Citations
6,208 posts
AP: Bezos, Hunting for Big Wins, Is Comfortable with Big Fails
April 11, 2019
A top spokesman at the world’s largest retailer was also quick to mock on Twitter Amazon’s challenge with its own jab on the issue of taxes. “Hey retail competitors out there (You know who you are) How about paying your taxes?” Walmart’s Dan Bartlett tweeted. Bartlett shared an article that cited a report from the […]
The DC Line: – David Schwartzman: By Offsetting Federal Tax Cuts Locally, We Can Improve the Quality of Life for All DC Residents
April 10, 2019 • By Misha Hill
Misha Hill of the Institute on Taxation and Economic Policy (ITEP) has estimated that the top 20 percent income bracket of DC residents will receive almost $700 million in federal tax cuts this year, with most ($541 million) going to the top 5 percent (with incomes above $319,000 per year). The same study finds that […]
Politifact: Kamala Harris Calls Her LIFT Plan ‘The Most Significant Middle-Class Tax Cut in Generations.’ Is It?
April 10, 2019
Meg Wiehe, deputy director of the Institute on Taxation and Economic Policy, considered a left-of-center think tank, said Harris’ descriptions are “a fair and an accurate portrayal.” Wiehe said it’s not just the size of Harris’ plan that makes it significant. It’s how it delivers the benefit. “These refundable credits really are the most cost-effective, […]
The Washington Post: Health Care Is Shockingly Expensive. Why Can’t You Deduct It?
April 10, 2019
My proposal won’t add much to the $22 trillion national debt, relatively speaking. According to an AARP fact sheet, the Institute on Taxation and Economic Policy estimated that lowering the threshold from 10 percent to 7.5 percent would cost $1.2 billion in 2019. It will unquestionably cost more than that to eliminate the threshold for […]
Crosscut: I’m Rich, I Should Pay More Taxes in Washington
April 10, 2019
But if you’re a working family, Washington is a different story. That’s because in Washington, our lowest-income families pay taxes that amount to a six times greater share of their income than what the wealthiest households pay. We have the most upside-down tax code in the country, according to the Institute on Taxation and Economic […]
Connecticut Voices for Children: Even with Modest Capital Gains Tax, Wealthiest Would Pay Average of $36,000 Less in Taxes After Trump Tax Cuts
April 10, 2019 • By ITEP Staff
Connecticut faces a $4 billion deficit over the Fiscal Years 2020-21 biennial budget. Without adequate revenues, painful budget cuts that could fall heavily on children and families are inevitable. Read more
Connecticut Voices for Children: A Balanced Approach to Revenues: Ensuring Fairness and Adequacy
April 10, 2019 • By ITEP Staff
As the General Assembly develops its biennial budget facing a $4 billion deficit, Connecticut Voices for Children urges legislators and the Governor to adopt a balanced approach by adopting revenue streams that enhance the fairness of our tax system while providing the adequate funds to sustain us today and to invest for tomorrow. Budget cuts […]
The DC Line: By offsetting federal tax cuts locally, we can improve the quality of life for all DC residents
April 9, 2019
Misha Hill of the Institute on Taxation and Economic Policy (ITEP) has estimated that the top 20 percent income bracket of DC residents will receive almost $700 million in federal tax cuts this year, with most ($541 million) going to the top 5 percent (with incomes above $319,000 per year). The same study finds that […]
Fast Company: Soak the Rich but How?
April 9, 2019
“Right now, the personal income tax has all kinds of special breaks,” says Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, who supports raising the marginal tax rates. “So at some level it doesn’t really matter where you set the top rate if rich people are not […]
Crain’s Detroit: Legal Pot v. Black Market
April 6, 2019
“When you have so many communities opting out, you could have less quantity being sold in the legal market,” said Carl Davis, research director for Washington D.C.-based Institute on Taxation and Economic Policy. “They either have to drive a long way to buy legal or turn to the illicit market, which in turn hurts the […]
CNBC: Why Amazon Paid No Federal Income Tax
April 4, 2019
In this CNBC video, Matthew Gardner, ITEP senior fellow, outlines how Amazon got away with paying no federal taxes for the last two years. https://www.cnbc.com/2019/04/03/why-amazon-paid-no-federal-income-tax.html
New York Times: A Man with a Plan for Inequality
April 3, 2019
Their largest holdings often include stocks. Which means that the lower tax rate on capital gains, combined with the deferral of taxing them, has enormous financial consequences, as Steve Wamhoff, of the Institute on Taxation and Economic Policy, explains on JustTaxes.org. “Wealthy households, who already own the most in assets, can defer paying tax and […]
CNBC: What the Wyden-Proposed Tax on Unrealized Capital Gains Might mean for You
April 3, 2019
Marking an asset to market means that you’re treating it as if you’ve sold it for fair market value at the end of the year, accounting for the gain or loss incurred. “It won’t help the wealthy to hold the asset for a longer time; that ability to defer the tax would be taken away,” […]
Bloomberg: Tax-the-Rich Fervor Builds in Statehouses After Trump’s Big Cut
April 2, 2019
The tax-the-rich proposals pending in states are “a reflection of a broader national trend towards recognizing what voters have felt for a long time — that high income individuals and corporations are paying too little,” said Carl Davis, research director of the left-leaning Institute on Taxation and Economic Policy. Read more
Bloomberg: Key Democrat Revives Plan to Make Capital Gains Tax Due Annually
April 2, 2019
And Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, said the bill “would certainly slow down the ability of billionaires to accumulate massive fortunes very rapidly.” Capital gains represent a significant portion of the money earned by the wealthiest households, compared to lower-income taxpayers. Sales of […]
The Columbian: Do We Care that the Tax System Is Unfair?
