Select Media Mentions
US News: Biden Wants Corporate America to Pick Up the Tab On His Infrastructure Plan
March 31, 2021
Moreover, a study by the Institute on Taxation and Economic Policy of the effects of the 2017 tax cuts found that 379 companies with combined profits of nearly $766 billion paid effective corporate tax rates on average of 11.3%. Some 91 companies, including household names like Delta Airlines, FedEx, Amazon and Eli Lilly, paid no […]
Washington Post: Power Up: Unions, liberal groups urge Biden to go even bigger on tax hikes for infrastructure plan
March 31, 2021
Some tax experts, however, estimate that the benefits of restoring the deduction would go to the richest Americans: “House Democrats included a provision suspending the cap for 2020 as part of a COVID relief package last year. [The Institute on Taxation and Economic Policy] estimated that this would cost more than $90 billion in a […]
The Street: Cannabis Stocks Rise as New York Moves Closer to Legalization
March 30, 2021
New York would be the 16th state, plus the District of Columbia, to fully legalize marijuana after decades of imprisoning people who participated in the cannabis black market. About one in three Americans live in a state with legal sales of recreational cannabis, according to the Institute on Taxation and Economic Policy. Read more
Daily Wire: Zoom Profits in 2020: $660 Million. Zoom Tax Payment In 2021: $0
March 29, 2021
Zoom hauled in some $660 million in pre-tax profits in 2020, compared to $16 million in profits in 2019, according to the Institute on Taxation and Economic Policy. “Corporations that pay their executives in stock often benefit from a provision in the federal tax code that lets them write off expenses that appear far larger […]
WTTW: Proposals Could Expand Eligibility for Earned Income Tax Credit
March 29, 2021
“[Illinois] just piggybacks off of that by saying if you got the federal credit you get 18% of that for state purposes,” said Lisa Christensen Gee, the director of special initiatives at the Institute of Taxation and Economic Policy. The credit offsets state income tax liability, and if an individual has more credit than the […]
Washington Post: Fact-checking President Biden’s first news conference
March 26, 2021
Biden loves this statistic, but he usually is careful to say “federal taxes.” Simply saying “taxes” makes it wrong, because no matter what the federal tax liability, these companies certainly pay a variety of payroll, real estate and local or state taxes. In a 2019 report, the left-leaning Institute on Taxation and Economic Policy (ITEP) […]
Jackson (Miss.) Clarion-Ledger: Eliminating state income tax would hurt Mississippi working families, widen inequities
March 25, 2021
This is because individual income taxes are the only major tax in which the state’s highest-income earners pay a larger percentage of their income in taxes than the state’s lower-income earners. Not surprisingly, then, the state’s wealthiest households stand to gain the most from eliminating the tax. On average, Mississippians in the lowest 20% of […]
Indy Week: Anti-Poverty Advocates Rejoice Over New Child Tax Credit
March 24, 2021
It’s hard to overstate the significance of the expanded tax credit for low-income families. Information released by the Institute on Taxation and Economic Policy found that more than 2.6 million children in North Carolina stand to benefit from the credit, and the Center on Budget and Policy has calculated that the legislation will move 137,000 […]
Connecticut Post: State Rep. Sean Scanlon (opinion): State child tax credit would ease burden on families
March 24, 2021
The good news for families is that President Biden’s recently passed stimulus bill features a provision long championed by my Congresswoman Rosa DeLauro that not only makes the tax credit fully refundable but also expands the credit from $2,000 to $3,000 for children 6 to 17 and to $3,600 per child under the age of […]
CBS News: Zoom’s pandemic profits exceeded $670 million. Its federal tax payment? Zilch
March 24, 2021
“We are only taxing about half of all corporate profits,” observed Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, which put out a report on Monday highlighting Zoom’s likely $0 federal tax bill for 2020. … “There is nothing exceptional or illegal in what Zoom is doing here,” said Gardner, […]
The Street: New York Inches Closer to Legalizing Recreational Cannabis
March 24, 2021
Last November, voters in New Jersey and Arizona voted to legalize marijuana. And in December, New Jersey placed a social equity excise tax on cannabis sales in order to address the disparate effect of anti-marijuana laws on communities of color. About one in three Americans live in a state with legal sales of recreational cannabis, […]
Arkansas Times: Can’t Forget the Millionaires: Income Tax Cut on Agenda Today
March 23, 2021
Arkansas Advocates for Children and Families has run the numbers by the Institute on Taxation and Economic Policy. It says 72 percent of the tax cut will go to people making more than $192,000 a year. The tax cut would take effect in 2022. When fully implemented, it would cut revenue by $27.4 million a […]
Salon: Zoom Increased Profit by 4,000% during the Pandemic — but the Company Paid $0 in Federal Income Tax
March 23, 2021
