Select Media Mentions
The Hill: Build Back Better is a chance to finally make corporate taxes line up better with profits
December 16, 2021
These planning opportunities have long helped to make corporate tax avoidance both incredibly successful and publicly infamous. Between 2018 and 2020, the Institute on Taxation and Economic Policy reports that 39 of America’s largest companies paid zero dollars in federal income tax, despite their reporting combined net profits of $122 billion. During this same period, an […]
Time: A Wonky Tax Break for the Well-Off Is a Bigger Problem for Democrats Than You’d Think
December 16, 2021
That’s because raising the cap on SALT deductions from $10,000 to $80,000, as prescribed in the House-passed version of BBB, would disproportionately help taxpayers rich enough to benefit from itemizing their federal tax deductions—which is to say, the richest fifth of Americans. According to a November analysis from the nonpartisan Institute on Taxation and Economic […]
McClatchy: Parents Are Receiving Their Final Monthly Child Tax Credits. Will Congress Bring Them Back?
December 16, 2021
Continuing the expanded credit in 2022 would mean these savings for California families with tax cuts next year, according to the Institute on Taxation and Economic Policy: — Less than $29,100 income (lowest 20%): $4,080 — $29,100 to $51,700 (next 20%): $2,850 — $51,700 to $83,200 (next 20%): $2,780 — $83,200 to $151,100 (next 20%): […]
Bloomberg: SALT Debate Forces Rich Americans to Confront Widening Tax Gap
December 10, 2021
Lawmakers in Arizona, Arkansas, Idaho, Iowa, Louisiana, Missouri, Montana, North Carolina, Ohio and Oklahoma have also approved cuts to their top personal income tax going into effect either this year or in future years. “There are states moving in different directions,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. […]
USA Today: With inflation spiking, will states and voters give grocery taxes a second look?
December 9, 2021
Read more: https://www.usatoday.com/story/news/politics/2021/12/08/inflation-food-prices-grocery-taxes/8800601002/?gnt-cfr=1
Arkansas Democrat-Gazette: Income tax cut bills roll through Arkansas House and Senate; steel plant incentive also meets approval
December 9, 2021
The state Democratic House Caucus held a news conference Wednesday morning to release several proposals that they said would be a better use of the $600 million a year that the Institute on Taxation and Economic Policy estimated was how much the income tax rate cuts would eventually reduce state general revenue. The House Democrats’ […]
NJ.com: 96% of N.J. residents would get their full property tax break restored under this Senate plan
December 9, 2021
According to the progressive Institute on Taxation and Economic Policy, the Senate proposal would encompass 96% of New Jersey taxpayers. The higher cap for what is known as SALT would be phased out for those making $400,000 to $475,000, and anyone making more than that would be limited to the $10,000 deduction currently in the […]
Tax Notes: Looking Ahead: State Tax Policy Trends To Watch Next Year
December 7, 2021
This pod cast features ITEP research director Carl Davis: https://www.forbes.com/sites/taxnotes/2021/12/07/looking-ahead-state-tax-policy-trends-to-watch-next-year/?sh=7f2a4ba02add
McClatchy: What would the Biden tax-break plan mean for your wallet?
December 7, 2021
Most families with children as well as taxpayers with higher six-figure incomes are the biggest California winners from the tax changes in the Biden administration’s Build Back Better plan so far. Middle income people see a somewhat smaller tax break on average, according to an analysis from the Institute on Taxation and Economic Policy, a […]
Washington Post: Treasury officials raised concerns about new minimum tax on corporations, key to Biden spending plan
December 5, 2021
The proposal gained traction among some liberals in recent years amid reports that 55 major corporations are effectively able to zero out their tax liability by aggressive use of tax deductions. Biden repeatedly embraced it as a key campaign pledge. Read more
CNN Business: This Tax Would Make Wealthy Corporations Pay Their Fair Share
November 24, 2021
Corporate America has perfected the art of dodging the taxes that everyone else pays. From 2018 to 2020, 39 of the largest companies in America paid zero dollars in federal income taxes, despite reporting a combined $122 billion in profits, according to analysis from the Institute on Taxation and Economic Policy. And 73 others paid […]
Forbes: How An $80,000 SALT Cap Stacks Up Against A Full Deduction For Those Making $400,000 Or Less
November 19, 2021
Congress seems to be considering two ways to address the Tax Cut and Job Act’s $10,000 cap on the state and local tax (SALT) deduction. The House version of President Biden’s Build Back Better (BBB) bill would raise the cap to $80,000. An alternative plan, first proposed by the Institute on Taxation and Economic Policy […]
The Washington Post: Who would pay more and less in taxes under the House bill