April 1, 2019
While our state is a bastion of progressive politics and liberal activism (for better or worse), it also has the most regressive tax system in the country. In other words, poor people in Washington pay a disproportionate amount of taxes. Last year, a report from the Institute on Taxation and Economic Policy determined that the […]
Connecticut Voices for Children: Impact of the Governor’s FY 2020-2021 Budget on Children and Families
March 31, 2019 • By ITEP Staff
Connecticut’s long-term fiscal health and economic growth depend on policies that improve equity and support our most vulnerable families and children. Governor Lamont’s proposed state budget avoids additional major cuts to essential programs and services, though it is based on revenue proposals that fall most heavily on our lowest income taxpayers. It asks little of […]
Connecticut Voices for Children: Connecticut’s Radical New Budget Rules: Locking in Decreased Investment in our State for the Next Decade
March 31, 2019 • By ITEP Staff
Faced with increasingly difficult decisions in crafting the Fiscal Year (FY) 2018-19 biennial budget, the Connecticut General Assembly found itself at an impasse. In order to break the log jam, the legislature included drastic measures in the final budget deal. It is increasingly clear that the long-term effects of these measures will be damaging to […]
The Daily Mail: The States Where Poor Pay Higher Taxes than the Rich
March 28, 2019
Poor Americans pay out a higher share of their income toward taxes than their wealthy counterparts in 45 states, according to a new report. However, rich Americans typically pay a higher dollar amount in taxes compared to their low-income counterparts. Tax season is here – and the state where you live could determine whether you […]
Yahoo! Finance: What Are the World’s Best Tax Havens
March 26, 2019
Media reports on the Paradise Papers have subsided, but no one has forgotten the collection of 13.4 million leaked financial files taken from a combination of offshore service providers and company registries, according to the International Consortium of Investigative Journalists. The investigation reveals the offshore interests of wealthy and powerful individuals and examines how multinational […]
Policy Matters Ohio: Senate Transportation Budget Zeroes Out Public Transit, Slightly Improves EITC
March 25, 2019 • By ITEP Staff
Last week, the Ohio Senate took a leap backwards by removing $100 million for public transit from the Transportation Budget allocated by the Ohio House of Representatives. They also took small steps to otherwise improve equity by expanding Ohio’s Earned Income Tax Credit. Read more
NBC News: Factory Workers at GM See Layoffs, not Benefits, after Tax Cuts
March 22, 2019
Matt Gardner, a senior fellow with the Institute for Taxation and Economic Policy, a nonpartisan, liberal think tank, said GM’s announcement confirmed economists’ arguments regarding the tax cuts. “Corporations will always base their investment and job-creation decisions on market fundamentals and consumer demand, not on incremental tax giveaways,” Gardner wrote on his blog. “No amount […]
North Carolina Justice Center: Higher Rates on Higher Income: Why a Graduated Income Tax is Good Policy for North Carolina
March 20, 2019 • By ITEP Staff
At the same time, a graduated rate structure — in contrast with the state’s current flat tax rate on income — can make more revenue available for key public investments, generating broad-based benefits to many people and communities. It is also better able to keep up with the needs of a growing state. That is […]
The American Prospect: New Legislation Would Rein in Corporate Offshoring
March 18, 2019
One clue, at least on the international side, might be found in a report issued last year by the Institute on Taxation and Economic Policy (ITEP). In “Understanding and Fixing the New International Corporate Tax System,” ITEP laid out priorities for a new international tax system that include eliminating the ability for companies to reincorporate […]
State Millionaires’ Taxes Can Advance Racial Justice
March 15, 2019 • By ITEP Staff
Millionaires’ taxes can help address this problem. They can raise substantial revenue for public services by asking more of those at the top, a group that’s disproportionately white. White families are three times likelier than Black and Latinx families to be in the top 1 percent, according to a report by Prosperity Now and the Institute on Taxation and Economic Policy.
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