Citations
ITEP's Citations Research Priorities
MinnPost: Legislative Tax Plans: Equitable, Inspirational or Destructive?
April 30, 2019
Minnesota’s current tax system is considered one of the nation’s most progressive. The Institute on Taxation and Economic Policy, a nonpartisan think tank that assesses state and federal tax policies, ranks the state the fourth most-equitable in the way it taxes lower-income residents. It’s the provider tax and that proposed gas tax hike — two inherently regressive taxes — that drag down the overall progressivity of the plans.
New York Times: Apple Plans to Buy $75 Billion More of Its Own Stock
April 30, 2019
When it repatriated its cash under the new tax law, Apple paid $43 billion less than it would have under previous rates, bigger savings than any other American company, according to the Institute on Taxation and Economic Policy, a research group in Washington. Apple has also saved billions of dollars under the lower corporate tax rate. Apple says it is spending billions in the United States, hiring new workers, building data centers, expanding offices in Texas and investing in some outside manufacturers.
Washington Post: Democrats Said a GOP Tax Law Provision Would Devastate Blue States. That’s Not Happening.
April 30, 2019
“A lot of these claims were knee-jerk, political reactions,” said Carl Davis, a tax analyst for the Institute on Taxation and Economic Policy, a left-leaning think tank. “Some perspective is needed on some of the wild claims about how it would damage blue states’ economies.”
New York Times: Profitable Giants Like Amazon Pay $0 in Corporate Taxes. Some Voters Are Sick of It.
April 29, 2019
The list of profitable companies that pay no corporate taxes, compiled by the Institute on Taxation and Economic Policy, a left-leaning think tank, also includes Goodyear and three other Ohio companies, including the Akron-based electric utility FirstEnergy. The company, which has the naming rights to the Cleveland Browns’ stadium, paid no taxes last year on $1.5 billion in income, according to the analysis, and will receive additional tax credits that can be used in the future. In a win for consumers, some of that will be returned to the utility’s customers.
Connecticut Voices for Children: Testimony Supporting H.B. No. 7415
April 26, 2019 • By ITEP Staff
Smart state fiscal policies can play a critical role in building strong, equitable state economies. It is time we fix our tax laws to give working people and children a fair shot to get ahead by pursuing twin goals of assuring adequate revenues to support the programs and services vital to the well-being of our […]
Democracy Now: Joseph Stiglitz: Elizabeth Warren & Bernie Sanders Want to Make the Economy Work for All Americans
April 25, 2019
This is Democracy Now! I’m Amy Goodman, with Juan González. The Institute on Taxation and Economic Policy has found the number of large U.S. companies who paid nothing in federal taxes has doubled in recent years. The companies include Amazon, Netflix, General Motors, IBM, Chevron, Eli Lilly, Delta, Occidental Petroleum, Honeywell, Prudential, Halliburton, Whirlpool and […]
New York Times: Dealbook Briefing
April 24, 2019
“There’s a general rule that you’re not supposed to be able to claim losses for more than you put into a deal,” Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a left-leaning think tank, told Businessweek. “Real estate is the exception.” Read more
Bloomberg: Want to Make Millions and Pay No Taxes? Try Real Estate
April 24, 2019
“There’s a general rule that you’re not supposed to be able to claim losses for more than you put into a deal,” says Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a left-leaning think tank. “Real estate is the exception.” Read more
Vox: Democrats don’t have to wait for Trump to leave office to cut child poverty
April 17, 2019
But these plans have one major obstacle: Donald Trump is president. Policymakers in the Democratic fold have been arguing over what should happen in a hypothetical 2021 in which Trump has been defeated, Democrats control the Senate, and the party gets a brief opening to pass legislation. There’s no guarantee that will happen (especially the […]
Fox Business: Amazon Isn’t the Only Company that Paid $0 in Taxes Last Year
April 17, 2019
Under President Trump’s new tax law, 60 of America’s biggest corporations paid $0 in federal taxes in 2018, despite earning billions of dollars in profits. Amazon, Netflix, General Motors, Chevron, JetBlue, IBM and U.S. Steel were all among the companies that avoided taxes last year using a diverse array of loopholes and tax breaks, according […]
Des Moines Register: Large Corporations Are Winning Big Under GOP Tax Law
April 17, 2019
The GOP also doesn’t talk about how the biggest winners of the controversial tax law are — surprise — some of the country’s largest, publicly held corporations. They owed nothing on the billions of dollars in profits they earned. At least 60 companies reported their 2018 federal tax rates amounted to effectively zero or less than […]
Detroit Metro Times: Five Top Michigan Corporations Paid $0 in Taxes
April 17, 2019
ou may have paid federal taxes, but four Fortune 500 companies in Michigan did not. In fact, they received hundreds of millions of dollars in refunds collectively. DTE Energy, Penske Automotive Group, Whirlpool, and General Motors are among 60 corporations nationally that paid $0 in federal taxes in 2018 despite billions in profits. That’s partly […]
InsideSources: How the GOP Tax Law Benefited Big Tech
April 17, 2019
Big Tech companies like Amazon, IBM and Netflix paid no federal income tax this year according to data compiled by the Institute on Taxation and Economic Policy (ITEP), and some rushed to blame Republicans’ Tax Cuts and Jobs Act (TCJA) for handing out more tax breaks to corporations instead of ordinary Americans. Read more
Texas Monthly:The Governor Wants to Replace Property Taxes With ‘Consumption’ Taxes. That’s a Terrible Idea.
