March 9, 2022
The share of households facing tax hikes would vary across states, according to an analysis by the Institute on Taxation and Economic Policy, ranging from a low of about 24 percent in Washington State to high of roughly 50 percent in Mississippi, which is among the poorest states in the country. Read more
March 9, 2022
But an analysis by the liberal-leaning Georgia Budget & Policy Institute, using modeling by the Institute on Taxation and Economic Policy, shows that 62% of the benefits would go to the top 20% of Georgia tax filers. While the top 1% of Georgia taxpayers, earning more than $575,000 a year, would get 18% of all […]
March 2, 2022
Facts First: This needs context. Biden left out a significant word from the prepared text of his speech. The prepared text, which the White House emailed to journalists just before Biden spoke, said that the 55 Fortune 500 companies paid zero dollars last year in federal income taxes. That was indeed the conclusion of a […]
March 1, 2022
President Biden: “Last year, 55 of the Fortune 500 companies earned $40 billion in profit and paid zero in federal taxes.” Fact check: True. This statistic comes from the Institute on Taxation and Economic Policy (ITEP), a liberal think tank. Across several different industries, the ITEP states there are at least 55 of the “largest corporations in […]
February 25, 2022
Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, said that group includes many retirees or people with disabilities who are collecting Social Security benefits, low-income working families, and people who qualify for tax credits or make less than the standard deduction ($12,550 for single filers in 2021, and $25,100 […]
February 25, 2022
Meanwhile, GM has recorded $70bn in profits since 2010 while taking $8bn in subsidies in recent decades – more than all but one company nationwide. The idea that it needed incentives to invest in Michigan “is absurd”, said Matt Gardner, a senior fellow at the progressive-leaning Institute on Taxation and Economic Policy (ITEP). Businesses report that tax subsidies infrequently […]
February 18, 2022
Many young workers may get an extra $820 in their tax refund this year because of the expansion of a key poverty-fighting credit, a new analysis found. The expanded Earned Income Tax Credit (EITC) will reach more than 1 in 3 young adults this year, according to the report from the Institute on Taxation and Economic […]
February 17, 2022
State lawmakers are also pointing to substantial, but temporary, budget surpluses to justify tax cuts, but these surpluses are “deceptive and fleeting,” says Neva Butkus of the Institute on Taxation and Economic Policy (ITEP), a Washington think tank. Twenty-three states lowered their revenue estimates compared to pre-pandemic levels, and 19 states counted delayed fiscal year […]
February 16, 2022
More than 1 in 3 young adults – or more than 5 million people – would benefit from this change in the earned income tax credit, seeing an average of benefit $820, according to the Institute on Taxation and Economic Policy, a progressive think tank, which is advocating for a permanent change in the age restrictions. […]
February 10, 2022
Meanwhile, a new report found Amazon was able to dodge over $5 billion in federal income taxes in 2021. Amazon reported record revenue of $35 billion last year but benefited from a federal income tax rate of just 6%, thanks to corporate tax breaks. The report was issued by the Institute on Taxation and Economic […]
February 10, 2022
For the 37% of workers 19 to 24 who are now eligible to receive the credit, the expansion will mean an average boost of $820, according to a study from the Institute on Taxation and Economic Policy. If an individual has no other tax liability, that money will be sent to them in their refund […]
February 4, 2022
The following is an excerpt of an opEd by Aidan Davis, ITEP senior policy analyst, and Neva Butkus, policy analyst, published on Feb. 4 in Newsweek: One report after another in recent months revealed that the nation’s richest individuals gained wealth during the pandemic while ordinary families financially stood still or faced impossible decisions—such as […]
February 3, 2022
Meanwhile, the bigger credit comes at a welcome time for many Americans, as roaring inflation consumes most of low-wage workers’ pay gains. “While these folks without dependent children may not be faced with the cost of childcare, they’re definitely paying more for food, for gas, for rent. For these folks, these necessities may be out […]
January 25, 2022
If Kentucky were to cut its income tax rate to 4%, it would have to raise the sales tax rate from 6% to 7.4% to make up the lost revenue, according to the Institute on Taxation and Economic Policy. That would give our state the highest state sales tax in the country. The bottom 60% […]
January 24, 2022
But those surpluses, points out Institute on Taxation and Economic Policy analyst Neva Butkus, reflect a set of special circumstances that range from billions in federal Covid aid to changes in tax-filing deadlines during the pandemic that have left many 2020 and 2021 tax payments getting collected in the same fiscal year. Using the surpluses these special […]
January 24, 2022
According to the Institute on Taxation and Economic Policy: FedEx (FDX) – Get FedEx Corporation Report zeroed out its federal income tax on $1.2 billion of U.S. pretax income and received a rebate of $230 million, Nike (NKE) – Get NIKE, Inc. Class B Report paid no federal income tax on almost $2.9 billion of […]
January 20, 2022
Idaho’s corporate income tax rate is a single rate of 6.5%; the bill would lower it to 6%. Necochea called that “throwing money out of the state,” citing figures from the Institute on Taxation and Economic Policy estimating that 81% of the benefit from that cut would flow out of state. “Corporate owners can live […]
January 20, 2022
An analysis by the Institute on Taxation and Economic Policy, a nonprofit, nonpartisan tax policy organization based in Washington, D.C., found that the total tax benefits of the package for a person in the top 1% of Idaho income earners making $557,000 or more annually would benefit by $13,254. Read more
January 10, 2022
In addition, “sales taxes inevitably take a larger share of income from low- and middle-income families than from rich families because sales taxes are levied at a flat rate and spending as a share of income falls as income rises,” according to the Institute on Taxation and Economic Policy. Read more
January 3, 2022
The bill also has provisions to require corporations to pay their fair share of the nation’s tax bill. According to the Institute on Taxation and Economic Policy, 55 of the nation’s largest and most profitable corporations paid no federal tax at all in 2020. Build Back Better would require corporations with profits exceeding $1 billion […]
December 31, 2021
A 2019 report from the Institute on Taxation and Economic Policy suggested state-level CTCs are also a means for reducing “a myriad of inequities that are exacerbated by the tax codes in many states,” including by rectifying existing racial inequities in state tax policy and lifting tax burdens off of the poor. “State lawmakers… do […]
December 23, 2021
Still, many America have money coming to them if they still have not received all that was due them from the three stimulus checks, or if they are eligible for the enhanced child tax credit or earned income tax credit. “It could be quite a bit of money for people who may be struggling in […]
December 21, 2021
Of course, a bunch of admittedly left-leaning economists say the Democrats’ plan would help “reduce inequality.” Though many of Democrats’ more radical tax proposals were scaled back or dropped in negotiations, the bill would be “a meaningful step for reducing inequality,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. […]
December 20, 2021
About 10 million children could sink into poverty or deeper into poverty if the credit is discontinued, according to CBPP. The poorest 20 percent in the U.S. would experience a 35 percent increase to their incomes if the credit was extended through next year, according to a study by the Institute on Taxation and Economic […]
December 20, 2021
Though many of Democrats’ more radical tax proposals were scaled back or dropped in negotiations, the bill would be “a meaningful step for reducing inequality,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. An analysis by the group estimated the plan’s changes to the child tax credit and earned […]
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].