Citations
6,208 posts
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 […]
The Root: Trump Goes on National TV to Talk about His Dumb Wall
January 8, 2019
His assertion that undocumented immigrants create a strain on our nation is basically refuted in a 2017 report from the Institute on Taxation and Economic Policy (pdf) which shows undocumented immigrants pay an estimated $11.74 billion in state and local taxes. Additionally, 50 percent of undocumented immigrants file federal tax returns using Individual Tax Identification […]
Alternet: It’s Not About National Security…the Insidious Truth Behind Trump’s Wall
January 6, 2019
Whether legal or illegal, all immigrants pay sales taxes and property taxes (the latter are factored into the cost of rental units for people who don’t own homes). And all legal immigrants pay all the payroll and income taxes that native-born Americans do. Amazingly, most illegals also cough up income and payroll taxes too. That’s […]
The Progressive: States and Localities Move to Reverse Racist and Regressive Tax Policies
January 3, 2019
And a recent analysis of state and local tax systems by the Institute on Taxation and Economic Policy shows that, as a whole, state and local governments tax the poor at higher rates than they do the rich. Why is state and local taxation so backwards in the United States? Some state constitutions prohibit progressive […]
Record Eagle (Mich.): Help Michigan’s Poor by Scrapping Gas Tax
January 3, 2019
ndeed, the Institute on Taxation and Economic Policy finds the Michigan tax code to be a matter of “soak the poor and middle class, spare the wealthy.” According to ITEP, the total Michigan tax rate on the top 1 percent, with average income of $1,164,700, is 5.1 percent. This includes all Michigan taxes. The lowest […]
Politics USA: Sen. Kamala Harris Immediately Introduces Middle Class Tax Cut Bill
January 3, 2019
The Institute on Taxation and Economic Policy estimates the LIFT Act would impact one in every two workers and two out of every three children in America. In addition, ITEP estimates approximately 1 million Pell Grant eligible students would qualify for the credit of up to $3,000. Read more
Arizona Center for Economic Progress: Wrong Priorities: It Doesn’t Make Sense to Give a Tax Cut to the Rich While Arizona Asks Children in Public Schools to Wait
January 2, 2019 • By ITEP Staff
Arizona stands to gain $130 million to $230 million in General Fund revenues if it conforms the Arizona tax code to the federal tax changes enacted in 2017. Rather than directing those additional revenues to better prepare for the next economic downturn or toward increased investments in our public schools, SB1143 and HB2522 will direct […]
Washington Times: Trump Tax Cut Foiled by State’s Itemized Deduction Rule
December 31, 2018
Last year, many states opened their legislative sessions at the beginning of January, just after the federal tax law passed in December 2017, leaving them little time to figure out the new landscape. “I think they were very flat-footed,” said Meg Wiehe, deputy director of the Institute on Taxation and Economic Policy. “We were even […]
Mother Jones: It’s Been a Year Since Trump Enacted Sweeping Tax Cuts. The Rich Won
December 22, 2018
The surge in buybacks comes with an “opportunity cost,” says Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy. “You can’t spend money on things like job creation or increasing manufacturing capacity when you’re spending it on buybacks. It is a zero-sum game,” Gardner says. “Stock buybacks aren’t achieving things the […]
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