s part of their new 2024 party platform, Democrats have promised to close a notorious tax loophole that has long allowed Wall Street billionaires to pay a far lower tax rate than most Americans. Likewise, Vice President Kamala Harris has reportedly signaled she supports ending this tax break, which could net billions in government revenue.
Select Media Mentions
Members of the media rely on ITEP for analysis and insight about how tax policies affect people. If you’re a reporter looking to talk to one of our experts, contact Jon Whiten at [email protected].
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media mention August 26, 2024 The Lever: Will Harris Finally Kill Wall Street’s Infamous Tax Break?
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media mention August 15, 2024 La Opinión: Los indocumentados que Trump quiere deportar aportan millones de dólares a la economía
En una entrevista con la cadena ABC el pasado domingo, el compañero de fórmula de Donald Trump en la mancuerna presidencial republicana, JD Vance, evadió responder cuál será el proceso para identificar y deportar a millones de indocumentados, la pieza central de su campaña, y se limitó a recitar las usuales frases que son código de movilización para su base: frontera “abierta”, muro, criminales.
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media mention August 13, 2024 NPR Planet Money: The Economic Mind of Tim Walz
In recent weeks, Minnesota Gov. Tim Walz burst from relative obscurity to co-headlining the Democratic presidential ticket. Walz’s career rocket launch was fueled by his cutting political rhetoric, folksy midwestern charm, jovial dad vibes, and progressive principles and accomplishments.
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media mention August 12, 2024 The Washington Examiner: The Coming Multifront Battle Over the Corporate Tax Rate
Next year is likely to see the biggest battle over the taxation of corporations in nearly a decade, a multifront engagement that will pit free marketers and big business against Democrats and populists. The corporate tax rate is set to be a point of negotiation in a historic “fiscal cliff” scheduled for next year, when the individual portions of the Trump tax cuts expire.
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media mention August 9, 2024 USA Today: Trump’s Lies About Undocumented Immigrants Hide the Truth: They Pay Their Share of Taxes
These payments fund essential public services and immigrants’ own paths to legal status. Misinformation about undocumented immigrants in America is harmful and leads to stereotypes and policies that not only hurt immigrants but Americans and businesses, too.
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media mention August 8, 2024 ABC News: What is Tim Walz’s Record on the Economy? Look at Minnesota.
Minnesota Gov. Tim Walz, the Democratic vice presidential nominee, has enacted economic policies in the state on key issues like job creation and taxes. The track record, stretching back to 2018, indicates how he may approach such issues if granted the nation’s second-highest office. His positions could also help shape perceptions of the Harris-Walz ticket on the economy, which ranks as one of the most important issues among voters. Here’s what to know about where Walz stands on key economic issues:
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media mention August 8, 2024 Bangor Daily News: Immigrants Add Value to the US
With so much focus on immigration, there is unfortunately much false information being shared about immigrants and their impact on the U.S. One common misperception is that immigrants are a drain on the economy. A recent national report adds new information to debunk such arguments. According to the Institute on Taxation and Economic Policy, undocumented immigrants paid nearly $100 billion in federal, state and local taxes in 2022. More than half went to the federal government.
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media mention August 8, 2024 Mother Jones: How Trump’s “Mass Deportation” Plan Would Ruin America
This election cycle, former President Donald Trump has made one campaign promise the most prominent: Mass deportation. It is a long-standing vow. In 2016, Trump said he would deport the 11 million undocumented immigrants living in the United States. Once in the White House, he ordered sweeping worksite raids, enacted a ban on travelers from Muslim-majority countries, and deliberately separated migrant families, many of whom have yet to be reunited.
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media mention August 7, 2024 New York Times: A Walzonomics Primer
It’s been nearly 24 hours since Kamala Harris announced Gov. Tim Walz of Minnesota as her running mate, catapulting him into the national spotlight. Unlike other candidates for the position, including Gov. Josh Shapiro of Pennsylvania and Senator Mark Kelly of Arizona, the Midwestern politician hasn’t been closely scrutinized — until now. Here’s where he stands on some key business issues.
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media mention August 7, 2024 Fox Business: Kamala Harris’ VP Pick: What to Know About Tim Walz’s Economic Track Record
Minnesota Gov. Tim Walz’s economic track record is under the microscope after Vice President Harris’ decision Tuesday to select Walz as her running mate on the Democratic Party’s 2024 ticket.
