Select Media Mentions
POLITICO: States Move Cautiously in Contending With Huge Budget Gaps
June 5, 2020
“This crisis is still in its very early stages,” said Carl Davis of the Institute on Taxation and Economic Policy. Davis noted that the last recession began in December 2007, about nine months before the global financial system really imploded. And yet, many state tax increases didn’t happen until 2009 or even later as they […]
Minneapolis Star Tribune: Minnesota Companies Cashing in on CARES Act Business Tax Breaks
June 2, 2020
Other taxation watchdogs call it a windfall, and one that disproportionately benefits large companies with volatile earnings, not the neighborhood auto shop or hair salon whose business vanished in the wake of COVID-19. Plus, unlike the Paycheck Protection Program, which has limits on how the loans can be used in order for the loan to […]
Salon.com: About 75% of Trump’s Proposed Coronavirus Capital Gains Tax Cut Would Go to the Top 1% of Earners
May 30, 2020
Steve Wamhoff, the director of federal tax policy at the liberal-leaning Institute on Taxation and Economic Policy (ITEP), argued that “proponents of capital gains tax breaks have always offered a weak argument that they encourage investment” but Trump’s proposal is more dubious given that it is only a temporary cut. A temporary cut “is supported […]
USA Today: Biden wants Amazon to ‘start paying their taxes’
May 26, 2020
Amazon’s position is that it pays what it owes according to the tax code. A recent analysis by the liberal-leaning Institute on Taxation and Economic Policy said that, despite reporting $29 billion of U.S. income over the last three years, the company has reported a total of zero current federal income taxes over the same period. “In fact, […]
Politico Morning Tax: The Related Note
May 26, 2020
It’s not the first time Biden has called out Amazon on taxes, nor was it the first time the company fired back. “We pay every cent owed,” Amazon tweeted. “Assume your complaint is w/ the tax code, not Amazon.” The liberal Institute on Taxation and Economic Policy regularly details how much or, generally, how little […]
Tampa Bay Times: They Pay Taxes, But There’s No Stimulus Money for Them
May 24, 2020
In Florida, passing the HEROES Act and extending the CARES Act retroactively would help an additional 277,240 people — those living in households where at least one member uses a taxpayer identification number, according to the Institute On Taxation and Economic Policy, a nonpartisan tax policy organization in Washington, D.C. Read more
Courier Post: NJ should provide COVID-19 aid to undocumented immigrants who pay income tax
May 22, 2020
About 475,000 immigrants without legal status live in New Jersey, according to 2018 figures by the Pew Research Center. Workers who do not have legal status pay more than $11.7 billion in state and local taxes, according to a 2017 study by the Institute on Taxation and Economic Policy, a non-profit think tank. Read more
Orlando Sentinel: Is Wall Street Journal right? Is Florida “well-managed?” It depends
May 22, 2020
New York’s tax burdens are relatively even. The effective rate for New York’s poorest is 11.4 percent, compared to 11.3 for the top one percent and 12.4 for the middle. The comparisons are by the Institute on Taxation and Economic Policy, which last updated them in 2018. So it’s obvious why the Journal resents New […]
Yahoo Finance: Biden Hits Amazon on Taxes, Which May Benefit From the Coronavirus Outbreak
May 22, 2020
While the numbers prove its savviness for capitalizing on advantages under the U.S. Tax Code, newly available deductions under the CARES Act make tax savings even more accessible. And with the windfalls, tax experts believe Amazon appears positioned to reduce its federal tax liability to at or near zero, again, in 2020. “I’d say their […]
Bloomberg:Energy Companies Reap Tax Breaks As They Brace For Virus Impact
May 21, 2020
But what makes oil and gas companies especially poised to take advantage of this provision is the cyclical nature of the commodity they produce and transport. “It’s not at all surprising to me that liberalizing the use of operating loss carrybacks would disproportionately affect oil and gas,” said Matt Gardner, a senior fellow at the […]
Orange County Register: Tax hike on vaping is the wrong priority at the wrong time
May 21, 2020
Compounding all of these problems is that the vaping tax hike would have the largest impact on those who can least afford it. The Institute on Taxation and Economic Policy (ITEP) notes in its “Guide to Fair State and Local Taxes” that excise taxes like this “fall more heavily on middle- and low-income families than […]
Los Angeles Times:Stop discriminating financially against taxpayers without Social Security numbers
May 20, 2020
All told, the Institute on Taxation and Economic Policy estimated that 4.3 million adults and 3.5 million children were disqualified from the stimulus program. Read more
Orlando Sentinel: Make corporations – not teachers – pay up
May 19, 2020
