Select Media Mentions
Associated Press: Biden’s corporate tax plan takes aim at income inequality
April 30, 2021
“It’s a terrific plan,” said Matthew Gardner, senior fellow at the left-leaning Institute on Taxation and Economic Policy. “We cannot have a sustainable corporate tax system until we solve this problem of companies shifting their intangible assets around. This plan should stop that dead.” Read more
The Hill: Biden: ‘Trickle-down economics has never worked’
April 29, 2021
“It’s time for corporate America and the wealthiest 1 percent of Americans to just begin to pay their fair share,” Biden said. “Just their fair share.” The president referenced a recent report from the left-leaning Institute on Taxation and Economic Policy that found that 55 large corporations paid zero in federal income taxes last year. […]
Yahoo! Finance: Corporate tax hike would require Duke energy to ‘minimize impact’ for customers: CEO
April 29, 2021
Fifty-five of the largest U.S. companies paid no federal corporate income taxes last year, including Duke Energy, according to a study released by the left-leaning Institute on Taxation and Economic Policy earlier this month. Over the last three years, since the implementation of the Trump tax cuts, Duke Energy took in $7.9 billion in profits […]
Bonners Ferry Herald: House Bill 380 Could be a Double Hit to Revenue and Federal Fiscal Aid (Idaho)
April 29, 2021
House Bill 380 – which would reduce the number of income tax brackets from seven to five, reduce the remaining income and corporate tax rates as well as provide a one-time tax rebate – could cost between $383 million and $398 million in its first year (fiscal year 2022) and $163 million to $171 million […]
USA TODAY: Biden cites left-leaning study that 55 of top U.S. companies paid no federal income taxes
April 29, 2021
The ITEP report was based on a review of annual financial records by the nation’s largest publicly traded companies for their most recent fiscal year. Wamhoff noted that Biden on the campaign trail last year had referenced his non-profit group’s findings about major corporations not paying federal taxes. “It illustrates why we need to fix […]
Business Insider: Under Biden’s plan, the top 1% of Americans would pay an extra $100,000 in taxes every year
April 29, 2021
A new report from the Institute on Taxation and Economic Policy (ITEP) finds that only the highest-earning Americans would see their taxes change if President Biden’s proposed increases to the income tax rate and capital gains rate pass. That change is concentrated amongst the top 1%, defined as those with an income over $681,600 (their […]
NBC News: How Biden’s taxes hit the richest but skip the suburban base
April 29, 2021
Biden’s capital gains tax increase would only take effect for people who make more than $1 million per year in total income. Many households with six-figure incomes could even see a tax cut from expanded child care deductions in the Covid-19 bill that Biden wants to make permanent. According to an analysis by the left-leaning […]
CNBC: Biden wants to raise $1.5 trillion by taxing the rich. Here’s how
April 29, 2021
The richest 1% of taxpayers, who have an average income of $2.2 million, would shoulder the burden of the tax hike, according to an analysis published by the Institute on Taxation and Economic Policy. Two-thirds of this group would see their taxes increase, by an average $159,000 a year, according to the analysis. Read more
Bloomberg: N.Y., New Jersey, California Hit Hardest by Biden Tax Changes
April 29, 2021
President Joe Biden’s plan to ramp up the income tax rate and capital gains tax rate as part of a $1.8 trillion stimulus plan would hit high-tax states like New York and California the hardest, while New Mexico and Mississippi would be least affected, according to research from the Institute on Taxation and Economic Policy. […]
Forbes: What’s in Biden’s American Families Plan?
April 28, 2021
ARPA expanded the CTC from $2,000 per child to $3,000 per child ages 6 to 17, and $3,600 for children under 6. The plan also gives the option of receiving the credit through monthly payments starting in July, instead of having to wait to claim the entire credit on your taxes. The American Families Plan […]
The Center Square: New Jersey politicos want repeal of SALT cap, but report indicates it will worsen racial, wealth ‘inequities’
April 28, 2021
The ITEP analysis found that repealing “the SALT cap would worsen the racial income and wealth divides by primarily benefiting wealthy white households. It would also likely crowd out other, much more progressive policies and programs from the upcoming infrastructure package while doing comparatively little to encourage progressive revenue raising at the state and local […]
Washington Post: Fact-checking Biden’s 2021 address to Congress
April 28, 2021
In a report released in April, the left-leaning Institute on Taxation and Economic Policy (ITEP) concluded that 55 profitable companies in the Fortune 500 did not pay any federal income tax, largely as a result of the 2017 tax law, such as through deductions for investment that President Donald Trump promoted in the bill. This […]
Bloomberg: Biden Targets $41 Billion Tax Break for Real Estate Investors
April 28, 2021
Simply put, that it unfairly benefits wealthier Americans who can afford to make large investments. Middle-class families, meanwhile, are never likely to own many assets outside their own homes and 401(k)s. The left-leaning Institute on Taxation and Economic Policy argues the tax break has expanded far from its original intention of supporting small-scale transactions and […]
Salon: Key Democrats want to keep most of Trump’s corporate tax cut — and slash more taxes for the rich
April 28, 2021
Of course, many corporations pay no federal income taxes at all. The Trump tax cut doubled the number of companies that had an effective 0% tax rate, according to the Institute on Taxation and Economic Policy (ITEP), while giving the vast majority of Fortune 500 companies an average federal tax rate of 11.3% the year […]
89.3 WFPL: LG&E’s Parent Company Paid No Federal Taxes Last Year (Kentucky)
April 28, 2021
In a year when Kentuckians struggled to pay their utilities bills because of a global pandemic, Louisville Gas and Electric’s parent company paid nothing in federal taxes. PPL reported around $900 million in pre-tax income last year and was one of 55 U.S. corporations that paid nothing in federal corporate income taxes, according to a […]
MarketWatch: Some lower-tax states won big in the 2020 Census count. Are Americans moving to escape the taxman?
