Citations
6,208 posts
Policy Matters Ohio: Loopholes Upon Loopholes
March 12, 2019 • By ITEP Staff
As noted, of the three deductions, by far the most taxpayers took advantage of the deduction for self-employment taxes. The Institute on Taxation and Economic Policy, which has a model of the federal and Ohio tax systems, roughly estimates that 330,000 of the Ohio taxpayers who had business income and took the self-employment tax deduction […]
GQ: Local and State Taxes Are Making the Wealthy More Rich Now Too
March 12, 2019
According to a new report by the progressive think tank Institute on Taxation and Economic Policy (ITEP), as relayed in the Washington Post, state and local governments that are heavily reliant on sales and excise taxes, rather than income taxes, shift the economic burden onto low- and moderate-income taxpayers. At every level, those who work […]
New York Daily News: Four Ways to Make New York Taxes More Fair
March 12, 2019
But Cuomo hasn’t talked about the benefits of the Trump tax law for ultra-millionaires — the very richest New Yorkers, mainly in Manhattan. Trump and his GOP minions cut taxes substantially for the richest 5%, who get an $8 billion-plus windfall, according to the Institute on Taxation and Economic Policy. Rich folks got lucrative tax […]
KUOW: Why Washington Ranks as the Worst State for Poor Residents
March 12, 2019
Washington ranks as the worst state for low-income earners to live, and it’s notably worse than any other state. The Institute on Taxation and Economic Policy (ITEP) places Washington, Texas and Florida at the top of the “terrible 10” list in its annual report. The institute says these have the most regressive tax systems, in […]
Crains Chicago: It’s Time to Tax Retirement Income, Illinois
March 11, 2019
On federal returns, income tax is paid on retirement resources that have not been previously taxed—defined-benefit pensions, 401(k)s, and traditional individual retirement accounts. Higher-income seniors also pay taxes on Social Security benefits. Among the states, policy varies. According to the Institute on Taxation & Economic Policy, 11 states tax some portion of Social Security benefits, […]
Philadelphia Inquirer: Why It’s Not as Simple as ‘New Jersey Is a High-Tax State’ or ‘Texas Is a Low-Tax State’
March 10, 2019
A recent study by the Institute on Taxation and Economic Policy analyzed the burdens of state and local taxes across the nation. The results were eye opening, though hardly surprising. Nationally, households in the lowest 20 percent income group spent 11.4 percent of their income on state and local taxes. In comparison, the top 1 […]
Marketwatch: Trump’s Tax Cuts Are Punishing States that Voted for Clinton
March 7, 2019
MarketWatch looked at the calculations conducted by the Institute for Taxation and Economic Policy, an independent Washington, D.C. think-tank. Bottom line: States that voted for Trump will get 56% of the tax cuts, or an extra $35 billion. Yet according to the Internal Revenue Service’s most recent data, those states were only paying 48% of […]
The Columbus Dispatch: Ohio House Members Want Some Answers before Voting on DeWine’s Gas Tax Hike
March 6, 2019
According to the Institute on Taxation and Economic Policy, 27 states have raised their gas taxes since 2013, including every state adjacent to Ohio. The gas tax affects what people pay at the gas pump, but the effect is not always obvious. Read more
Washington Post: State and Local Tax Laws Are Making the Rich Richer
March 6, 2019
State and local taxes effectively redistribute national income from the poor to the very rich, according to data released this week by the Institute on Taxation and Economic Policy, a progressive think tank. Many state and local governments are heavily reliant on sales taxes, rather than income taxes. Lower-income households tend to spend a greater […]
The Hill: Time Is Long Overdue for Congress to Address Marijuana Banking
March 6, 2019
According to tax data compiled by the Institute on Taxation and Economic Policy, tax revenues in 2018 derived from state-sanctioned recreational sales surpassed $1 billion — a 57 percent increase over 2017 levels. Yet there remains a significant regulatory hurdle facing players and consumers who engage in this market. Read more
Georgia Budget and Policy Institute: Georgia Work Credit Grows the Middle Class
March 5, 2019 • By ITEP Staff
A non-refundable Georgia Work Credit would cut state taxes for more than 700,000 lower and middle-income households by up to $475. The Institute on Taxation and Economic Policy estimates that adopting this policy would be equivalent to investing $130 million annually in Georgia families. Read more here
Law 360: Mich. Gov. Offers 45-Cent Gas Tax Hike For Urgent Road Fixes
March 5, 2019
Since 2013, 27 states have approved gas tax increases, according to an analysis from the Institute on Taxation and Economic Policy. Read more (subscription)
CBS News:Some of America’s Biggest Companies Paid Little to No Federal Income Tax in 2018
March 4, 2019
Its 10-K estimates its federal income tax liability at $-22.176 for 2018 — hence ITEP’s conclusion that it won’t pay the government any money for the year. “When I say they paid zero, really what I mean is they reported a $22 million income tax rebate, so they have a negative income tax,” Gardner said. […]
Minneapolis Star-Tribune: Tax Avoidance Might Make Financial Sense, but Is It Fair?
