Institute on Taxation and Economic Policy (ITEP)

Citations

ITEP's Citations Research Priorities

Bloomberg: Warren’s Tax Proposal Aims at Assets of Wealthiest Americans

January 25, 2019

Her plan would do more to relieve inequality than New York Democratic Representative Alexandria Ocasio-Cortez’s idea to raise the top income tax rate to 70 percent, according to Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. New research indicates that raising marginal income rates wouldn’t do […]

Washington Post: Elizabeth Warren to Propose Wealth Tax

January 25, 2019

Estimates of how much money can be raised by taxing the very rich vary dramatically. The Institute on Taxation and Economic Policy, a left-leaning think tank, published a report on Wednesday finding that a 1 percent wealth tax on the wealthiest 0.1 percent of Americans would raise $1.3 trillion over a decade. That would affect […]

West Virginia Center on Budget & Policy: Fixing the Social Security Tax Bill with a Bottom-Up Tax Cut for Working Families

January 24, 2019 • By ITEP Staff

The fact that so few West Virginians pay income tax on their Social Security benefits should tell us that this is not a middle-class tax cut. As the graph and analysis by the Institute on Taxation and Economic Policy (ITEP) below shows, the average tax change from eliminating the state income tax on Social Security […]

Wall Street Journal: Democrat Elizabeth Warren Proposes Wealth Tax

January 24, 2019

That is roughly 10 times the revenue that the current estate and gift taxes are projected to raise, but Ms. Warren’s “ultramillionaire-tax” proposal on the top 0.1% isn’t just about generating money to pay for government programs. It marks Democrats’ intense emphasis on inequality as the party tries to reclaim the White House in 2020. […]

CNBC: Elizabeth Warren proposes ‘wealth tax’ on Americans with more than $50 million in assets

January 24, 2019

While the 1 percent of Americans with the highest incomes receive about 20 percent of the total income in the United States, the top 1 percent of wealth holders collectively own more than 40 percent of the nation’s total wealth, according to a report published Wednesday by the Institute on Taxation and Economic Policy arguing […]

New York Times: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich

January 24, 2019

Ms. Warren appears to be the first declared Democratic candidate to release a plan for a wealth tax, but the idea is quickly gaining steam among liberal activists and policy experts. Two think tanks, the Institute on Taxation and Economic Policy and the Washington Center for Equitable Growth, released wealth-tax-themed policy briefs this week in […]

Politico: Let’s Talk Wealth Tax

January 24, 2019

Steve Wamhoff at the Institute on Taxation and Economic Policy projects that a wealth tax could raise well over $1 trillion in a decade, and notes that wealth inequality far outpaces income inequality in the U.S. “The goals of raising revenue and addressing inequality will be difficult to achieve if federal tax policy continues to […]

Law360: Montana Mulls Statewide Sales Tax To Replace Property Taxes

January 24, 2019 • By Meg Wiehe

Montana could become the first state in the nation to eliminate residential and commercial property taxes in exchange for creating a new 2.5 percent statewide sales tax...

NC Policy Watch: Report: Corporations Are Stiffing North Carolina on $373 Million in State Taxes

January 23, 2019 • By ITEP Staff

It turns out that state leaders can ensure that companies pay the proper amount of taxes on income generated from business conducted in their jurisdictions, but existing tax codes at the state level often allow loopholes for smart corporate tax lawyers to exploit. Corporations often use accounting sleights of hand to move income around within […]

Bloomberg: Cannabis Excise Tax Revenue Could Eclipse Alcohol Revenue in 2019

January 23, 2019

Excise tax revenue from marijuana sales is expected to surpass alcohol excise collections in 2019, according to the co-author of a new report. Carl Davis, a research director at the Institute on Taxation and Economic Policy, noted in his report that state and local retail marijuana excise tax collections already rivaled alcohol tax collections in […]

Bloomberg: Economic Policy Group Makes Case for 1 Percent Wealth Tax

January 23, 2019

A 1 percent tax on taxpayers’ net worth over $32.2 million, starting in 2020, would raise $1.26 trillion over a decade, according to a new report from the Institute on Taxation and Economic Policy. Top 1 percent of wealth holders own 42 percent of U.S. wealth, report says, citing research from University of California, Berkeley […]

Politico Morning Tax: The Broad View on Pot

January 23, 2019

There’s been plenty of coverage of states legalizing recreational marijuana and then overestimating how much revenue they’ll see. But a new report from the liberal Institute on Taxation and Economic Policy notes that while legalized pot will likely never be the central component of a state’s revenue stream, there’s still plenty of potential there. For […]

Time to restore fairness to the personal income tax and break the boom-or-bust cycle

January 22, 2019 • By ITEP Staff

Our citizen legislators have lots of choices to make when they meet for the annual legislative session every January – how to prioritize spending on public services like education, health care and public safety, which laws to enact, and whether to make changes to our state’s tax code.

