Select Media Mentions
The Washington Post: Despite paying little or no income tax, some companies have big plans to profit from infrastructure deal
July 21, 2021
Jacobs was among 55 large companies included on an annual list of firms that don’t pay U.S. income taxes put together by the left-leaning Institute on Taxation and Economic Policy. Read more
Bloomberg: TurboTax Maker Intuit Opts Out of IRS Free File Program
July 16, 2021
Carl Davis, director of research at the Institute on Taxation and Economic Policy, said he supports such an idea. The shift would mean the IRS could work directly with taxpayers, rather than “putting our faith” in corporations, he said. Read more
Yahoo! Money: Millions of American families plan for ‘life-changing’ Child Tax Credit payments
July 15, 2021
“This is super targeted to lower income families,” Aidan Davis, senior policy analyst at the Institute for Taxation and Economic Policy (ITEP), told Yahoo Money. “The families that are being targeted through this enhancement are families that are struggling to pay for rent, keep up with necessities, or they’re having trouble paying for things like […]
Newsweek: Joe Biden’s Stimulus Is Financing GOP’s Billionaire Tax Cuts
July 15, 2021
“We saw that many states are using better-than-expected revenue outlooks as an excuse to cut personal and corporate income taxes,” Marco Guzman, state policy analyst at the Institute on Taxation and Economic Policy told The Daily Poster. “Unfortunately, the people that will be benefiting most from these cuts are not the people who were most […]
Washington Post: As IRS audits waned, big businesses racked up unapproved tax breaks
July 14, 2021
One challenge for the IRS is that each company tends to interpret tax laws differently, says Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a left-leaning Washington nonprofit organization. Corporate accountants are “exercising their own judgment about what constitutes [an unrecognized tax benefit] and what is not,” Gardner said. Read […]
Napa Valley Register: California’s progressive tax system proved its worth during the pandemic
July 8, 2021
In fact, the Institute on Taxation and Economic Policy reports that California’s tax system does the most of any state to alleviate inequality — while taxes in most states serve to widen the gap between rich and poor. Read more
Politico: As Bezos called for tax hikes, Amazon lobbied to keep its tax bill low
July 8, 2021
“It’s very likely they’re getting hundreds of millions of dollars a year in R&D tax credits,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, who’s studied the tax habits of Amazon and other big companies. Amazon declined to comment. The tax breaks themselves aren’t at risk, but the deduction […]
New York Post: Jeff Bezos openly embraces tax hikes, but Amazon lobbied against them
July 8, 2021
Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, who’s studied the tax habits of Amazon and other big companies, told Politico that Amazon is likely “getting hundreds of millions of dollars a year in R&D tax credits.” Read more
Yahoo! Finance: Biden’s tax plan would cost richest Americans an extra $1.5M next year, analysis finds
July 6, 2021
In all, the changes proposed by the Biden administration would generate about $88.4 billion in new tax revenue, according to a separate analysis conducted by the Institute on Taxation and Economic Policy. Read more
CNN.com: States are so flush with funds, many are cutting taxes
July 1, 2021
This means that the state’s wealthiest 5% of taxpayers will receive nearly 60% of the benefits, while the bottom 80% will get only 23%, according to an analysis for Policy Matters Ohio by the left-leaning Institute on Taxation and Economic Policy. Read more
NBC News: Billionaire investor Peter Thiel has $5B in his tax-free retirement account, report finds
June 25, 2021
“It’s a wildly inappropriate use of the Roth IRA, even if it’s legal,” said Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy and a former tax policy analyst for Sen. Bernie Sanders, I-Vt. “Lawmakers said that they were trying to encourage retirement savings and make it easier […]
The Hill: Even Jeff Bezos should pay income taxes
June 15, 2021
According to the nonpartisan Institute on Taxation and Economic Policy, 55 of the largest corporations in America — including Archer Daniels Midland, FedEx and Nike — paid no federal income taxes last year, despite racking up almost $41 billion in pre-tax profits. At 21 percent, their total tax bill would have been $12 billion. Instead, […]
VOA News: IRS Data Leak Reveals How Little America’s Wealthiest Pay in Taxes
June 11, 2021
“I think it’s a big wake-up call,” said Steve Wamhoff, director of federal tax policy for the Institute on Taxation and Economic Policy in Washington. “It tells us things that tax experts have already known for a long time. But it’s the amount of detail, the specific names, that we don’t normally see,” Wamhoff said. […]
Sacramento Bee: White, Asian families have most to gain if Congress restores tax break Trump capped, report says
