: Ohio urged to spend surplus on children, pregnant women
May 11, 2021
A study by the Institute on Taxation and Economic Policy for Policy Matters estimates that those making between $40,000 and $61,000 a year would on average see a $7 reduction in their annual tax bills from the latest proposal. Those earning at least $490,000 would average a $612 break. Through April, with just two months […]
Open Sky Policy Institute: LB 64: A costly measure that is unlikely to impact retiree migration
May 11, 2021 • By ITEP Staff
LB 64, a bill slated for second-round debate on today’s legislative agenda, is a costly measure that would give wealthy retirees a sizable tax break under the premise of keeping them from fleeing to other states. Few retirees, however, are likely to flee regardless of what happens to our tax code and those who do […]
NBC Chicago: Child Tax Credit: Parents Must File Tax Returns by May 17 Deadline to Qualify
May 7, 2021
About 83 million children live in households that would benefit from the expansion of the child tax credit, according to a study from the Institute on Taxation and Economic Policy. In addition, the poorest 20% of families would see income increase by more than 37% during the year that the policy is in place. Read more
Open Sky Policy Institute: Policy brief — LB 432: A big tax cut for corporations
May 6, 2021 • By ITEP Staff
LB 432, which will soon be up for debate on select file, would give a sizable tax cut to corporations and their shareholders. The vast majority of the tax cut would go out of state and the revenue losses created by the bill would threaten services that Nebraskans need. Read more
WFAE: Duke Energy Among 55 Companies That Paid No U.S. Taxes Last Year
May 5, 2021
An analysis by the Institute on Taxation and Economic Policy, a progressive think tank, finds that Duke and other large companies used lower tax rates and tax incentives to eliminate their federal liability. In Duke’s case, those measures turned what could have been a $176 million income tax bill into a tax credit. When companies […]
The Motley Fool: Stimulus Check Update: Direct Payments Worth $3,600 May be Headed Your Way Soon
May 5, 2021
There are also restrictions to who you can claim under the expanded child tax credit. In order to claim your child or children, you must: Have a valid Social Security number for your child Be related to the child Have had your child live with you for at least half the year Provide more than […]
Open Sky Policy Institute: Policy Brief — LR 11CA presents a dangerous, untested proposal
May 5, 2021 • By ITEP Staff
Under the proposed 10.64% tax rate, and with the allowance, the Institute on Taxation and Economic Policy (ITEP) finds that all income groups would receive a tax cut on average, with the exception of the second-lowest quintile — those with incomes between $24,000 and $38,800 — who would pay 2.4% more of their income in […]
Forbes: President Biden’s Capital Gains Tax Plan
May 5, 2021
So, what’s the problem? What could be the downside of raising the taxes on a small portion of Americans to help needy children and kids go to college? Just 0.7% of households would face a tax hike, according to the Institute on Taxation and Economic Policy, with almost the entire burden being felt by the richest […]
Washington Governor’s Office: Inslee signs economic justice legislation to help working families
May 4, 2021 • By ITEP Staff
Gov. Jay Inslee today signed an economic justice legislative package, including the Working Families Tax Credit and the capital gains excise tax, that starts the process of making Washington’s upside-down tax system fairer and more equitable. Read more
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