The U.S.-based online video chat platform Zoom has seen its profits skyrocket by 4000% during the Covid-19 pandemic thanks to the growing reliance on remote work and schooling, but an analysis by the Institute on Taxation and Economic Policy finds that the company didn’t pay a dime in federal corporate income taxes on its 2020 […]
Business Insider: Zoom Paid $0 in Federal Taxes on $664 Million in Pandemic Profits, Mostly by Paying Executives Stock Options
March 23, 2021
“Companies that compensate their leadership with stock options can write off, for tax purposes, huge expenses that far exceed their actual cost,” Matthew Gardner, a senior fellow at the Institute for Taxation and Economic Policy, wrote in a post breaking down Zoom’s tax strategy. Read more
New York Post: Zoom Paid No Federal Income Tax Last Year amid Pandemic Profit Surge
March 23, 2021
The Silicon Valley firm appears to have achieved that feat largely thanks to its use of stock-based compensation for employees, which helped reduce its worldwide tax bill by more than $302 million for the year ending Jan. 31. Corporations that pay their executives in stock often benefit from a provision in the federal tax code […]
Common Dreams: Zoom Paid $0 in Federal Income Taxes on 4,000% Profit Increase During Pandemic: Report
March 22, 2021
The U.S.-based online video chat platform Zoom has seen its profits skyrocket by 4000% during the Covid-19 pandemic thanks to the growing reliance on remote work and schooling, but an analysis by the Institute on Taxation and Economic Policy finds that the company didn’t pay a dime in federal corporate income taxes on its 2020 […]
The Independent: Zoom Increase Profits by 4000 Per Cent During Pandemic but Paid No Income Tax, Report Says
March 21, 2021
Zoom Video Communications reported that it made a $660m (£476m) pre-tax profit in 2020, up from $16m (£11.5m) in 2019, according to the non-profit Institute on Taxation and Economic Policy. Zoom’s video conferencing platform was widely used by remote workers and school children across the US due to Covid social distancing and quarantine measures. “The […]
Chicago Sun-Times: A New Push to Expand the State’s Earned Income Credit Could Include Immigrants
March 21, 2021
Economic Security for Illinois, working with the Institute in Taxation and Economic Policy, estimates that as many as 500,000 households would benefit from the expansion, including 110,000 immigrant households. Read more
The Hill: A Straightforward Way to Pay for Biden’s Recovery Plan (Opinion)
March 18, 2021
Now that President Biden and Congress have enacted a $1.9 trillion COVID-19 relief measure, the president will soon provide details for the second item on his agenda, a major recovery plan. The package could include some of the tax increases on which he campaigned to pay for new spending.
Marijuana Moment: Cannabis Banking Bill Comes Back to Congress
March 18, 2021
An Institute on Taxation and Economic Policy analysis concluded that “cannabis taxes are a small part of state and local budgets, clocking in at less than 2 percent of tax revenue in the states with legal adult-use sales” but are also “one of states’ fastest-growing revenue sources.” Read more
The Hill: Ohio AG Sues Biden Administration Over Pandemic Bill
March 17, 2021
Carl Davis, the research director for the left-leaning Institute on Taxation and Economic Policy, said that the rhetoric from the conservative attorneys general has been overblown. “There’s a lot of potential very positive uses for this money that states and localities could find in this moment,” Davis told The Hill. “It’s not intended to be […]
Newsweek: This Last-Minute Provision Blocks GOP Govs from Using Stimulus Money to Subsidize Tax Cuts
March 17, 2021
“Basically any tax cut done at the state level has doubled in cost,” said Carl Davis, research director at the Institute on Taxation and Economic Policy. For example, if a state enacts a $50 million tax cut, it will lose $50 million in the revenue it won’t collect and another $50 million in federal aid. […]
CNN: Historic Benefits in Stimulus Bill May Answer a Big Question for Democrats
March 16, 2021
In figures provided exclusively to CNN, the Institute on Taxation and Economic Policy, which generally advocates for a more progressive tax code, similarly calculated that households headed by Whites will make up 67% of those receiving the bill’s direct cash payments, 64% of those benefiting from its expanded child tax credit and 62% benefiting from […]
Law360: 3 Questions State Tax Pros Have About The Pandemic Relief Law
March 16, 2021
Policymakers and state tax specialists noticed almost immediately that if states want to take full advantage of the $350 billion cash infusion the ARPA gives state and local governments, it appears they are going to have to give up some autonomy. While those who spoke to Law360 said only explicit guidance from the U.S. Treasury, […]
GeekWire: Capital Gains Tax in Washington State: Is it about Fairness and Funding, or Will it Drive Away Startups?
March 16, 2021
Dylan Grundman O’Neill, a senior state tax policy analyst with the Institute on Taxation and Economic Policy, said that research shows that in Washington, more so than in any other state, “the higher your income, the lower your tax rate.” “The top 1% pay an effective rate of only about 3%,” O’Neill said. “While middle-income […]
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