Select Media Mentions
The Hill: Left-leaning Group: Taxes on Financial Trades Could Reduce Inequality
October 28, 2019
In its report, the Institute on Taxation and Economic Policy (ITEP) argued it’s possible that the higher costs of financial trades produced by an FTT would be fully borne by investors, and that a portion of the higher costs are borne by the owners and employees of financial institutions. Under either of those options, an FTT would […]
The Sacramento Bee: California Democrat Wants to Make PG&E Pay a Penalty if it Gives Executive Bonuses
October 28, 2019
Harder’s bill would revive a tax called the alternative minimum tax for utilities that offer executive bonuses but have failed to invest in climate-resilient infrastructure. The bill is written to specifically target PG&E, which has not paid federal income taxes in the past decade due to tax loopholes on depreciation, according to the Institute on Taxation […]
Las Cruces Sun News: Income Tax Changes Benefit Most Families in New Mexico
October 27, 2019
Recent analysis by the non-partisan Institute on Taxation and Economic Policy confirms what we expected from income tax changes signed into law this year by Gov. Michelle Lujan Grisham — that we have taken a large step toward improving the fairness of our tax system and helping working families in New Mexico. Read more
ProPublica: How a Tax Break to Help the Poor Went to NBA Owner Dan Gilbert
October 24, 2019
The upside for an investor such as Gilbert “could be huge,” said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a liberal-leaning think tank. “This seems to be a situation where someone is going to get tax breaks for something they were going to do anyway.” Read more
Wall Street Journal: Rising California Gasoline Prices Highlight Growing Divide in U.S.
October 23, 2019
A dozen states raised gas taxes earlier this year, including Illinois, Ohio, California, Maryland and Michigan, according to the Institute on Taxation and Economic Policy, a state and federal tax-policy think tank. Read more
The Hill: Senate Rejects Dem Measure to Overturn IRS Rules on SALT Deduction Cap
October 23, 2019
Lawmakers will have a major opportunity to revisit the GOP tax law at the end of 2025, when the SALT deduction cap and the law’s other tax changes to the individual code expire. But a future Democratic president and Congress may want to reexamine the cap and the tax law as a whole sooner than […]
The View: 60 Fortune 500 Companies Paid Zero Federal Income Tax
October 18, 2019
In this October 2019 episode of The View, Whoopi Goldberg, Chelsea Clinton and Sunny Hostin call out big business for spending big money to avoid paying taxes in a time when corporate tax rates were slashed by the Trump Administration and Congress. Watch the video
KRWG: Analysis: 70% of NM Families With Children Will See State Income Tax Cut
October 16, 2019
Commentary: Most New Mexico families with children – 70% – will get a break on their state personal income taxes when they file their 2019 tax returns, thanks to legislation enacted in April by the state Legislature and Governor Michelle Lujan Grisham. That’s according to an analysis by the Washington, DC-based Institute on Taxation and […]
Real Change: Fishing for Equity in a Regressive Tax System
October 16, 2019
“It’s always about race, and it’s always about taxes,” said Misha Hill, a policy analyst with the Institute on Taxation and Economic Policy (ITEP). ITEP is the source of the frequently cited statistic that Washington has the most regressive tax system in the country. In fact, Hill said, there are no states in the union […]
POLITICO: Cannabis was supposed to be a tax windfall for states. The reality has been different.
October 14, 2019
In all, five of the nine states that have set up tax systems for legalized marijuana employ cultivation levies on growers, while all but Alaska charge an excise tax specifically on cannabis sales. Five states also charge the general sales tax, though not the same exact group that has a cultivator tax. The actual effective […]
POLITICO: Cannabis Was Supposed to Be a Tax Windfall for States. The Reality Has Been Different.
