Select Media Mentions
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
Washington Post: Democrats look at expanding minimum tax on wealthy in exchange for state and local tax break
November 3, 2021
“The majority of benefits from repealing the SALT cap just go to the 1 percent,” said Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy. “If BBB [the Build Back Better legislation] is amended to include that, we could be looking at a bill that cuts taxes for a lot of […]
Newsmax: Dems Consider Upping Minimum Tax on Rich in Exchange for SALT Deduction Cap
November 3, 2021
Steve Wamhoff, an expert on taxes with the Institute on Taxation and Economic Policy, said that “the majority of benefits from repealing the SALT cap just go to the 1 percent. If BBB [the Build Back Better legislation] is amended to include that, we could be looking at a bill that cuts taxes for a […]
CNBC: Democrats still weighing changes to limit on state and local taxes deduction
October 30, 2021
One proposal, for example, removes the cap for 2022 and 2023 and restores it for 2026 and 2027, after it’s scheduled to sunset per the Tax Cuts and Jobs Act. However, future changes and projected revenue may hinge on who controls Congress, said Steve Wamhoff, director of federal tax policy for the Institute on Taxation […]
Wall Street Journal: Corporate Minimum Tax Resurfaces
October 28, 2021
But there is little evidence that immediate expensing significantly encourages more investment, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a progressive think tank in Washington. That may be in part because a key audience for corporations—their investors—typically watch net income and per-share earnings, which aren’t affected […]
Business Insider:Biden Stock Buyback Tax: What to Know About the Latest Proposal
October 28, 2021
The plan aims to collect taxes from companies that dodge most of the 21% corporate tax rate. Companies including Amazon, Nike, and FedEx have avoided paying federal taxes for years through a collection of loopholes, tax breaks, and rebates, according to the Institute on Taxation and Economic Policy. Read more
The Wall Street Journal: Biden Stock Buyback Tax: What to Know About the Latest Proposal
October 28, 2021
Supporters of the buyback tax acknowledge companies can instead shift spending to regular or special dividends, which would be taxed to the recipients. “Isn’t that the issue with stock buybacks?” said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a progressive Washington think-tank. Read more
The Hill: Tech billionaires in the crosshairs of new tax proposals
October 28, 2021
The proposal is aimed at preventing large corporations from paying zero in federal income taxes. According to the left-leaning Institute on Taxation and Economic Policy, at least 55 large U.S. corporations paid no federal income taxes in 2020, including FedEx and Nike. Read more
Forbes: Salesforce Billionaire Marc Benioff Pledges $200 Million For Reforestation, Climate Entrepreneurs
October 28, 2021
Benioff, 57, and his wife have in the past supported health care in San Francisco, donating $200 million since 2010 to U.C. San Francisco’s children’s hospitals. Salesforce, which is based in San Francisco and employs 65,000 people, paid no federal income tax in 2020 despite having $2.6 billion in net income in the fiscal year […]
The Economist: The Democrats target companies with giant profits but tiny tax bills
October 28, 2021
The structure of the minimum tax looks simple enough. Companies that report more than $1bn in profits to shareholders would pay a tax of at least 15% on those profits. The levy would be explicitly aimed at firms such as Amazon, which had an effective federal income-tax rate of just 4.3% from 2018 to 2020, […]
The Hill: Overnight On The Money — Senate Democrats lay out their tax plans
October 27, 2021
The background: The proposal is aimed at preventing large corporations from paying zero in federal income taxes. According to the left-leaning Institute on Taxation and Economic Policy, at least 55 large U.S. corporations paid no federal income taxes in 2020, including FedEx and Nike. Read more
Bloomberg: How Democrats Could Tax Companies More—Without Undoing Trump’s Tax Cuts
October 22, 2021
However, Democrats would need to take a much more aggressive approach if they want to raise revenue to cover some of the gap from a company, according to Steve Wamhoff, the director of federal policy at the Institute on Taxation and Economic Policy, a left-leaning think tank. For example, Biden has floated a 21% minimum […]
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].
Institute on Taxation
and Economic Policy
ITEP is a non-profit, non-partisan tax policy organization. We conduct rigorous analyses of tax and economic proposals and provide data-driven recommendations to shape equitable and sustainable tax systems.
Subscribe to ITEP Emails
Tax research and policy news in your inbox.
Promote Fair Tax Policy
Your gift to ITEP promotes tax justice. With your help, we do research that supports taxing millionaires and billionaires, taxing big corporations and raising revenue for the things our people, our communities and our planet need.
Together, we can create a country with more economic justice, more racial justice, more climate justice… and more tax justice.