Citations
ITEP's Citations Research Priorities
FoxBusiness: U.S. Companies Paid $91 Billion Less in Taxes
June 4, 2019
Plus, in 2018, 60 of America’s biggest companies paid $0 in federal taxes Opens a New Window. , despite earning billions of dollars in profits. That includes Amazon, Netflix, General Motors, Chevron, JetBlue, IBM and U.S. Steel, which all used a diverse array of loopholes and tax breaks, according to a report from the INstitute […]
Washington Post: Why the U.S. Economy Is Worse than It Seems
June 4, 2019
Even more remarkably, the top 1 percent of households now hold 31 percent of the nation’s wealth (assets minus liabilities), or $30 trillion, while the entire bottom half of the nation’s households hold only about 1 percent, or $1 trillion. That comes to $23 million per household for the top 1 percent and $18,000 in […]
Policy Matters Ohio: Refundability Now
June 4, 2019 • By ITEP Staff
The federal credit is so effective that 29 states, including Ohio, have used it as a model for their own EITCs, calculating the state credit’s value as a percentage of the federal one. However, Ohio’s credit leaves out the most important part: refundability.
Washington Post: The Trump Tax Cuts Are Failing Badly
June 1, 2019
Giving companies more incentive to invest, then, won’t do much if they don’t have a reason to invest in the first place — which they haven’t recently. This raises the possibility that the Trump tax cuts won’t just be regressive but almost cartoonishly so. Consider this: According to a separate analysis by the left-leaning Institute […]
Newark Star-Ledger: Will This Tax Plan Boost Booker’s Campaign?
May 31, 2019
In New Jersey, almost three-quarters of the benefits, 74 percent, would flow to the poorest 40 percent of taxpayers, according to the Institute on Taxation and Economic Policy, a progressive research group. Under the the Trump tax law, 72 percent of the benefits went to the richest 20 percent in the state and capped the […]
Yahoo! Finance: Corporations Paid $91 Billion Less in Taxes in 2018 under Trump’s Tax Law
May 31, 2019
“There are a lot of breaks and loopholes that allow a company not to pay,” said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy (ITEP). “People, when they think of tax reform, think the government is going to fix the tax code and get rid of breaks and […]
The Tennessean: Our Tax System Is Immoral and Unfair to the Middle Class | Opinion
May 30, 2019
Recently, the Institute on Taxation and Economic Policy shared an analysis of Fortune 500 companies that finds at least 60 of the nation’s biggest corporations didn’t pay one cent in federal income taxes in 2018 and in turn had a collective $79 billion in profits. It is based on 2018 financial filings of the country’s […]
Winston Salem-Journal: Five Basic Truths About the State Budget
May 28, 2019
The budget is unfair and unjust: North Carolina has always relied upon a regressive tax structure that takes more from the incomes of the poor and middle-class than from the wealthy. But this pattern has grown significantly worse and more unfair in recent years as the personal income tax was flattened and cut and corporate […]
The Columbus Dispatch: Business Groups Pushing to Save Tax Breaks for Richest Ohioans
May 25, 2019
Policy Matters says the analysis, completed by the Institute on Taxation and Economic Policy, found that virtually all of the Ohio tax filers who would pay more under the overall House plan are among the top 5% of Ohio taxpayers, making over $208,000. Read more
Akron Beacon Journal: A $1 Billion State Tax Break Still Worth Shrinking
May 24, 2019
What does the House propose? It would reduce the exemption to the first $100,000 in “pass through” income and wipe out the special 3 percent tax rate. That would save $528 million a year. It would do so without affecting 86 percent of those claiming the exemption. Who would see a change? Policy Matters Ohio […]
New Hampshire Business Review: Some NH Firms Paid Little or No Tax in 2018
May 23, 2019
Those companies are hardly unique. “Not a Dime,” a recent study by the Institute on Taxation and Economic Policy (ITEP), found that at least 60 of the Fortune 500 companies paid no taxes to the federal government in 2018, even though they made substantial profits. (There may be more, but the financial filings for the […]
Connecticut Voices for Children: Impact of the FY 2020-2021 Appropriations and Finance Committee Budget and Revenue Proposals on Children and Families
May 23, 2019 • By ITEP Staff
The report recommends that state legislators and the Governor repeal the state’s Bond Lock, revise the volatility cap, and implement additional tax reforms that begin to correct the state’s regressive revenue system by asking more of the state’s wealthiest residents. Read more
New York Times: Democrats’ Tax Cuts Target Middle Class More Than Trump’s, Study Says
May 22, 2019
Tax plans from several Democratic candidates for president would cost less than President Trump’s signature tax cuts but deliver larger benefits to most low- and middle-income Americans, according to a new analysis by the Institute on Taxation and Economic Policy, a liberal think tank in Washington. The analysis is one of the first to examine […]
Arizona Daily Sun: Tax Dodgers Inc.
