Select Media Mentions
Forbes: Will Working From Home Cripple City Budgets?
April 24, 2022
As if COVID-19 hasn’t been hard enough on cities, a new report from the Institute on Taxation and Economic Policy (ITEP) raises another worry—lost tax revenues from a weak office sector. Linking data on offices with employment information (especially on working from home), ITEP worries many cities will face declining revenues. Read more
McClatchy: A Republican senator has a plan to ‘Rescue America.’ Here’s what it could cost Californians
April 19, 2022
But it’s the lowest wage earners who would pay more taxes, according to the Institute on Taxation and Economic Policy. The nonpartisan Tax Policy Center reached the same conclusion. The ITEP’s estimate of the impact on Californians: ▪ Lowest 20% of income earners, making $26,100 or less, a tax increase of $790. ▪ Second 20%, […]
MarketPlace: Millions of college students are eligible for tax credits. But they have to file for them
April 15, 2022
“They’re sensibly designed to make college more attainable, to make it so that students don’t have to live in poverty just to pay for their college expenses,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy. Read more
CNBC: How companies like Amazon, Nike and FedEx avoid paying federal taxes
April 14, 2022
The current United States tax code allows some of the biggest company names in the country to not pay any federal corporate income tax. In fact, at least 55 of the largest corporations in America paid no federal corporate income taxes on their 2020 profits, according to the Institute on Taxation and Economic Policy. The […]
CSPAN Washington Journal: Biden Tax Proposals
April 12, 2022
ITEP Senior Fellow Matthew Gardner appeared on CSpan’s Washington Journal on Tuesday, April 12, 2022, to discuss President Biden’s tax proposals.
Quartz: What’s in store for empty downtown office buildings?
April 12, 2022
Even as business districts start to recover, Gallup estimates that 37% of current office space in the US is likely to be abandoned as workers switch to remote work. That could slash cities’ tax revenue and economic activity. A study of eight cities from the Institute on Taxation and Economic Policy found that lost tax […]
Wall Street Journal: Raise Residential Taxes? Bring in Casinos? Cities Look at Ways to Bolster Budgets
April 11, 2022
“Though magnitudes vary somewhat across cities, all face significant fiscal risks,” the Institute on Taxation and Economic Policy, a Washington, D.C., think tank, said in a November report that looked at the impact of remote working on property tax collections in eight cities.The report projected that prices for commercial real estate on average will fall […]
Wall Street Journal: Cities Look at Ways to Bolster Budgets
April 11, 2022
“Though magnitudes vary somewhat across cities, all face significant fiscal risks,” the Institute on Taxation and Economic Policy, a Washington, D.C., think tank, said in a November report that looked at the impact of remote working on property tax collections in eight cities.The report projected that prices for commercial real estate on average will fall […]
Washington Post: Want to really fix Virginia’s standard deduction? Index it.
April 6, 2022
On that topic, the Institute on Taxation and Economic Policy wrote: Any feature of an income tax that is based on a fixed dollar amount will be vulnerable to inflationary effects. In many states, this means that tax breaks designed to provide low-income tax relief — including exemptions, standard deductions, and most tax credits — […]
Fox News: Rep. Ro Khanna concerned student loan debt could be a hurdle to raising children, buying homes
April 6, 2022
“How is it that some corporations are paying zero percent tax?” Khanna said. “We can make sure that people who are very, very wealthy are paying at least 20%. That is what teachers and firefighters pay.” At least 55 corporations didn’t pay any federal income tax in 2020, according to a study conducted by the […]
The Nation: Biden’s Billionaire Tax Is Smart Politics for the Midterms
March 31, 2022
Right now, über-billionaire Elon Musk enjoys a tax rate of 3.27 percent, while Amazon’s Jeff Bezos pays 0.98 percent, according to a 2021 ProPublicareport. Getting them to pay 20 percent would be an epic accomplishment, which is what makes the president’s initiative a big deal. Indeed, as Amy Hanauer of the Institute on Taxation and […]
Bloomberg: Did You Pay Your ‘Fair Share’ of Federal Income Tax This Year?
March 31, 2022
And according to the Institute on Taxation and Economic Policy, the impact would have a definite geographic tilt. The states where more than 40% of residents would face tax increases are largely in the South, including Mississippi, West Virginia, Arkansas, Louisiana, Alabama, Kentucky, Oklahoma, Georgia, New Mexico, South Carolina, and Florida. read more
WVTF Radio: A gas tax holiday may not lead to savings for Virginia drivers
March 30, 2022
About a third of the savings will go to the oil industry, according to research into how this worked when Indiana and Illinois had a gas tax holiday. But that doesn’t mean Virginians will see the rest of the savings. Carl Davis at the Institute on Taxation and Economic Policy says a quarter of the […]
Associated Press: How Would a Billionaire Tax Work?
