Institute on Taxation and Economic Policy

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Associated Press: Democrats tighten eligibility limits for COVID-19 relief benefits

March 4, 2021

That means some people who received the last round of $600 relief checks approved in December wouldn’t get anything this time. The liberal Institute on Taxation and Economic Policy estimated that the pared-down Senate eligibility levels means 280 million adults and children would receive stimulus checks, compared to 297 million people under the House plan. […]

Fortune: Biden supports lowering $1,400 stimulus check cutoffs. Here are the proposed income thresholds

March 4, 2021

This lower cutoff proposal, if passed, would result in roughly 12 million fewer adults getting stimulus checks, according to the nonpartisan think tank Institute on Taxation and Economic Policy, reported by the Washington Post. In addition, roughly 5 million fewer child dependent checks would be sent. Read more

Business Insider: Biden cuts 16 million people off from stimulus checks after striking deal with moderate Senate Democrats, study says

March 4, 2021

A faster phaseout for the $1,400 checks in President Joe Biden’s stimulus plan would exclude more than 16 million Americans from receiving one, according to a preliminary analysis from the left-leaning Institute on Taxation and Economic Policy. The president on Wednesday approved a compromise on the direct payments that would trim the number of people […]

Slate Magazine: Democrats Have Decided to Send Checks to Fewer People for No Actual Good Reason

March 4, 2021

Centrists such as Sen. Joe Manchin of West Virginia have spent weeks urging the administration to “target” the new round of $1,400 economic impact payments more narrowly to lower-income families in order avoid spending money on households that might not be facing financial difficulties at the moment. On Wednesday, Democrats said they would phase down […]

The Hill: Analysis: Senate stimulus check changes would reduce recipients by up to 16 million

March 4, 2021

The left-leaning Institute on Taxation and Economic Policy estimated that 11.8 million fewer adults and 4.6 million fewer children would be eligible for the direct payments. Steve Wamhoff, the group’s director of federal tax policy, said the changes in the Senate bill would not reduce eligibility for people in the bottom 60 percent of income. […]

New York Post: Nearly 12 million Americans could lose COVID stimulus checks under Biden’s new cap

March 4, 2021

About 200 million adults would receive stimulus checks under the new Senate plan, roughly 11.8 million fewer than under the $1.9 trillion COVID-19 relief bill the House of Representatives passed last week, which had a $100,000 income cap, according to estimates from the Institute on Taxation and Economic Policy. The changes would also result in […]

Fox Business: Biden blocks $1,400 stimulus checks for 16M Americans after tightening income eligibility

March 4, 2021

That’s according to a preliminary analysis published by the left-leaning Institute on Taxation and Economic Policy, which found that a plan by moderate Democrats to curtail benefits for higher-income earners will cut off cash payments for roughly 11.8 million adults and 4.6 million children. Under the latest proposal, Americans earning $75,000 or less would still receive the fully promised […]

Newsweek: ‘Most Popular Proposal’: Stimulus Check Threshold That Cuts Off 16 Million Opposed by Progressives

March 4, 2021

The Institute on Taxation and Economic Policy, a left-leaning think tank, has estimated that the amendment would cut off around 11.8 adults and 4.6 million children from receiving the checks.  Read more

Yahoo! Finance: New stimulus check thresholds would leave 12 million adults without payments

March 4, 2021

Narrower income requirements for the next round of stimulus checks would mean 11.8 million fewer adults and 4.6 million fewer children would get payments compared with an earlier version of the relief bill that passed the House last week, according to estimates by the Institute on Taxation and Economic Policy. The Senate version of the […]

Reuters: Millions of U.S. households would not get COVID-19 payments under new Biden plan

March 4, 2021

The Institute on Taxation and Economic Policy calculated that those payments now would help 11.8 million fewer adults and 4.6 million fewer children than the more generous version that passed the House. But 200 million adults and 80 million children would still see benefits, the left-leaning think tank estimated. “For the bottom 60% of Americans, […]

KRGV: Senate continues to work on COVID-19 relief bill

March 4, 2021

According to Institute on Taxation and Economic Policy, 12 million fewer adults and 5 million fewer kids would get a stimulus payment based on the Biden and Senate agreement. Read more

CNBC: About 12 million adults may not receive those $1,400 stimulus checks. Here’s why

March 4, 2021

Steve Wamhoff, director of federal tax policy, said the numbers are “pretty close” to the Urban-Brookings Tax Policy Center’s estimates. “For most people, it doesn’t make a difference,” Wamhoff said. “For the people who really need help, in the bottom 60%, there’s virtually no change.” Read more

