According to a new analysis from the Institute on Taxation and Economic Policy — a left-leaning think tank — Trump’s tax and tariff proposals could spur an average tax cut of about $36,300 for the richest 1% of Americans, or those with incomes of $914,900 and above. Beyond that, ITEP expects the next-richest 4% to receive an average tax cut of about $7,200.
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Members of the media rely on ITEP for analysis and insight about how tax policies affect people. If you’re a reporter looking to talk to one of our experts, contact Jon Whiten at [email protected].
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media mention October 11, 2024 Business Insider: The Top 5% Will Benefit from Trump’s Tax Plans While the Rest of America Pays More, a New Analysis Says
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media mention October 11, 2024 Pittsburgh Post-Gazette: Pennsylvanians Favor Citizenship, Not Deportation, for Unauthorized Immigrants in New Survey
But even as most polls show Trump is preferred over Vice President Kamala Harris on immigration, his policy prescription is not the one that Pennsylvanians prefer, according to survey results released Thursday.
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media mention October 9, 2024 Salon: Expert: Analysis shows Trump tax plan “taking money” from bottom 95% and “giving it” to richest 5%
Former President Donald Trump’s proposed tax plan would create tax cuts for the nation’s top 5% of earners while leaving the rest of Americans to shoulder tax increases by 2026, according to a new analysis.
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media mention October 7, 2024 New York Times: Trump’s Plans Could Increase U.S. Debt While Raising Costs for Most Americans
Former President Donald J. Trump’s economic proposals could inflame the nation’s debt burden while ultimately raising costs for a vast majority of Americans, according to a pair of new economic… -
media mention October 7, 2024 Education Week: How States Use Tax Credits to Fund Private School Choice: An Explainer
Most of the biggest recent developments in the world of private school choice have centered around education savings accounts, a twist on the private school voucher that parents can spend… -
media mention October 7, 2024 NBC News: Sen. Elizabeth Warren and Rep. Madeleine Dean Demand Food and Beverage CEOs Put a Stop to ‘Shrinkflation’
Two Democratic lawmakers are demanding that some of the biggest food and beverage companies stop engaging in “shrinkflation” — the practice of reducing product sizes while charging prices that are… -
media mention October 7, 2024 HuffPost: Group That Says Tariffs Are Taxes Touts Tariff-Pushing JD Vance Taking Its No-Tax Pledge
Americans for Tax Reform’s anti-tax pledge is well known in GOP circles. But what does it mean when punishing tariff hikes are on the table? Read more. -
media mention October 4, 2024 Al Jazeera: How Will Trump’s Plans to Deport Undocumented Migrants Impact US Economy?
Trump has made immigration, a hot-button issue this election, one of the pillars of his campaign. The role of immigrants in the startup economy is well known – 55 percent of US startups valued at $1bn or more were founded by immigrants, and some of the most famous names in Silicon Valley are those of foreign-born entrepreneurs, including Tesla chief Elon Musk and Google co-founder Sergey Brin.
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media mention October 2, 2024 Business Insider: Trump’s Plan to Scrap Taxes on Tips and Overtime Could Reshape How Millions of Americans Get Paid
Joe Hughes, a senior analyst on federal tax policy at the Institute on Taxation and Economic Policy, told BI that “you would need a lot of safeguards in place to keep this from being just another avenue for tax avoidance.” He continued: “It’s at least applaudable that Trump says that he wants to help low-income workers. But I think that there are much better avenues to do that than exempting very specific types of income.”
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media mention October 1, 2024 CNBC: Fixing Social Security Funding Woes Requires Addressing Immigration “Fraud,” Vance Said. Here’s What Experts Say.
Undocumented immigrants contributed $33.9 billion in federal social insurance taxes in 2022 toward Social Security, Medicare and unemployment insurance, according to the Institute on Taxation and Economic Policy. Yet because of their immigration status, those workers are barred from accessing those benefits.
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media mention October 1, 2024 NerdWallet: What Trump and Harris Have in Store for Your Taxes
As far as how the candidates are tackling all aspects of tax code, Amy Hanauer, executive director of the left-leaning think tank Institute on Taxation and Economic Policy, says, “The big picture is the Harris approach raises more revenue; it raises it primarily from the wealthiest and corporations. The Trump approach puts us deeper in debt and gives a lot more away to wealthy people and corporations. Both of them, I think, have some proposals that would help middle class families on the tax side. But the Harris approach gives us more revenue to pay for things that middle class families might want.”
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media mention October 1, 2024 CBS News: What Are Tim Walz’s Economic Policies? Here’s a Look at What He’s Done in Minnesota.
Minnesota Gov. Tim Walz may be best known for his Midwestern roots, having grown up in Nebraska and spent years as a public school teacher and football coach in Minnesota. But voters will get a chance during his debate Tuesday with vice presidential rival Sen. JD Vance on CBS to hear more about Walz’s views on taxes and the economy, a critical issue in the November election.