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media mention August 6, 2024 Audio: ITEP’s Marco Guzman on Taxes Paid by Texas Undocumented Immigrants
Marco appeared on Texas Public Media’s The Source on August 4, 2024. Listen to the clip here. -
media mention August 6, 2024 Yahoo Finance: The Economic Risk of Trump’s Deportation Plan
The surge of migrants entering the United States during part of Joe Biden’s presidency has played to Donald Trump’s signature issue. Trump launched his first campaign for president in 2015 with an anti-immigrant rant, and the issue has worked for him ever since. So Trump, in his third campaign for president, has raised his bid on the issue, promising the “mass deportation” of up to 20 million people if he wins a second term.
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media mention August 5, 2024 ProPublica: How a Washington Tax Break for Data Centers Snowballed Into One of the State’s Biggest Corporate Giveaways
In 2010, as the country still reeled from the worst economic crisis since the Great Depression, tech companies, real estate developers and rural lobbyists went to the state Capitol in Olympia, Washington, to press for a tax break for data centers.
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media mention August 5, 2024 Boston Globe: The Hidden Tax Power of Undocumented Immigrants
A common argument among anti-immigrant politicians and advocates is that noncitizens who are in the United States illegally exploit government benefits and constitute a financial burden on the country. That claim is largely inaccurate and misleading. The latest evidence was provided this week by policy analysts and researchers at the Institute on Taxation and Economic Policy. They found that undocumented immigrants in the United States paid $96.7 billion in federal, state, and local taxes in 2022, averaging $8,889 per person.
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media mention August 1, 2024 USA Today: Report: Targeted for Deportation by Trump, Undocumented Immigrants Pay Billions in Taxes
Florida is among a half-dozen states which each collect more than $1 billion in taxes from undocumented immigrants – a flow of public money likely to disappear under Republican presidential candidate Donald Trump’s mass deportation plan, a new report shows.
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media mention August 1, 2024 Newsweek: Undocumented Immigrants’ Payments Into Social Security Detailed in Report
New analysis by the Institute on Taxation and Economic Policy (ITEP) found that undocumented residents paid £25.7 billion into Social Security funds and $6 billion into Medicare in 2022; both programs that they are not entitled to use. In total, undocumented immigrants paid $96.7 billion, or roughly $9,000 per person, in taxes in 2022.
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media mention August 1, 2024 Audio: ITEP’s Marco Guzman Talks About the Tax Payments of Connecticut’s Undocumented Immigrants
CT’s undocumented immigrants pay over $400 million in taxes annually, study finds. Read more or listen here. -
media mention August 1, 2024 Video: ITEP’s Marco Guzman Talks About the Tax Contributions of Virginia’s Undocumented Immigrants
Marco Guzman spoke with 13News Now. Watch the clip here. -
media mention July 31, 2024 Audio: ITEP’s Carl Davis Talks About the Tax Contributions of Utah’s Undocumented Immigrants
A new study describes states that the tax contributions of undocumented immigrants equate to almost $100 billion, both federally and statewide. Read more or listen here. -
media mention July 31, 2024 States Newsroom: Study Says Undocumented Immigrants Paid Almost $100 Billion in Taxes
A new study shows that undocumented immigrants paid nearly $100 billion in federal, state and local tax revenue in 2022 while many are shut out of the programs their taxes… -
media mention July 31, 2024 Video: ITEP’s Marco Guzman on the Tax Contribution of Maine’s Undocumented Immigrants
A new national study is shedding light on the economic contributions made by undocumented immigrants in Maine and throughout the United States, WMTW-TV in Maine reports. Watch the clip or… -
media mention July 30, 2024 McClatchy DC: Undocumented Immigrants in California Are Paying Billions in Taxes. Here’s How Much.
Amid pledges for mass deportations of undocumented immigrants by presidential candidate Donald Trump, a new study has highlighted the increasingly positive economic effects of this community. The report from the Institute on Taxation and Economic Policy, a Washington-based progressive research group, found undocumented immigrants nationwide paid an estimated $96.7 billion in taxes in 2022. About $37.3 billion was spent on state and local taxes, and the rest went to federal taxes.
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media mention July 30, 2024 Bloomberg: Undocumented Immigrants in US Pay Nearly $100 Billion in Taxes
Undocumented immigrants paid almost $100 billion of taxes, underscoring the importance of border policies on the country’s tax collections, according to a new report. Read more. -
media mention July 19, 2024 USA Today: America’s Billionaires Are Worth a Record $6T. Where Does That Leave the Rest of Us?
America’s billionaires are now collectively worth a record $6 trillion. Their wealth has more than doubled since the passage of the landmark Tax Cuts and Jobs Act in 2017. Is… -
media mention July 16, 2024 Quartz: ‘Trump Trade’ Is Back in Focus
The world’s financial markets are growing increasingly open to the likelihood that former President Donald Trump will make his way to a second term in the White House. All it took was outperforming President Joe Biden on a debate stage and surviving an assassination attempt.