March 1, 2019
One feature of sales taxes is that they cost lower-income people a bigger chunk of what they take in than is the case for more affluent people. In Minnesota the bottom 20 percent of taxpayers by family income only pay about 8.7 percent of their income in state and local taxes. In Florida the poorest […]
Bloomberg: Democrats In the Home of Hedge Funds Are Divided Over Tax Plans Sparing Rich
March 1, 2019
“Most public finance experts will tell you if you have sales tax it should be applied to a broad base,” said Carl Davis, the research director at the Institute on Taxation and Economic Policy in Washington. “If people are no longer going to Blockbuster and now they’re downloading movies, that’s created a gap in the […]
Fortune: Why Amazon May Pay No Federal Income Taxes This Year
March 1, 2019
Amazon’s expected tax avoidance comes despite it nearly doubling its U.S. profits to $11.16 billion in 2018, according to the Institute on Taxation and Economic Policy (ITEP), a nonpartisan tax policy-focused think tank. In fact, instead of paying any federal income taxes, the company received a $129 million tax rebate from the government. The data […]
Vox: Undocumented immigrants pay millions of dollars in state taxes — even in the reddest states
March 1, 2019
While it’s impossible to get the exact numbers because of the limited data available, researchers at the left-leaning Institute for Taxation & Economic Policy estimate that undocumented workers paid a total of $11.7 billion in state and local taxes in 2014, the most recent year of data, according to their 2017 report. That includes $7 […]
Miami Community Newspapers: Marijuana Justice Act Introduced in Both Houses of Congress
February 28, 2019
Specifically, a 2017 report estimates that over 149,000 Americans are now working full-time in the cannabis industry. According to tax data compiled by the Institute on Taxation and Economic Policy, tax revenues in 2018 derived from state-sanctioned recreational sales surpassed $1 billion – a 57 percent increase over 2017 levels. Further, numerous studies have identified an association between cannabis […]
New York Times: Betsy DeVos Backs $5 Billion in Tax Credits for School Choice
February 28, 2019
Carl Davis, the research director for the Institute on Taxation and Economic Policy, noted that the new tax credit would be extremely generous in providing a 100 percent tax break, especially because the new tax law eliminated some incentives for charitable giving. “Now they want to put a supersized one back into the code,” he […]
Marketplace: Devos Proposes $5B in Tax Credits for Scholarship Donations
February 28, 2019
This new segment features ITEP’s research director Carl Davis:
Bloomberg Tax: Tax Executives Fear Overhaul Impermanence as Dems Mull Tweaks
February 28, 2019
The GILTI income subject to the tax is the income earned through a controlled foreign corporation that exceeds 10 percent of the value of the CFC’s tangible, depreciable assets, such as machinery and other equipment. The Institute on Taxation and Economic Policy, a Washington think tank, said in a June 2018 post that this measurement […]
Reuters: Illinois Budget Debate Raises Key Questions on Taxing Retirement Income
February 28, 2019
But the policies of various states are all over the map. Data provided by the Institute on Taxation and Economic Policy shows that 11 states tax some portion of Social Security benefits, usually mirroring the federal formula. Many others tax pensions and tax-deferred accounts, although some have exemptions that protect lower-income, public sector workers and […]
Public News Service: Could Fast-Moving Tax-Cut Proposal Blow WV Budget?
February 27, 2019 • By ITEP Staff
House Bill 3137 would create a fund where new money, including out-of-state online sales taxes, would go. Then, each time that fund reached a certain level, it would trigger compounding cuts in state income taxes. Ted Boettner, executive director of the West Virginia Center on Budget and Policy, said some lawmakers may not realize they […]
Chicago Resilient Families Task Force: Big Shoulders, Bold Solutions: Economic Security for Chicagoans
February 25, 2019 • By ITEP Staff
People with low and middle-incomes are financially savvy in ways that are often underestimated, but despite this are on thin ice financially. Despite doing all the right things, they are caught in a trap that is very hard to escape. Wages are falling behind and jobs are increasingly structured in ways that foster precariousness instead […]
West Virginia Center on Budget & Policy: House Income Tax Cut Plan Mostly Benefits Wealthy and Puts Large Holes in the State Budget (HB 3137)
February 25, 2019 • By ITEP Staff
According to the Institute on Taxation and Economic Policy, a one-percentage reduction in each personal income tax rate would give a West Virginian with an income between $36,000 and $56,000 an average tax cut of $231 compared to $6,044 for someone in the top 1 percent with an income of above $451,000. This means someone […]
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