Select Media Mentions
Newsweek: Joe Biden Tax Calculator—How Democrat Candidate’s Plan Will Affect You
October 29, 2020
A report earlier this month by the Institute on Taxation and Economic Policy (ITEP), a nonpartisan think tank based in Washington, D.C., noted: “Just 1.9 percent of taxpayers would see a direct tax hike (an increase in either personal income taxes, payroll taxes, or both) if Biden’s tax proposals were in effect in 2022. The […]
Fox Business: Trump vs. Biden’s tax plans: How much would you pay?
October 29, 2020
According to an analysis by the Institute on Taxation and Economic Policy on the overall impact of Biden’s proposed personal income tax and payroll tax increases for 2022, taxes would be projected to go up by around $289 billion overall and about $279 billion, or 97%, would be paid by the richest 1%. Read more
CBS News: Comparing Trump and Biden’s Tax Plans
October 27, 2020
ITEP Senior Fellow appeared on CBS News to discuss President Trump and Democratic Presidential Candidate Joe Biden’s Tax Plan. Watch
Forbes: The Tax Credit That Could Produce Rare Agreement On Pandemic Relief
October 27, 2020
The TCJA changes moved the needle for approximately 550,000 children living in poverty by lifting them above the poverty line, according to a 2019 report by the Institute on Taxation and Economic Policy (ITEP), but changes to the credit could improve the situation for more children. Read more
Yahoo! Finance: Ex-Trump adviser Gary Cohn would back Biden’s proposed 28% corporate tax rate
October 27, 2020
The Trump administration’s tax overhaul has come under criticism given persistent loopholes that allow corporations to drive the effective rate well below the statutory level. In 2018, the work arounds helped a group of 378 consistently profitable Fortune 500 companies to pay an average federal rate of 11.3% on their 2018 income, according to a […]
Rolling Stone: How Trump Took the Middle Class to the Cleaners
October 26, 2020
The Christmas present Trump promised the middle class turned out to be a trinket. The tax cut’s benefits to middle-wage earners worked out to about $65 a month, according to numbers crunched by the nonpartisan Institute on Taxation and Economic Policy. As passed, the income tax cuts will begin to phase out in 2025, and […]
In These Times: Billionaires Are Fighting the Fair Tax Because They Don’t Want to Pay up
October 26, 2020
The Institute on Taxation and Economic Policy recently released a study looking at how Illinois’ current flat tax structure amounts to a massive racialized wealth transfer from the poorest workers to the ultra-rich. They found that if the graduated rates proposed in the Fair Tax had been in place for the last 20 years, the wealthiest 3% would […]
DailyKos: All Those Wild Trump Economic Promises Were Just More Ruinous Trickle Down
October 26, 2020
The Christmas present Trump promised the middle class turned out to be a trinket. The tax cut’s benefits to middle-wage earners worked out to about $65 a month, according to numbers crunched by the nonpartisan Institute on Taxation and Economic Policy. As passed, the income tax cuts will begin to phase out in 2025, and by […]
City Watch: Biden Tax Plan Would Make America More Equal
October 24, 2020
The Institute on Taxation and Economic Policy has crunched the numbers: In 2022, under Biden’s plan, the nation’s top 1 percent would bear 97 percent of the direct tax increases Biden is proposing. The next most affluent 4 percent would bear the remaining 3 percent. Read more
The American Independent: Trump swears he’s bringing jobs back to the US. He’s done the opposite
October 23, 2020
Additionally, the Institute on Taxation and Economic Policy notes, the 2017 Tax Cuts and Jobs Act, which slashed taxes for the superwealthy and benefited large businesses, included a loophole offering a 0% tax rate on a large proportion of profits generated by U.S. corporations overseas, creating added incentives for them to relocate their operations to […]
New York Times: Fact Checking Trump and Biden Town Halls
October 16, 2020
Data compiled by the Institute on Taxation and Economic Policy, a liberal research organization in Washington, show that 91 profitable Fortune 500 companies did not pay taxes on the income earned in the United States in 2018. That included companies that reduced their tax liability through deductions for investment, a key aim of the tax […]
MSNBC:Trump is eyeing another corporate tax cut
October 16, 2020
And as Biden noted, many corporations aren’t even paying taxes at the current rate. The Institute on Taxation and Economic Policy released a detailed study in 2018 that found of the Fortune 500 companies, about 400 paid an average tax rate of about 11% — roughly half of the current rate of 21% — thanks […]
Center for Public Integrity: The Heist
October 15, 2020
