Citations
ITEP's Citations Research Priorities
US News: Americans Are OK With Biden’s Spending Plans: Poll
April 27, 2021
Biden has repeatedly lamented that corporations do not pay their fair share of taxes, using legal loopholes to avoid taxes. A report earlier this month by the Institute on Taxation and Economic Policy found that at least 55 of the nation’s top companies paid no corporate income taxes in 2020, despite collecting $40.5 billion in […]
CNBC: Elizabeth Warren takes aim at FedEx, Nike, Amazon in push for corporate tax hike
April 27, 2021
FedEx and Nike were mentioned in an April report by the Institute on Taxation and Economic Policy as companies that recently paid little-to-no federal corporate income taxes. “The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million,” the report said. “The […]
CNBC: Calls to end $10,000 SALT deduction cap threaten Biden’s tax plan ahead of its release
April 27, 2021
In addition, most of the families that would benefit from doing away with the SALT cap would be wealthy white ones, according to a recent analysis from the left-leaning Institute on Taxation and Economic Policy. Black families are 42% less likely and Hispanic families are 33% less likely than white ones to see a tax break […]
CBS Philadelphia: Child Tax Credit: How Much Money Can Parents Expect In Monthly Payments?
April 27, 2021
he Institute on Taxation and Economic Policy believes that households accounting for 83 million children would benefit to some degree. Anywhere from eight to 12 million children live in households facing food insecurity due to lack of money, according to recent Census data from late 2020. Estimates suggest that expanding the Child Tax Credit would […]
Bloomberg: SALT Workarounds Spread to More States as Democrats Seek Repeal
April 27, 2021
A recent think tank report found that removing the cap without making other tax changes could compound the federal tax code’s disproportionate economic impact on Black and Latino families. Over 70% of the benefit from the restored deduction would benefit wealthy white households with over $200,000 in annual income, the Institute of Taxation and Economic […]
CNN: Elizabeth Warren: US taxes are rigged in favor of Amazon, Netflix and other big companies
April 27, 2021
Despite reporting large pretax profits, at least 55 large corporations paid no federal corporate income tax in their most recent fiscal year, according to the Institute on Taxation and Economic Policy, a progressive think tank. The list of profitable companies that avoided all federal income taxes last year includes FedEx (FDX), HP and Nike (NKE) […]
CNBC: Elizabeth Warren takes aim at FedEx, Nike, Amazon in push for corporate tax hike
April 27, 2021
FedEx and Nike were mentioned in an April report by the Institute on Taxation and Economic Policy as companies that recently paid little-to-no federal corporate income taxes. “The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million,” the report […]
Footwear News: Sen. Elizabeth Warren: Nike and Amazon Should Be Hit With Higher Tax Rate
April 27, 2021
Early this month, a study from the Institute on Taxation and Economic Policy suggested that 55 U.S.-based companies — including Nike and FedEx — did not pay corporate income taxes in their most recent fiscal year despite reporting sizable pretax profits. According to the think tank, the Swoosh didn’t pay federal income tax on about […]
Morning Call: PPL Corp. and other companies with Lehigh Valley ties paid zero U.S. taxes in 2020
April 26, 2021
Matthew Gardner, a senior fellow with the Institute on Taxation and Economic Policy and co-author of the organization’s report, said PPL documents show the company made pre-tax U.S. income of $880 million in 2020 but wound up with a benefit of $9 million in taxes, resulting in a minus 1% tax rate. In the three […]
Daily Kos: Democrats gave Americans a huge tax cut—just not the wealthiest ones
April 26, 2021
According to new estimates from congressional forecasters, Democratic tax cuts for low- to middle-income earners included in President Joe Biden’s relief plan could mean that people making less than $75,000 on average will pay nothing in federal income taxes this year. In other words, Democrats are doing for most Americans what Republicans achieved for many […]
Idaho Center for Fiscal Policy: Analysis and Considerations Related to House Bill 380
April 26, 2021 • By ITEP Staff
The Idaho Legislature is considering a proposal that would reduce the number of income tax brackets from seven to five, cut income and corporate tax rates and provide a one-time tax rebate. HB380 is a revised version of HB332, with one significant change, the elimination of two tax brackets, which serves to make Idaho’s tax […]
New Jersey Policy Perspective: Blueprint to Secure a Just Recovery
April 24, 2021 • By ITEP Staff
In 2017, New Jersey Policy Perspective released the Blueprint for Economic Justice and Shared Prosperity. It charted a course forward for the state after decades of short-sighted policymaking that exacerbated racial disparities, spread economic inequality, and weakened our ability to address emergent problems. Now, as we begin to recover from the COVID-19 pandemic and recession, […]
Bloomberg: The Myth of the Middle-Class SALT Cap Victim
April 23, 2021