Maui Now: Report: Hawaii Could Recover $38M Lost to Corporate Tax Loopholes

January 19, 2019

Reforms to end corporate tax loopholes in Hawai‘i could reduce lost tax revenue and bring in an additional $38 million to the state, according to a new report released on Friday by The Institute on Taxation and Economic Policy. The report called “A Simple Fix for a $17 Billion Loophole,” takes a look at complicated […]

The Daily Chronicle: Senate Hears Testimony on Governor’s Proposed Capital Gains Tax

January 18, 2019

Last fall, a report from the Institute on Taxation and Economic Policy showed that the lowest 20 percent of earners pay almost 18 percent of family income in taxes, while the top one percent pay just three percent in taxes. Multiple people testified that Washington’s “upside-down” tax system needs to be changed. Read more

Oregonian: Big corporations moving profits offshore costs Oregon $175 million a year: study

January 18, 2019

“Every dollar that we allow big corporations not to pay, someone else has to pick it up,” said Richard Phillips, a senior analyst with the Institute on Taxation and Economic Policy and co-author of the study. “This is not a victimless crime. This is taking money out of the pockets of small business.” Read more

Beacon Journal/Ohio.com Editorial Board: How Ohio’s Tax System Puts a Heavier Burden on the Poor

January 17, 2019 • By ITEP Staff

The Institute for Taxation & Economic Policy performed the analysis for Policy Matters. Consider that those Ohio families with annual incomes below $19,000 paid an average 12.3 percent of their income in state and local taxes. For those in the middle three quintiles, with incomes from $19,000 to $91,800 a year, the burden holds steady, […]

Missouri Budget Project: Senate Tax Bills Provide Unfair Giveaways, Leave Communities Reeling

January 16, 2019 • By ITEP Staff

An analysis by the Institute on Taxation & Economic Policy found that 91% of the tax cut would flow to the wealthiest 20% of Missourians.

Maine Center for Economic Policy: The Prosperity Budget

January 15, 2019 • By ITEP Staff

Where State of Working Maine 2018 investigated the nature of work in the modern economy and made recommendations to reaffirm our values of fairness and respect in the workplace, the Prosperity Budget examines the opportunity to leverage state budget and tax policy to build a stronger economy where every Mainer has an equal opportunity to […]

MassBudget: 14 Options for Raising Progressive Revenue

January 14, 2019 • By ITEP Staff

People in Massachusetts seek to live in communities that provide a high quality of life for their family and neighbors. We value good schools, police and fire protection, libraries and parks, smooth roads and reliable transit, and supports to help families struggling through tough times. A community’s day-to-day well-being and its long-term prosperity are built […]

Hartford Business Journal: Major policies opposed by businesses loom in Democrat-controlled legislature

January 14, 2019

When Rep. Josh Elliott (D-Hamden) calls Connecticut’s tax system regressive, it’s not just an opinion. The Democrat is citing a 2014 report by the state’s own tax department, that uses a scoring method called the Suits Index to measure the impact of Connecticut’s nine major state and local taxes. The Department of Revenue Services concluded […]

Oregonian: Profits Double, Tax Payments Fall at Nike, Attracting Attention of EU Regulators

January 12, 2019

By the end of 2017, Nike had $12.2 billion in permanently reinvested earnings. The company estimates that had it dispensed with the foreign strategy and kept that money in the U.S., the taxes would total $4.1 billion. In other words, Nike saved $4.1 billion by employing the overseas tax strategies, said Matt Gardner, a senior […]

Policy Matters Ohio: New Research Underlines Need to Overhaul State Tax Code

January 11, 2019 • By ITEP Staff

Ohio’s upside-down tax system takes an especially heavy toll on black and Latino residents. That’s the finding of new research from the Institute on Taxation & Economic Policy (ITEP), a national nonprofit research group with a sophisticated model of the tax system, that was released today by Policy Matters Ohio. Read more

Arkansas Democrat-Gazette: State Finance Official Says 200,000 Filers Would See Tax Increase in Plan’s Current Form; Governor Wants Fix

January 11, 2019

Rep. Lane Jean, R-Magnolia, said he started digging last month into a written analysis of the plan given by Lisa Christiansen Gee, senior policy analyst at the Institute on Taxation and Economic Policy in Washington, D.C. The analysis, given to the task force last fall, suggested some taxpayers would pay more in net income taxes […]

The Intellectualist: Study: Tax Cuts For The Top 1% Cost More Than Entire Food Stamp Program

January 9, 2019

According to estimates from the Institute on Taxation and Economic Policy, the richest 1 percent of households, those with incomes higher than $607,090, stand to receive a total tax cut of more than $84 billion in 2019 alone. To put this number in perspective, in 2019, the total cost of nutrition assistance benefits paid through […]