May 21, 2019
How is it possible to pay less than zero? By riddling the tax code with so many special deductions and gimmicks that the government owes you money! On tax day this year, a watchdog group called ITEP (Institute on Taxation and Economic Policy) issued a report documenting that 60 of America’s biggest corporations used the […]
Wharton: Have Stock Buybacks Gone Too Far?
May 16, 2019
Fueled by the lower corporate tax rate, share buybacks among S&P 500 companies shot to a fourth consecutive record in the last quarter of 2018, according to Standard & Poor’s. What’s more is that the lower tax rate enabled dozens of profitable Fortune 500 companies such as Amazon and IBM to avoid paying federal taxes […]
Policy Matters Ohio: The Good and the Bad in the House Tax Plan
May 15, 2019 • By ITEP Staff
The tax plan approved by the Ohio House last week would sharply limit an income-tax break for business owners that costs more than $1 billion a year while providing few benefits to the Ohio economy. At the same time, it would eliminate the bottom two brackets of the income tax and cut rates by 6.6%. […]
Hartford Courant: We Are a Group of Wealthy Connecticut residents, and we want to pay more in taxes.
May 14, 2019
Connecticut was slow to recover from the Great Recession. Meanwhile, inequality has skyrocketed. As the economy grew coming out of the recession, 100 percent of increased income in Connecticut has gone to the top 1 percent of earners. At the same time, the remaining 99 percent of income earners have seen their income decline, on […]
WBNS Ohio: Expert explains why Ohio gas prices can fluctuate so quickly
May 12, 2019
Ohio is now the 30th state to raise or reform its gas tax this decade, according to the Institute on Taxation and Economic Policy (ITEP). Starting July 1, 2019, a 10.5 cent gas tax and 19 cent diesel tax increase will take effect with the purpose of fixing deteriorating roads and bridges around the state. […]
Salon: The Tax Bill for Many Big Polluters Last Year? $0
May 12, 2019
Adapting to our warming world is expensive. It costs a lot to build sea walls, cure disease outbreaks, and rebuild after floods. It takes money to invent better batteries, turn farms into carbon sinks, and replace polluting power plants with clean energy. Instead of maybe taxing carbon emissions to pay for all this, the United […]
Connecticut Voices for Children: Voices from the Capitol: Countdown to the End of the Session
May 10, 2019 • By ITEP Staff
Staff experts from our national partners – Elizabeth McNichol of the Center on Budget and Policy Priorities and Aidan Davis of the Institute on Taxation and Economic Policy – joined Jamie Mills of Connecticut Voices for Children in submitting powerful testimony before the Finance Committee in support of a modest surcharge on capital gains earned […]
ABC News: Trump Lobbied for Tax Loopholes in the 1990s
May 9, 2019
The sweeping, bipartisan law that Trump railed against was popular in both Democrat and Republican circles, as it got rid of numerous loopholes, reduced tax-code chicanery and lowered tax rates across income brackets. “The 1986 tax law was the gold standard for tax reform because it removed loopholes and simplified the tax system,” said Steve […]
Allentown Morning Call: Fortune 500 company PPL not only paid no federal taxes last year, it got a $19 million rebate; it says it has invested those savings
May 8, 2019
Sixty of America’s Fortune 500 corporations paid nothing — or got refunds — for 2018, according to a report released last month by the Institute on Taxation and Economic Policy in Washington, described as a left-leaning think tank by the Washington Post and New York Times. In PPL’s case, the institute said the company received […]
Voice of America: In the US, Death Is More Certain Than Taxes
May 8, 2019
In the corporate world, however, with the tax overhaul pushed to passage by Trump and Republican lawmakers in 2017 that cut the basic federal corporate tax rate from 35% to 21%, 60 of the biggest U.S. corporations avoided paying any taxes last year, according to the Washington-based Institute on Taxation and Economic Policy. The research […]
The Hill: Tax Prep Companies Under Fire over Free File Program
May 8, 2019
Steve Wamhoff, director of federal tax policy for the left-leaning Institute on Taxation and Economic Policy, said that it’s inevitable that when private companies are tasked with offering a public service, they will do things to maximize their profits. A free tax-filing service “would be carried out more efficiently publicly rather than privately,” he added. […]
Maryland Center on Economic Policy: Improving the Child Tax Credit Would Benefit More than 700,000 Marylanders
May 7, 2019 • By ITEP Staff
Refundable tax credits like the Earned Income Tax Credit and the Child Tax Credit make an important difference for working families, together bringing more than 100,000 Marylanders’ family incomes above the federal poverty line each year. Maryland has built on these successful policies by supplementing the federal Earned Income Tax Credit with a state credit and extending […]
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