November 19, 2021
The millionaire’s surtax aims to raise taxes on wealthy Americans without touching rates. The alternative minimum tax for corporations aspires to accomplish a similar aim by raising money from profitable corporations without crossing Sinema’s line on rates. In short, it imposes a 15 percent minimum on firms that make more than $1 billion in “book” […]
LGBTQ Nation: Joe Biden’s Build Back Better Act will give tax refunds to some same-sex couples
November 18, 2021
In 2013, the Supreme Court ruled in United States v. Windsor that the federal government must recognize LGBTQ marriages in states that had legalized marriage equality. Per that ruling, the IRS allowed married LGBTQ taxpayers to claim benefits dating back to 2010. The Build Back Better Act, however, would allow those benefits to date back […]
Common Dreams: Elizabeth Warren Releases Blueprint to End ‘Free Ride’ for Tax-Dodging US Billionaires
November 18, 2021
According to the report—which is based on data Warren’s staff compiled from the Institute on Taxation and Economic Policy—although Amazon paid $2.8 billion in federal and foreign income taxes in 2020, its effective tax rate was just 11.5% on global profits totaling $24.3 billion, while the company handed out $118 million in executive compensation. Read […]
New York Times: A proposed minimum tax would hit Amazon, Facebook and others, a report shows
November 18, 2021
“Giant corporations have figured out how to game the system so that the costs of running this country are borne by hardworking families while these big corporations scoop up all of the profits and pay little or nothing in taxes,” Ms. Warren said in an interview. “It’s time to put a stop to that.” Ms. […]
Newsweek: Families Could Get $1,800 per Child Tax Credit, but Must Register Now
November 15, 2021
The child tax credit was expanded under President Joe Biden’s American Rescue Plan in March in a bid to reduce child poverty. The Institute on Taxation and Economic Policy estimated it would benefit around 83 million children and significantly reduce child poverty in the U.S. The latest round of the monthly child tax credit payments […]
Salon: Meet Tom Suozzi, the Democrat who wants tax cuts for the rich jammed into Build Back Better
November 12, 2021
Suozzi has for months pushed a total repeal of the cap, which would cost taxpayers about $85 billion per year, according to the nonpartisan Committee for a Responsible Federal Budget (CFRB). If the cap were fully repealed, 86% of the benefits would go to the richest 5%, according to the left-leaning Institute on Taxation and […]
The Hill: Democrats at odds over SALT changes
November 10, 2021
The left-leaning Institute on Taxation and Economic Policy released an analysis finding that the House proposal would provide more of its benefits to households in the top 1 percent of income than the Senate one. The think tank also estimated that the Senate proposal would be less expensive in the near-term. Both House and Senate […]
PennLive: Several billionaires received federal direct relief payments, report says
November 8, 2021
Institute on Taxation and Economic Policy responded to the controversy via Twitter: “This disgrace is why we need real tax reform.” Tax reform is exactly what Democratic lawmakers have been advocating. These lawmakers argue billionaires and other wealthy individuals should pay more in taxes out of fairness. Read more
New York Post: At least 18 billionaires got COVID stimulus checks, report claims
November 8, 2021
The Institute on Taxation and Economic Policy, a left-leaning think tank, called ProPublica’s findings a “disgrace” that shows “why we need real tax reform.” Read more
The Washington Post: Biden’s minimum tax proposal could hit these ultra-profitable corporations
November 8, 2021
In 2020, 55 profitable corporations paid no federal income tax, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank. Biden noted the statistic while announcing his budget plan, saying “If they report big profits to their shareholders, they should be paying taxes. It’s that simple.” Read more
Star-Ledger: On SALT, Dems push tax relief for the rich, not the middle class
November 8, 2021
It’s true: Eliminating the limit on the SALT deduction would be more costly than the other parts of Biden’s social spending agenda, including the extension of the child tax credit, universal pre-K, affordable childcare and more. Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy, echoed this point: “We could be […]
1945: How Is This Possible? Billionaire George Soros Received A Stimulus Check
November 8, 2021
In response to the eye-opening findings, the Institute on Taxation and Economic Policy tweeted: “This disgrace is why we need real tax reform.” Read more
CBSNews.com: At least 18 billionaires got federal stimulus checks, report says
November 5, 2021
“This disgrace is why we need real tax reform,” the Institute on Taxation and Economic Policy, a left-leaning think tank, said on Twitter about the findings. Read more
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