In fact, the Institute on Taxation and Economic Policy found that Florida families that make less than $50,000 spend 8-12% of their annual income on local and state taxes while families that make $200,000 or more spend between 2% and 4.5%. Read more
Bloomberg: California Setting Rules for Finding Pot’s Napa Valley
May 19, 2020
The state also has a vested interest in protecting pot’s reputation. California cannabis, both recreational and medicinal, generated $395.4 million in taxes in 2018 and $629.2 million in 2019, the Institute on Taxation and Economic Policy said. California cannabis sales accounted for one-third of the $1.9 billion in tax revenue raised nationwide last year, according […]
Yahoo! Finance: Coronavirus stimulus checks: Here’s what a second round could look like
May 18, 2020
The new bill will provide payments worth nearly $600 billion, with the average payout of more than $3,000 to families in all but the highest income levels, according to The Institute On Taxation and Economic Policy (ITEP). Similar to the first stimulus payments, single adults with income up to $75,000 will get the full $1,200 […]
Politifact:House coronavirus bill would aid immigrants, relatives cut out of previous aid package
May 18, 2020
The left-leaning Institute on Taxation and Economic Policy, using IRS data, estimated that this provision would benefit more than 4.3 million adults and 3.5 million children in households of ITIN filers or of mixed immigration status, paying them a total $16.4 billion ($7 billion under the CARES Act and $9.4 billion under the HEROES Act). […]
Michigan Live:If second round of stimulus payments is approved, how much could you get?
May 18, 2020
Additionally, the bill as currently written would make those people retroactively eligible to receive the initial stimulus payment under the CARES Act. The Institute On Taxation and Economic Policy estimates that ITIN filers would receive over $9.4 billion in direct economic relief. Other than that, the HEROES Act has the same eligibility requirements as the previous […]
Forbes: 4.3 Million Adults Eligible For Two $1,200 Stimulus Checks If HEROES Act Passes
May 15, 2020
The Institute On Taxation and Economic Policy (ITEP) estimates that over 4.3 million adults, as well as 3.5 million children, would benefit from this change in eligibility. The organization calculated that ITIN filers would receive over $9.4 billion in direct economic relief from the new economic impact payments. Moreover, the retroactive clause would mean disbursement […]
Politico Morning Tax:STATESIDE JOCKEYING CONTINUES
May 15, 2020
One key element of the latest legislation would provide $1,200 in direct stimulus payments to individuals including those with Individual Taxpayer Identification Numbers, building on an initial round of payments that was more restrictive. It would also retroactively expand those first payments to ITIN holders, which would permit the benefit for more than 4.3 million […]
Yahoo!: How the coronavirus outbreak may help keep Amazon’s federal tax bill low (again)
May 15, 2020
“I’d say their tax rate will be a lot closer to zero than to 21%,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, referencing the current U.S. corporate tax rate. To be sure, it remains too early to predict Amazon’s pretax income for the full year, and therefore whether […]
Madison.com: Why many rich people keep a Faustian bargain with the GOP
May 15, 2020
The Faustian bargain embraced by well-off conservatives is all about greed. Trump lied that his 2017 tax law was to help ordinary people. The top 1 percent of income earners got a tax break of $48,000 a year, while the bottom 20 percent got $120, according to the Institute on Taxation and Economic Policy, a […]
Business Insider: A Tax Break Tucked in the CARES Act Will Save Some Companies Tens of Millions
May 9, 2020
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Center for Public Integrity: COVID-19 Didn’t Affect This Company, But It Still Got a $893K Federal Loan
May 8, 2020
“There doesn’t appear to be any mechanism whatsoever to ensure that these loans were available only to companies that were actually affected by the coronavirus and the associated economic shutdown,” said Matthew Gardner, a senior fellow with the Institute on Taxation and Economic Policy, a think tank in Washington, D.C. “It’s hard to see how […]
Quartz:Congress is facing fury over CARES Act tax breaks for the rich
May 8, 2020
The Institute on Taxation and Economic Policy explained in Aprilthat the new rules will allow companies to “game the system.” They can amend their past taxes, applying current losses to offset income earned in years before 2018 when tax rates were more favorable to them. “Of course, this sort of timing shift is utterly unavailable […]
Los Angeles Times: Trump’s Payroll Tax Cut Demand Is Absurd
May 5, 2020
Specifically, according to the Institute on Taxation and Economic Policy, a nonprofit think tank that tracks how taxes and tax breaks are distributed along the income spectrum, 65% of the benefit would go to the top 20% of earners — those making $118,700 or more a year. Fully 25% of the benefit would go to […]
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