Once again, if you make well under $1 million a year and your tax rate really did go up from 2017 to 2018 because of the SALT cap, I’m not denying that your suffering is real. But you appear to be in a distinct minority even in New York, New Jersey, Connecticut, California and other […]
Washington Post: The Federal Government Is Losing Billions in Unpaid Taxes, in Part Due to Racial Disparities in the Tax Code
April 23, 2021
Drawing from a report by the nonpartisan Institute on Taxation and Economic Policy, Wyden said an estimated 80 percent of the individual benefits under the Trump administration’s tax cuts went to White Americans. Read more
Washington Center for Equitable Growth: Weekend reading: Inequities in U.S. taxation and homeownership edition
April 23, 2021 • By ITEP Staff
Homeowners of color who sell their homes receive lower prices due to such factors as reduced neighborhood school quality, but they pay the same property taxes because these factors are not incorporated into tax assessments. Black and Hispanic homeowners also face discrimination in assessment appeals. The Institute on Taxation and Economic Policy explains the regressivity […]
Bloomberg: Firms Shuffle Intangible Assets Abroad Despite U.S. Tax Break
April 23, 2021
President Joe Biden and other Democrats have said FDII has been ineffective and should be replaced or revamped. While the concerns they’ve voiced about FDII aren’t directly related to the overseas IP transfers among subsidiaries, the transactions are yet another example of how FDII hasn’t achieved its goal of getting U.S. companies to house key […]
FAIR: ‘Some of Our Most Profitable Companies Are Not Contributing to Our Basic Needs’
April 23, 2021
Janine Jackson interviewed Institute on Taxation and Economic Policy’s Amy Hanauer about corporate tax avoidance for the April 16, 2021, episode of CounterSpin. This is a lightly edited transcript. Read more
Bloomberg: IRS Releases Country-by-Country Filings: Insights on Tax Havens, Effective Tax Rate
April 23, 2021
One of the interesting patterns in the CbCR filings is the gap between the statutory and effective tax rates. The ETR on the U.S. is just 9% versus the statutory rate is 21%. This matches up with a study done by a left-leaning think-thank, The Institute on Taxation and Economic Policy, which found that almost […]
NC Policy Watch: NC needs to fix its tax code to secure a just recovery — for everyone
April 23, 2021 • By ITEP Staff
North Carolina’s current tax code asks the top to pay less as a share of their income than taxpayers with poverty-level incomes. By putting in place tax policies that would ask just 1 percent of North Carolinians to pay slightly more, North Carolina can invest in a more equitable, just recovery for everyone. Read more
The Hill: Progressives Divided over Efforts to Repeal SALT Cap
April 22, 2021
Outside liberal groups are also criticizing the push to repeal the SALT deduction cap. The Institute on Taxation and Economic Policy released a report Tuesday that said repealing the cap would worsen racial income and wealth disparities because most of the benefits of repeal would go to high-income white families. Steve Wamhoff, director of federal […]
Axios: GOP Senators Open to Corporate Tax Increase
April 22, 2021
Driving the news: The president has highlighted a study from the left-leaning Institute on Taxation and Economic Policy showing 55 corporations actually received $3.5 billion in tax rebates, instead of paying approximately $8.5 billion in taxes on some $40.5 billion in income. Read more
CNBC: Black, Hispanic Families Would Benefit Less from a SALT Cap Repeal than Whites
April 21, 2021
Repealing the $10,000 state and local tax deduction cap is likely to have uneven results for Americans. In fact, Black families are 42% less likely and Hispanic families are 33% less likely than white ones to see a tax break from a SALT cap repeal, according to a recent analysis from the left-leaning Institute on […]
Jacobin: Democrats’ Lies About Tax Breaks Sound a Lot Like Republicans’
April 20, 2021
If you only listened to Democratic lawmakers, you might think these numbers are dramatically different in Democratic states with higher state and local taxes — but “there is no state where this is a primarily middle-class issue,” reported the Institute on Taxation and Economic Policy. As just one example: the group’s state-by-state analysis found that […]
Bloomberg: SALT Cap Revolt Led by N.Y. Democrats Snarls Biden Spending Plan
April 20, 2021
A study released Tuesday showed that the cap also would disproportionately benefit White families over non-White households, further complicating the Biden administration’s plans to make racial equity a core plank of any economic proposal. The study by the left-leaning Institute on Taxation and Economic Policy showed that more than 72% of the tax cuts from […]
Forbes: Repealing The Cap On State And Local Tax Deductions Would Widen The Racial Wealth Gap, New Study Shows
April 20, 2021
As some lawmakers from high-tax Blue states push for the elimination of the Trump-era $10,000 cap on state and local tax (SALT) deductions, a new study from the left-leaning Institute on Taxation and Economic Policy shows that repealing the deduction would not only disproportionately benefit the wealthy, but also white taxpayers, widening the already yawning […]
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