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media mention September 27, 2024 NPR Planet Money: Inside the Economic Minds of the VP Candidates
FOUNTAIN: Yeah, let’s talk about that for a second. Tax policy is our wheel house. Tell us about the tax policies of Walz. ROSALSKY: So, to set the scene a little bit, according to the Institute on Taxation and Economic Policy, most states in our country actually have somewhat regressive tax systems. They tax the rich at lower rates, and therefore are tax systems that aren’t progressive at all. Walz helped make Minnesota one of the few tax systems in the country that is progressive. And he did this through a series of tax cuts and rebates and credits for low- and middle-income Minnesotans, and a series of moderate tax hikes on the rich.
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media mention September 20, 2024 Rolling Stone: Trump’s Tax Plan Is Another Giant Boon for the Wealthy
Former President Donald Trump can’t stop touting his 2017 “Trump tax cuts” as his signature economic achievement, claiming vast benefits delivered to average Americans. He’s pledged to both continue and expand the cuts if elected president.
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media mention September 20, 2024 The American Prospect: Trump’s Tax Cut-A-Rama Total so Far: $9.75 Trillion
Donald Trump’s recent bid for votes by giving away a host of tax benefits and exemptions would bring the total cost of his tax plan to between $8.5 trillion and $9.75 trillion over a decade, according to a Prospect review of estimates by tax study organizations.
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media mention September 19, 2024 Los Angeles Times: Trump Says He Would Uncap the State and Local Tax Deduction
Days after mingling with wealthy donors in Beverly Hills and the Bay Area, former President Trump said that if he is reelected, he would reinstate a tax break that benefits residents of high-tax states such as California.
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media mention September 19, 2024 ITEP’s Kamolika Das Responds to Misleading Baltimore Sun Op-ed
ITEP Local Policy Director Kamolika Das had this letter to the editor published in the Baltimore Sun on September 18: David F. Tufaro’s recent commentary about the Renew Baltimore campaign… -
media mention September 9, 2024 Herald-Mail Media: Maryland Taxpayers Can Use IRS Direct File Next Year: What to Know About Free System
Maryland officials backed a federal effort this week to make the process of filing your taxes “easier, simpler, and more affordable,” according to the governor, but forthcoming program eligibility details will reveal who may benefit.
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media mention September 3, 2024 The Nevadan: Trump’s Promise of Mass Deportations Could Devastate Nevada’s Economy. Here’s How.
A recent study conducted by the Institute on Taxation and Economic Policy (ITEP) found that undocumented immigrants contributed at least $96.7 billion in federal, state, and local taxes in 2022 — a number that would increase if they were granted formal work authorization. In Nevada, undocumented immigrants accounted for $507 million in 2022 tax revenue, the study found.
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media mention August 30, 2024 Financial Times: Silicon Valley’s Elite Rattled by Prospect of Tax on Unrealized Gains
A novel proposal to tax the unrealised gains of wealthy Americans has incited fury from Silicon Valley’s richest investors. US vice-president Kamala Harris, the Democratic nominee for the 2024 presidential election, rolled out a tax plan last week aimed at raising nearly $5tn over a decade. It included support for the controversial tax proposal, which was also part of President Joe Biden’s federal budget plan for 2025.
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media mention August 30, 2024 AFP Fact Check: Posts Misrepresent Harris Tax Plan on Unrealized Capital Gains
Social media posts claim Kamala Harris’ economic plan, were she elected president, would force Americans to pay tax on the rise in value of assets such as homes and stock investments, even if they are not sold. This is mostly false; the proposal in the current Biden administration’s budget calls for a tax on “unrealized gains” on certain assets — but only for households with a net worth of at least $100 million, or an estimated 0.01 percent of taxpayers.
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media mention August 28, 2024 The Independent: What We Know About Kamala Harris’s Tax Plans
Kamala Harris has pledged that strengthening America’s middle class will be a “defining goal” of her presidency, if elected. In her keynote address at the Democratic National Convention, Harris envisioned what she called an “opportunity economy” anchored by a “middle class tax cut that will benefit more than 100 million Americans,” standing in stark contrast to Donald Trump’s sweeping tax cuts that largely benefit America’s wealthiest households.
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media mention August 26, 2024 MarketWatch: Kamala Harris Backs Biden’s Tax Proposals — Including a Tax on Unrealized Capital Gains
n the first few days of Kamala Harris’s 2024 presidential campaign, experts told MarketWatch that her stances on taxes probably would closely resemble those of President Joe Biden.
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media mention August 26, 2024 The Lever: Will Harris Finally Kill Wall Street’s Infamous Tax Break?
s part of their new 2024 party platform, Democrats have promised to close a notorious tax loophole that has long allowed Wall Street billionaires to pay a far lower tax rate than most Americans. Likewise, Vice President Kamala Harris has reportedly signaled she supports ending this tax break, which could net billions in government revenue.
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media mention August 15, 2024 La Opinión: Los indocumentados que Trump quiere deportar aportan millones de dólares a la economía
En una entrevista con la cadena ABC el pasado domingo, el compañero de fórmula de Donald Trump en la mancuerna presidencial republicana, JD Vance, evadió responder cuál será el proceso para identificar y deportar a millones de indocumentados, la pieza central de su campaña, y se limitó a recitar las usuales frases que son código de movilización para su base: frontera “abierta”, muro, criminales.