April 28, 2021
Carl Davis, research director at the Institute on Taxation and Economic Policy, a left-leaning think tank, sees the Census results quite differently. “I really don’t see a tax story here,” he said. Weather and housing prices are far stronger ingredients in moving decisions than tax bills, he said. Besides, the latest Census numbers maintained the […]
CBS News: Some middle-class families will have a tax rate of zero this year — or less
April 28, 2021
The stimulus checks, CTC and EITC programs are likely to provide a 33% boost to the pre-tax incomes of the poorest 20% of Americans — a $3,590 hike per family — the Institute on Taxation and Economic Policy found earlier this year. While those three benefits provide a similar dollar amount of typical benefits to […]
US News: Americans Are OK With Biden’s Spending Plans: Poll
April 27, 2021
Biden has repeatedly lamented that corporations do not pay their fair share of taxes, using legal loopholes to avoid taxes. A report earlier this month by the Institute on Taxation and Economic Policy found that at least 55 of the nation’s top companies paid no corporate income taxes in 2020, despite collecting $40.5 billion in […]
CNBC: Elizabeth Warren takes aim at FedEx, Nike, Amazon in push for corporate tax hike
April 27, 2021
FedEx and Nike were mentioned in an April report by the Institute on Taxation and Economic Policy as companies that recently paid little-to-no federal corporate income taxes. “The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million,” the report said. “The […]
CNBC: Calls to end $10,000 SALT deduction cap threaten Biden’s tax plan ahead of its release
April 27, 2021
In addition, most of the families that would benefit from doing away with the SALT cap would be wealthy white ones, according to a recent analysis from the left-leaning Institute on Taxation and Economic Policy. Black families are 42% less likely and Hispanic families are 33% less likely than white ones to see a tax break […]
CBS Philadelphia: Child Tax Credit: How Much Money Can Parents Expect In Monthly Payments?
April 27, 2021
he Institute on Taxation and Economic Policy believes that households accounting for 83 million children would benefit to some degree. Anywhere from eight to 12 million children live in households facing food insecurity due to lack of money, according to recent Census data from late 2020. Estimates suggest that expanding the Child Tax Credit would […]
Bloomberg: SALT Workarounds Spread to More States as Democrats Seek Repeal
April 27, 2021
A recent think tank report found that removing the cap without making other tax changes could compound the federal tax code’s disproportionate economic impact on Black and Latino families. Over 70% of the benefit from the restored deduction would benefit wealthy white households with over $200,000 in annual income, the Institute of Taxation and Economic […]
CNN: Elizabeth Warren: US taxes are rigged in favor of Amazon, Netflix and other big companies
April 27, 2021
Despite reporting large pretax profits, at least 55 large corporations paid no federal corporate income tax in their most recent fiscal year, according to the Institute on Taxation and Economic Policy, a progressive think tank. The list of profitable companies that avoided all federal income taxes last year includes FedEx (FDX), HP and Nike (NKE) […]
CNBC: Elizabeth Warren takes aim at FedEx, Nike, Amazon in push for corporate tax hike
April 27, 2021
FedEx and Nike were mentioned in an April report by the Institute on Taxation and Economic Policy as companies that recently paid little-to-no federal corporate income taxes. “The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million,” the report […]
Footwear News: Sen. Elizabeth Warren: Nike and Amazon Should Be Hit With Higher Tax Rate
April 27, 2021
Early this month, a study from the Institute on Taxation and Economic Policy suggested that 55 U.S.-based companies — including Nike and FedEx — did not pay corporate income taxes in their most recent fiscal year despite reporting sizable pretax profits. According to the think tank, the Swoosh didn’t pay federal income tax on about […]
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