Select Media Mentions
Business Insider: Here’s how President-elect Joe Biden’s Corporate Tax Plan Will Impact Big Businesses
November 7, 2020
But even with an increased tax rate, big companies could still manage to pay $0 in federal taxes due to tax code loopholes and tax breaks. Under President Donald Trump, an analysis by NBC News and the nonprofit Center for Public Integrity found twice as many big companies — including Amazon, Netflix and Chevron — paid $0 […]
New York Times: Arizona Passes a Ballot Measure to Raise Teacher Pay by Taxing the Wealthy
November 6, 2020
Prop. 208 passed with 52 percent of voters supporting the measure, The Associated Press reported late Thursday. Under Arizona’s rules for ballot measures, the tax increase needed a simple majority to pass. “It’s a significant win, not just for Arizona, but I think it sent signals all across the country,” said Meg Wiehe, deputy executive […]
Washington Post: Fact-checking the ‘final arguments’ of Biden and Trump
November 2, 2020
This statistic on 91 companies comes via the left-leaning Institute on Taxation and Economic Policy (ITEP). In a 2019 report, ITEP concluded that 91 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 Trump promoted […]
Axios: The Wealthy Rush to Shield Their Assets From Biden
November 2, 2020
Driving the news: Biden says he wants to raise taxes on people who earn more than $400,000 a year — which excludes most Americans — and lower the amounts people can give tax-free to their spouses and heirs. … “Just 1.9 percent of taxpayers would see a direct tax hike” if Biden’s tax proposals for individuals […]
Jacobin: Donald Trump Lied About Passing Pro-Worker Industrial Policy
November 2, 2020
The Trump tax plan also literally gives corporations more incentives to move production to other countries. According to the Institute on Taxation and Economic Policy, Trump’s plan “taxes the offshore profits of American corporations at a rate of zero percent or, sometimes, at half the rate imposed on domestic profits. […] This can also encourage […]
BBC: US Election 2020: Fact-checking Trump and Biden’s Final Week
October 31, 2020
In 2018, 91 of the top 500 companies in the US effectively paid no tax, according to a report by the Institute on Taxation and Economic Policy. Despite making almost $80bn in pre-tax income, some companies paid no taxes, as the US corporate tax code “lowers the bar for the amount of tax avoidance it […]
Chicago Tribune: Commentary: How Illinois’ Small Businesses Will Benefit from a Graduated-rate Income Tax
October 30, 2020
Recent studies have shown that for decades, the current flat tax structure has only worsened income inequality throughout the state, stunting much-needed revenue and consumer spending. The Institute on Taxation and Economic Policy found that over the last 20 years, Black and Hispanic households in Illinois that make less than $250,000 per year paid $4 billion […]
Deadline: Joe Biden Slams Netflix & Amazon On Taxes, Again
October 30, 2020
The tax debate flared after President Donald Trump and the Republicans reworked the corporate tax code in 2016, slashing the corporate tax rate to 21%, from 35%. A widely cited analysis by Washington, D.C. think tank the Institute on Taxation and Economic Policy last year analyzed 2018 financial filings of the country’s largest publicly held companies and […]
Yahoo! Finance: Here’s How the Biden Tax Plan Would Affect Each State
October 30, 2020
Biden’s plan would generate over $289 billion in tax revenue, according to research from the Institute on Taxation and Economic Policy (ITEP). About 1.9% of the U.S. population would see an increase in taxes. The ITEP data broke down the impact by state. Population has a major impact on the overall total in tax increases. […]
New York Times: Say Yes to Progressive Taxation
October 29, 2020
California is at the top of that list, according to the Institute on Taxation and Economic Policy. But there is room for improvement. For the last four decades, property taxation in California has been constrained by Proposition 13, the seminal anti-tax ballot initiative passed in 1978. The measure limits property taxation in California to 1 […]
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 […]
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