March 29, 2022
Steve Wamhoff, director of tax policy at the Institute on Taxation and Economic Policy, says the Democrats “have got this reconciliation vehicle that they can use that to pass legislation.” “This is a step toward a much fairer tax code.” Read more
MarketWatch: Can Biden turn his ‘billionaire minimum income tax’ into law?
March 29, 2022
The minimum tax payments would count as a “prepayment,” credited against future capital-gains taxes, the Treasury Department said. That way, when the asset was finally sold off, it would not be taxed twice, it noted. Such a system would be a “huge” step towards a fairer tax code, said Steve Wamhoff, director of federal tax […]
Fortune: President Biden says his ‘Billionaire Minimum Income Tax’ would raise $360 billion. How does it work?
March 29, 2022
The highest likelihood is through “reconciliation” — a budget process for passing fiscal legislation with a simple majority of Senate votes. That will require buy-in from West Virginia Sen. Joe Machin and Arizona Sen. Kyrsten Sinema, who have each objected to proposals to tax the ultra-wealthy in the past. Steve Wamhoff, director of tax policy […]
New York Times: What Retirement Means for Your Taxes
March 28, 2022
Many states exempt retirement income, although the specifics vary widely. Eight states have no personal income tax, but among those that do, about three-quarters fully exempt Social Security benefits from taxation, and most others have partial exemptions for lower-income retirees, according to research by the Institute on Taxation and Economic Policy, a nonpartisan nonprofit group. […]
CBS News: These states may soon slash their residents’ income taxes
March 15, 2022
Georgia’s House recently approved a bill that would create a flat state income tax with a 5.25% rate, raise the amount of income exempt from taxation and eliminate many deductions. Georgia’s top income tax rate is now 5.75%, which applies to income over $7,000 earned by a single person or income over $10,000 earned by […]
CNBC: Eligible Taxpayers Can Claim Earned Income Tax Credit in These States
March 15, 2022
President Joe Biden called for making these changes permanent in the American Families Plan, which could provide $12.4 billion to families in 2022, affecting 19.5 million workers, according to research from the Institute on Taxation and Economic Policy. However, the status of this proposal is unclear. Read more
Washington Post: Congress urges DOJ, Treasury to examine drug companies aiming to turn opioid settlements into tax breaks
March 14, 2022
There is uncertainty in the law about these types of tax breaks, said Matthew Gardner, a senior fellow at the nonprofit Institute on Taxation and Economic Policy. Though recent changes to the tax code have attempted to close loopholes that permit companies to deduct legal settlements or governmental fines from taxes when they have committed […]
MSNBC: Putting a price tag on Rick Scott’s proposed GOP tax hike
March 14, 2022
About a week later, the Institute on Taxation and Economic Policy produced a related report that found, under the GOP senator’s vision, most of the tax increases “would be paid by the poorest 40 percent of Americans.” Read more
Washington Post: Yes, voters ‘deserve to know’ this GOP plan would raise taxes by $1 trillion
March 12, 2022
The bean counters at the Urban-Brookings Tax Policy Center and the Institute on Taxation and Economic Policy ran the numbers on what ITEP called the “only possible interpretation of Sen. Scott’s proposal” (making sure every household pays at least $1 in federal income tax) and found that the Republican plan would raise taxes by $100 […]
McClatchy: Would a gas tax break help drivers save that much money? Here’s what experts say
March 11, 2022
According to the American Petroleum Institute, the federal tax on gas is about 18 cents per gallon. National gas prices average about $4 per gallon as of March 11, according to AAA. “Even if Americans trust companies like Exxon and BP to pass on the full savings of the gas tax holiday to consumers, the […]
Bridge Michigan: Michigan GOP tax cut plan helps wealthy at expense of equity
March 11, 2022
Following is an excerpt from an opEd co-authored by ITEP policy analyst Neva Butkus in Bridge Michigan: At the beginning of 2022, the national Institute on Taxation and Economic Policy (ITEP) forecasted the “tax cut fever” that has been sweeping through state legislatures across the nation — including here in Michigan, with the Legislature’s passage […]
Truthout: GOP’s Tax Plan Would Raise Taxes by Over $1,000 Annually for Poorest Americans
March 9, 2022
In a report released on Monday, the Institute on Taxation and Economic Policy (ITEP) estimated that the poorest Americans would be the most affected by Scott’s plan — meaning that the GOP’s tax plan would essentially be to tax the poor. The poorest 20 percent of Americans, who make $12,300 a year on average, would […]
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