Today.com: Senate bill will narrow who can receive $1,400 stimulus checks

March 4, 2021

According to CNBC, the Institute on Taxation and Economic Policy estimated that that would affect about 12 million adults and 4.6 million children in the country. “That being said, it does not make a difference and it basically makes no difference for the bottom 60% of Americans, the folks who really need help,” Steve Wamhoff, […]

Barrons: Tighter Eligibility for Stimulus Payments Could Exclude 12 Million More Americans

March 4, 2021

Subscription required: https://www.barrons.com/articles/tighter-eligibility-for-stimulus-payments-could-exclude-12-million-more-americans-51614864561

The Progressive Farmer: Dems Tighten Relief Benefits, Firm Up Support for Virus Bill

March 4, 2021

That means some people who received the last round of $600 relief checks approved in December wouldn’t get anything this time. The liberal Institute on Taxation and Economic Policy estimated that the pared-down Senate eligibility levels means 280 million adults and children would receive stimulus checks, compared to 297 million people under the House plan. […]

Kiplinger Personal Finance: Will You Still Get a Third Stimulus Check Under the New Senate Plan?

March 4, 2021

As a result, under the new Senate plan, the third stimulus check for people with an income above a certain amount will be reduced – potentially to zero – at a faster rate than previously thought. According to the Institute on Taxation and Economic Policy, that means approximately 17 million fewer Americans (adults and children) […]

CNBC: Senate Democrats’ plan to curb eligibility for third stimulus check cuts off 12 million adults

March 4, 2021

The new income caps would mean that 11.8 million fewer adults and 4.6 million fewer kids would receive a third stimulus payment, the Institute on Taxation and Economic Policy calculates. “That being said, for most people it does not make a difference and it basically makes no difference for the bottom 60% of Americans, the […]

KKNX: WA Democrats push for capital gains tax in a year when ‘tax’ doesn’t seem like a bad word

March 1, 2021

Democrats say the system isn’t working and often point to a 2018 study by the liberal Institute on Taxation and Economic Policy (ITEP) that ranked Washington as having the most regressive tax system in the nation. The study found that the lowest 20 percent of earners in Washington spend nearly 18 percent of their income on […]

Marketplace: High-income taxpayers help some states stay above water

March 1, 2021

However, in 22 states, tax revenue actually increased, with revenue in four states — Idaho, Utah, South Dakota and Colorado — up more than 5%. Revenue fell in the remaining states, with seven down more than 10% —Texas, Oregon, Florida, Nevada, North Dakota, Hawaii and Alaska. This disparity has a lot to do with the […]

Bloomberg Tax: ‘Sham Transactions’ Trigger States to Crack Down on Tax Havens

February 26, 2021

Some lawmakers in Hawaii want worldwide reporting to become a hard requirement under H.B. 441 and S.B. 1302, which would transition the state beginning Jan. 1, 2022. The preamble of the legislation points to a 2019 report by the Institute on Taxation and Economic Policy that found offshore tax havens cost Hawaii $38 million annually. […]

WJTV: Experts discuss bill that would eliminate Mississippi’s state income tax

February 26, 2021

According to data from the Institute on Taxation and Economic Policy (ITEP), the proposal to increase the state’s sales tax rate to 9.5 percent would give Mississippians the highest sales tax in the country. Meg Wiehe, deputy executive director of ITEP, was among those who analyzed the data. “By increasing the rate to 9.5 percent […]

CNET: New child tax credit could bring more money than the stimulus check. What to know

February 26, 2021

For the bottom 20% of families in terms of income, the proposed expansion of the CTC would increase income by an average of 9.7% — even higher if you only consider tax filers with children, according to the Institute on Taxation and Economic Policy. The proposal would also lift 4.1 million children above the poverty […]

Politifact: Facebook post misleads about tax bill breakdown

February 24, 2021

Experts say analyzing this claim isn’t easy because the post lacks necessary details. Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, said the post is missing critical information needed to make an accurate comparison — including whether federal and state taxes are being considered. Beyond that, he pointed out the post […]

Market Watch: Billionaire philanthropy is a ‘PR scam,’ says CEO who raised his workers’ minimum pay to $70,000

February 23, 2021

Billionaires pay the lowest tax rate of any income group nationally, Price added. In Washington state, the richest pay 3% of their income on taxes, while the poor pay 18%, he said. (That’s according to a report by the Institute on Taxation and Economic Policy, a left-leaning think tank.) Read more

BGR: Families are going to love this stimulus check news

February 22, 2021

This is what was found by an analysis from a left-leaning nonpartisan think tank called the Institute on Taxation and Economic Policy which looked at both the Biden plan as well as related proposals from the House Ways and Means Committee: Rather than simply providing the poorest Americans with $1,400 stimulus checks, Biden’s coronavirus-related stimulus proposal would actually give […]

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