
April 28, 2021
In a report released in April, the left-leaning Institute on Taxation and Economic Policy (ITEP) concluded that 55 profitable companies in the Fortune 500 did not pay any federal income tax, largely as a result of the 2017 tax law, such as through deductions for investment that President Donald Trump promoted in the bill. This […]
April 28, 2021
Simply put, that it unfairly benefits wealthier Americans who can afford to make large investments. Middle-class families, meanwhile, are never likely to own many assets outside their own homes and 401(k)s. The left-leaning Institute on Taxation and Economic Policy argues the tax break has expanded far from its original intention of supporting small-scale transactions and […]
April 28, 2021
Of course, many corporations pay no federal income taxes at all. The Trump tax cut doubled the number of companies that had an effective 0% tax rate, according to the Institute on Taxation and Economic Policy (ITEP), while giving the vast majority of Fortune 500 companies an average federal tax rate of 11.3% the year […]
April 28, 2021
In a year when Kentuckians struggled to pay their utilities bills because of a global pandemic, Louisville Gas and Electric’s parent company paid nothing in federal taxes. PPL reported around $900 million in pre-tax income last year and was one of 55 U.S. corporations that paid nothing in federal corporate income taxes, according to a […]
April 28, 2021
Carl Davis, research director at the Institute on Taxation and Economic Policy, a left-leaning think tank, sees the Census results quite differently. “I really don’t see a tax story here,” he said. Weather and housing prices are far stronger ingredients in moving decisions than tax bills, he said. Besides, the latest Census numbers maintained the […]
April 28, 2021
The stimulus checks, CTC and EITC programs are likely to provide a 33% boost to the pre-tax incomes of the poorest 20% of Americans — a $3,590 hike per family — the Institute on Taxation and Economic Policy found earlier this year. While those three benefits provide a similar dollar amount of typical benefits to […]
April 28, 2021 • By ITEP Staff
The Arizona legislature is poised to permanently cut over a billion dollars in state revenues, the largest tax cut in the last three decades. This cut will make Arizona’s tax system more regressive than it is today with 91 percent of the tax cuts going to people in the top 20 percent of incomes. Read […]
April 28, 2021 • By ITEP Staff
The current taxation system exacerbates economic and racial disparities rather than generating sufficient revenue to be redistributed for the common good. Billionaires and corporations benefit from subsidies and tax breaks to accumulate wealth while avoiding taxation. Meanwhile low-income people and communities, who are disproportionately Black, are targeted for higher taxes and more aggressive enforcement of […]
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 […]
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 […]
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 […]
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 […]
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 […]
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) […]
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 […]
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 […]
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 […]
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 […]
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 […]
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, […]
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 […]
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
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 […]
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 […]
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