June 10, 2021
“Outright repeal of the SALT cap without an adequate replacement would exacerbate racial inequities in this country,” said a study from the Institute on Taxation and Economic Policy’s Carl Davis and Jessica Schieder. The report noted that property taxes tend to be a big component of state and local taxes, which could “disproportionately benefit home-owning […]
Politico: How much companies that paid no corporate income tax spent on lobbying
June 10, 2021
ProPublica’s bombshell report on Tuesday showing that some of the wealthiest Americans routinely pay little or no taxes, a new report from watchdog group Public Citizen today dives into the lobbying expenditures of 55 corporations that paid no federal corporate income tax in 2020, according to an analysis from the liberal Institute on Taxation and […]
Market Watch: How would Biden’s tax hikes hit the wealth of Jeff Bezos, Elon Musk and other billionaires? First, they’d have to die, experts say
June 10, 2021
“The whole exposé is really an argument for the Biden proposal to tax unrealized capital gains at death,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, speaking about the ProPublica investigation. “I do think if you tax gains at death, it would be a huge step […]
Fortune: Biden’s plan will stop Jeff Bezos and Elon Musk from avoiding billions in taxes
June 9, 2021
Following is an excerpt of an opEd by Steve Wamhoff published in Fortune: It is no surprise that billionaires pay little in federal taxes relative to their incomes, but the level of detail provided by ProPublica Tuesday about how 25 billionaires pulled this off is astonishing. It is also an argument for one of President […]
Fortune: Biden’s plan will stop Jeff Bezos and Elon Musk from avoiding billions in taxes
June 9, 2021
FORTUNE: COMMENTARY | TAXES BY STEVE WAMHOFF It is no surprise that billionaires pay little in federal taxes relative to their incomes, but the level of detail provided by ProPublica Tuesday about how 25 billionaires pulled this off is astonishing. It is also an argument for one of President Joe Biden’s key tax proposals—taxing so-called unrealized capital gains […]
New York Times: Investors Fret as Biden Takes Aim at a 100-Year-Old Tax Loophole
June 8, 2021
In this congressional session, Democrats appear to be placing enormous emphasis on creating a fairer tax code along with investing in infrastructure and social programs, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a nonprofit group in Washington that advocates equitable revenue-raising measures. Read more
Marketplace: Why are some states experiencing a tax revenue surplus?
June 8, 2021
But according to Carl Davis, research director at the Institute on Taxation and Economic Policy, no one is swimming in cash. “A lot of states were just barely trying to get back to where they were before the last recession,” he said. Read more
Washington Post: Plans for a Global Minimum Tax Revolution, Explained
June 8, 2021
Many big corporations do. At least 55 large U.S. companies, including Nike Inc. and FedEx Corp., reported paying no U.S. federal income taxes in 2020 even though they were profitable, according to the Institute on Taxation and Economic Policy. And some nations benefit by attracting businesses with low rates. Read more
Fortune: Last year 55 Fortune 500 companies paid no U.S. income tax. How can they get away with that?
June 7, 2021
Last year at least 55 major, profitable U.S. corporations paid no U.S. income tax, reports the Institute on Taxation and Economic Policy. Some are famous —Nike, FedEx, Salesforce.com—and all are in the Fortune 500 or the S&P 500. How can they get away with that? Read more
CBS News: G-7 nations back global minimum corporate tax of at least 15%
June 5, 2021
Nations have been grappling with the question of how to deter companies from legally avoiding paying taxes by resorting to tax havens — typically small countries that entice companies with low or zero taxes, even though the firms do little actual business there. According to an analysis by the Institute on Taxation and Economic Policy, a left-leaning […]
Talking Points Memo: If Biden’s Corporate Tax Offer Isn’t A Feint, Then It’s A Massive Concession
June 4, 2021
Their specific opposition to the corporate tax hike, Matt Gardner, corporate tax expert at the left-leaning Institute on Taxation and Economic Policy, told TPM, is part of their “hidebound refusal to contemplate anything that reverses any element of the Tax Cuts and Jobs Act.” “Where is the tax increase that Republican leaders in Congress haven’t […]
Bloomberg: Hedge Funds, Tech Spur Texas Wealth Boom as California Fades
June 4, 2021
The growth comes with headaches. Traffic is getting worse and public transportation is limited. The influx of people is driving up housing prices, forcing up the cost of living by boosting property taxes. Given high levies on real estate and the state sales tax, the fiscal burden on middle-class people is higher in Texas than […]
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