April 16, 2019
The trick, of course, is that consumption taxes are regressive, and property taxes are not. Again, because there’s no state income tax, the burden of funding state government falls disproportionately on poor and middle-class folks. The poorest half of Texans pay more than 10 percent of their annual income on state and local taxes, according […]
CBS News Money Watch: Bernie Sanders: Amazon, Netflix are a “disgrace” for not paying taxes
April 16, 2019
The 60 companies that didn’t pay taxes last year, including tech giants such as Amazon and Netflix, relied on a number of legal strategies to eliminate their taxes, according to the left-leaning Institute on Taxation and Economic Policy. At the same time, the Tax Cuts and Jobs Act slashed the corporate tax rate to 21 […]
Wall Street Journal: Cuomo Paid Less Tax Under Federal Overhaul He Has Ripped
April 16, 2019
The 2017 tax law also lowered federal tax rates, narrowed the alternative minimum tax and increased the size of both the standard deduction and child tax credit. Because of these provisions, supporters of the law say many people will see their tax liability go down, even if they pay more than $10,000 in state and […]
Business Insider: Bernie Sanders says it’s a ‘disgrace’ that Amazon and Netflix pay nothing under Trump’s tax bill
April 16, 2019
A recent report from the Institute on Taxation and Economic Policy said Amazon used “tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes.” Read more
Rolling Stone: Billions in Profits, No Taxes: How the Trump Tax Code Let 26 Companies Off the Hook
April 16, 2019
We knew President Trump’s 2017 tax bill favored corporate America, but this is ridiculous. According to a new study, a group of 60 companies in the Fortune 500 booked nearly $80 billion in total profits in 2018, but each owed $0 in taxes. Worse: Many of these companies actually got rebates from Uncle Sam, totaling […]
New York Post: Want to get out of taxes? Just make $79B
April 16, 2019
While millions of Americans had to cut Uncle Sam a check this year to pay their tax bill, 60 of the Fortune 500 companies paid zero taxes on their revenue, a new report finds. In 2018, 60 of America’s biggest corporations zeroed out their federal income taxes on $79 billion in US pretax income. Instead […]
Newark Star-Ledger: Tax Day 2019 More Taxing for 400k NJ Households
April 16, 2019
Only California, New York, Texas and Florida saw a greater number of households paying more in taxes, according to the report, based on data from the Institute on Taxation and Economic Policy. Read more
Pennsylvania Budget and Policy Center: A Fair Share Tax Plan for Pennsylvania — 2019 Update
April 15, 2019 • By ITEP Staff
This paper puts forward the Fair Share Tax plan, a major step toward fixing Pennsylvania’s broken tax system and raising the revenues we need to invest in the public goods that are critical to creating thriving communities and individual opportunity in our state: education, infrastructure, protection for our air and water, and human services. The […]
CBS Radio News: Taxes, the Why and How Much
April 15, 2019
ITEP senior fellow was featured on this Tax Day podcast. To listen, visit: https://www.newsweek.com/republican-tax-cuts-trump-wage-increases-879800
New York Times: Their Tax Rate Is Zero
April 15, 2019
Amazon. Delta Air Lines. Chevron. IBM. General Motors. Molson Coors. Eli Lilly. What do these companies have in common? They paid no federal taxes last year. Thanks to President Trump’s 2017 tax law, the number of Fortune 500 companies that pay no federal taxes roughly doubled last year, to 60, according to an analysis by […]
CNN: Four Ways Trump’s Tax Cuts Changed the Economy
April 15, 2019
Congress has yet to take up spending cuts to big-ticket items like Medicare and Social Security that the White House had proposed to curb deficits. Still, mounting debt makes conversations around future expenditures more difficult. Lawmakers have choked on passing a large infrastructure package, for example, because there’s no plan to pay for it. “In […]
New York Times: Face It, You Probably Got a Tax Cut
April 15, 2019
Other analyses reached similar conclusions. The Joint Committee on Taxation — Congress’s nonpartisan team of tax analysts — found that every income group would see a tax cut on average. So did the Institute on Taxation and Economic Policy, a left-leaning think tank that was sharply critical of the law. In fact, that group went […]
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