
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 […]
June 10, 2021
ProPublica’s bombshell report on Tuesday showing that some of the wealthiest Americans routinely pay little or no taxes, a new report from watchdog group Public Citizen today dives into the lobbying expenditures of 55 corporations that paid no federal corporate income tax in 2020, according to an analysis from the liberal Institute on Taxation and […]
June 10, 2021
“The whole exposé is really an argument for the Biden proposal to tax unrealized capital gains at death,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, speaking about the ProPublica investigation. “I do think if you tax gains at death, it would be a huge step […]
June 9, 2021
Following is an excerpt of an opEd by Steve Wamhoff published in Fortune: It is no surprise that billionaires pay little in federal taxes relative to their incomes, but the level of detail provided by ProPublica Tuesday about how 25 billionaires pulled this off is astonishing. It is also an argument for one of President […]
June 9, 2021
FORTUNE: COMMENTARY | TAXES BY STEVE WAMHOFF It is no surprise that billionaires pay little in federal taxes relative to their incomes, but the level of detail provided by ProPublica Tuesday about how 25 billionaires pulled this off is astonishing. It is also an argument for one of President Joe Biden’s key tax proposals—taxing so-called unrealized capital gains […]
June 8, 2021
In this congressional session, Democrats appear to be placing enormous emphasis on creating a fairer tax code along with investing in infrastructure and social programs, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a nonprofit group in Washington that advocates equitable revenue-raising measures. Read more
June 8, 2021
But according to Carl Davis, research director at the Institute on Taxation and Economic Policy, no one is swimming in cash. “A lot of states were just barely trying to get back to where they were before the last recession,” he said. Read more
June 8, 2021
Many big corporations do. At least 55 large U.S. companies, including Nike Inc. and FedEx Corp., reported paying no U.S. federal income taxes in 2020 even though they were profitable, according to the Institute on Taxation and Economic Policy. And some nations benefit by attracting businesses with low rates. Read more