Select Media Mentions
MedPage Today: Tenet Gets Big Federal $$$ but Still Cuts Employees
July 9, 2020
Many companies, including Tenet, delayed paying their 2017 tax liabilities at the rate then (35%) to follow whatever the rate is when they decide to pay (21% for 2019), said Matthew Gardner, a senior fellow with the Institute on Taxation and Economic Policy. “That’s certainly an incentive created by the tax cut,” Gardner told MedPage […]
Gothamist: Undocumented Immigrants In Need Finally Get Promised Pandemic Cash Assistance
July 9, 2020
Most workers who lost their jobs during the COVID-19 pandemic started receiving unemployment and federal stimulus checks in March and April. But undocumented immigrants don’t qualify, even though the Institute on Taxation and Economic Policy found more than half pay taxes (including over $1 billion in New York alone). U.S. citizens married to undocumented immigrants […]
Business Insider: Trump Wants Tax Breaks to Encourage People to Watch Sports Games and Travel Around the US. Here’s Why That Could Backfire as the Pandemic Rages.
July 8, 2020
The McSally proposal also drew fire from economists who argued it would mainly benefit wealthier taxpayers and not be well targeted. “Low and most middle-income families will receive no or minimal benefit as you can’t claim the maximum credit until you’re pretty well off,” Matthew Gardner, a senior fellow at the left-leaning Institute on Taxation […]
Financial Times: ‘It’s a Matter of Fairness’: Squeezing More Tax From Multinationals
July 8, 2020
Since the late 1980s, there has been a complete change in mindset, one pioneered and taken to its extreme by General Electric, America’s biggest manufacturer by market capitalisation for most of the past 40 years. Under the late Jack Welch, who ran the company from 1981 to 2001, a tiny corporate tax team was transformed […]
Nonprofit Quarterly: The $370 Billion Fiscal Cliff: Why State Budgets Need Our Attention
June 30, 2020
A 2018 study released by the nonprofit Institute on Taxation and Economic Policy finds that the poorest fifth spend on average 11.4 percent of their income on state and local taxes, compared to 7.4 percent for the top one percent. As Peter Sabonis wrote for NPQ this spring, particularly during times of crisis, we rely […]
Law 360: Biz Tax Credit Proposals Would Aid Wealthy, Report Says
June 30, 2020
Republican proposals to make business tax credits refundable to mitigate the economic downturn caused by the novel coronavirus pandemic would provide unnecessary tax breaks to high-income people, the Institute on Taxation and Economic Policy said in a report. Read more
POLITICO Morning Tax: Welcome, commissioner
June 30, 2020
FOOT OFF THE ACCELERATOR, PLEASE: The Institute on Taxation and Economic Policy’s Matthew Gardner and Steve Wamhoff maintain in a new paper that the proposals to allow companies to cash out on their tax credits won’t just help businesses in desperate need of cash. Instead, they argue that companies like Amazon and Netflix, which are already […]
The Fiscal Times: A ‘Wacky’ Tax Credit Idea: $4,000 for Vacation
June 23, 2020
Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, says that the loose requirements in the bill mean “that any car owner with an ounce of creativity should be able to gin up an excuse for taking a tax credit for every tank of gas they’ve purchased in 2020.” That, says […]
The Dallas Morning News: DACA Texans Are Essential to our COVID-19 Response and Economic Future
June 22, 2020
In total, Texas is home to more than 107,000 DACA recipients, according to U.S. Citizenship and Immigration Services. Those DACA recipients pay $244.5 million annually in state and local taxes, the Institute on Taxation and Economic Policy estimates. Read more
Sentinel & Enterprise: It’s Been a Year Without Equal
June 21, 2020
Instead, the last real action on the fiscal 2021 budget came in January when Baker rolled out a $44.6 billion spending plan that would have its underlying assumptions wiped away before lawmakers could try their hands at producing a budget of their own. The Institute on Taxation and Economic Policy this week said that “despite […]
CNN: This Is Who’s Affected by the Supreme Court Decision on DACA
June 18, 2020
According to a 2018 report from the Institute on Taxation and Economic Policy, the young undocumented immigrants who are enrolled in DACA and those who would be eligible for the program if it were still accepting new applicants contribute about $1.7 billion in state and local taxes annually. That figure includes personal income, property, and […]
Crain’s New York Business: Legalizing Marijuana Can’t Cure Inequality, But It Will Ease Budget Crisis
June 14, 2020
My methodology is informed by the work of Carl Davis, research director at the Institute on Taxation and Economic Policy, who recently published a thoughtful blog post on per-capita cannabis excise tax collections. Davis found that last year more than $1.9 billion of tax revenue was collected across seven adult-use states (Alaska, California, Colorado, Massachusetts, Nevada, Oregon, […]
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
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