“It’s pretty clear that the PPP process was run in a way that pushed needy small businesses to the back of the line while prioritizing the influential,” said Matthew Gardner, a senior fellow at the non-profit, left-leaning Institute on Taxation and Economic Policy. “That’s not at all the way it was built, certainly not at […]
WGLT: What To Know About Illinois’ Graduated Tax Amendment
October 14, 2020
Proponents of the amendment, including Pritzker, cite a breakdown which shows the bottom 20 percent of Illinois earners pay 14.4 percent of their total income to state and local taxes, while the top 1 percent of earners pay 7.4 percent of their income in taxes. That’s according to a report by the left-leaning Washington D.C.-based […]
Washington Times: Spending plans by Biden, Trump would hike federal debt by $5 trillion over 10 years
October 13, 2020
Under his plan, 97% of the tax increases would fall on the top 1% of earners, according to new projections from the left-leaning Institute on Taxation and Economic Policy. “Only 1.9% of taxpayers will see their income taxes or payroll taxes rise under Biden’s plan, and they will certainly not be the Americans who face […]
Progressive.org: ‘Sheer Cruelty, Racism, and Disregard’
October 12, 2020
Trump’s badmouthing of undocumented immigrants ignores the $11.7 billion that they contribute annually in state and local taxes, according to the Institute on Taxation and Economic Policy. It also creates an enforcement climate that puts them at constant risk of deportation. Read more
Yahoo! Finance: A Breakdown of Biden’s Tax Proposals
October 9, 2020
Matt Gardner, Senior Fellow at The Institute on Taxation and Economic Policy joins Yahoo Finance’s Kristin Myers for a break down of Joe Biden’s tax proposals. Watch the video
Boston.com: Mike Pence incorrectly claimed Joe Biden’s plan would raise taxes on ‘every’ American. Here’s what it would actually do
October 9, 2020
Pence was correct that Biden twice said during the first presidential debate he was “going to eliminate the Trump tax cuts.” According to the Institute on Taxation and Economic Policy, on average those cuts resulted in an extra $780 in their first year for middle-income earners (or those making 43,500 to $69,800 a year), though […]
Money: VP Debate: Where Kamala Harris Stands on Taxes, Health Care and Stimulus Checks
October 7, 2020
“The CARES Act gave Americans an important one-time payment, but it’s clear that wasn’t nearly enough to meet the needs of this historic crisis,” Harris said in a statement. But critics say the law would cost too much. A month of payments under the bill would dole out nearly $600 billion to households — more […]
Washington Post: How the Cares Act gave millions to energy companies with no strings attached
October 7, 2020
“The Cares Act tax provisions were too heavily tilted towards large businesses and away from at-risk individuals,” said Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy (ITEP), a Washington-based nonprofit organization. Read more
FAIR: Steve Wamhoff on Trump’s Taxes
October 3, 2020
We’ll talk about takeaways from Trump’s taxes with Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy. Listen
Forbes: The $750 Question: How Trump’s Taxes Reveal The Deep Unfairness Of The U.S. Tax Code
October 3, 2020
“There are certainly some tax advantages available to larger corporations that are practically unavailable to individuals. Most large businesses have full-time staff available to help negotiate the tax laws,” said Matt Gardner, a senior fellow at the nonpartisan Institute on Taxation and Economic Policy (ITEP) and a corporate tax expert who regularly studies Fortune 500 […]
Chicago Sun-Times: Illinois needs the Fair Tax for racial equity
October 2, 2020
An analysis by the non-partisan Institute on Taxation and Economic Policy shows that, between 1999 and 2019, the state’s current flat rate income tax dramatically increased the racial wealth gap, transferring billions of dollars in tax liability from wealthy, mostly white taxpayers to African American and Latino families. The details reveal a stunning portrait of […]
In These Times: It’s Cheap to Be Rich
October 2, 2020
As the Institute on Taxation and Economic Policy explained: “The mechanisms Amazon has used to reduce its three-year federal income tax rate to zero between 2017 and 2019 are legal. Congress created them, Congress chose in the most recent round of ‘tax reform’ to leave them in place, and Congress currently appears to be entirely […]
Jacobin Magazine: Abraham Lincoln Taxed the Rich. This Election Day, Illinois Can, Too.
October 2, 2020
Illinois now boasts one of the most unfair tax systems in the country. According to a new report from the Institute on Taxation and Economic Policy, the state’s flat tax “amounts to a tax subsidy for the wealthiest Illinoisans that compounds income inequality and racial wealth gaps.” Read more
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