October 14, 2019
In all, five of the nine states that have set up tax systems for legalized marijuana employ cultivation levies on growers, while all but Alaska charge an excise tax specifically on cannabis sales. Five states also charge the general sales tax, though not the same exact group that has a cultivator tax. The actual effective […]
The Heartland Institute: Utah Studies New Method for Transportation Funding
October 11, 2019
The Institute on Taxation and Economic Policy has also found that gas taxes are not a sufficient funding source to repair and rebuild the nation’s crumbling infrastructure. This is mainly due to more fuel-efficient vehicles on the road coupled with skyrocketing transportation construction costs. Read more
Press-Republican: Cuomo Loses Opening Round in Fight Against New Tax Law
October 6, 2019
The Institute on Taxation and Economic Policy, a national think tank, projected in late 2017 that more than 70 percent of New York taxpayers would end up paying less in federal taxes as a result of the code revisions. Cuomo, though, has maintained the capping of the SALT deduction would motivate some wealthy earners to […]
The Fiscal Times: Would a Warren/Sanders Wealth Tax Kill the Economy?
October 3, 2019
Steve Wamhoff, director of federal tax policy at the liberal Institute on Taxation and Economic Policy, said Wednesday cited the public investments that could be financed with revenues from the wealth tax, providing the economy with a much-needed boost. “Industrialized nations with thriving economies all over the world collect far more in tax revenue and […]
Marketplace: The Stock Market Is Not the Economy
September 30, 2019
“The stock market is a market where stocks, a type of investment that represents ownership in a company are traded,” said Jessica Schieder, a federal tax policy fellow at the Institute on Taxation and Economic Policy. “The stock market is where people make bets on what’s going to happen in the economy.” Listen
CNBC: New York Judge Dismisses Blue State Suit Over SALT Tax Deductions
September 30, 2019
Whether the final rule will ultimately deter people from donating to these funds remains to be seen. “If you’re really passionate about private school vouchers in Georgia, you donate and you still get 100% of your donation back,” Carl Davis, research director at the Institute on Taxation and Economic Policy, told CNBC earlier. “You just […]
Bloomberg: Sanders, Warren Compete for Who Can Tax Billionaires the Most
September 26, 2019
“We’re seeing such a dramatic change in the debate,” Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, said. “There is a lot of agreement on the principle of wealth tax, though the average American may not differentiate between the two plans.” Sander’s plan could come with […]
Contra Costa Times: New sales tax proposal for transportation work gets Contra Costa supervisors’ blessing
September 24, 2019
According to an analysis by the Institute on Taxation and Economic Policy, low-income families spend about three quarters of their income on items that are subject to sales taxes while middle-income families spend about half and the most wealthy households just about a sixth. Mitchoff acknowledged that combined with the Measure J half-cent tax that […]
Louisville Courier Journal: Scholarship Tax Credits Are Private School Vouchers and Tax Shelters for the Wealthy
September 24, 2019
In a 2017 analysis, the Institute on Taxation and Economic Policy took a look at how “scholarship tax credit” programs impacted the budgets of the 17 states where they had been put into effect. Taken together, these states were diverting more than $1 billion per year from the public coffers toward private schools via tax […]
New Internationalist: Why is Public Money Propping up Fossil Fuels?
September 19, 2019
Meanwhile, some countries are heading in precisely the wrong direction: over the next five years, the UK’s oil industry is set to receive $6.2 billion more than it pays in taxes, thanks to generous government support. In the US, Republicans’ tax reforms in 2017 handed $25 billion to oil and gas companies, according to the […]
KOAT: How Migrant Workers Pay Taxes
September 18, 2019
The Institute on Taxation and Economic Policy reports that in 2017, such workers paid $1.1 billion in personal income taxes, which can often help strengthen an immigration case. Read more
Newark Star-Ledger: Cory Booker’s New Tax Plan Takes a Cue from … Ronald Reagan?
September 18, 2019
Booker’s capital gains tax plan is aimed at richer residents. Currently, capital gains are taxed at 23.8 percent compared to a top rate for earned income of 37 percent. And 78 percent of capital gains income goes to the richest 1 percent of taxpayers, according to the Institute on Taxation and Economic Policy, a progressive […]
MarketWatch: Here’s What 2020 Democrats Have Said about Universal Basic Income
September 13, 2019
Harris’s proposal would cost more than $270 billion in 2020, according to an estimate by the Washington, D.C.-based Institute on Taxation and Economic Policy. Read more
KTVZ: Wyden Unveils Tax Reform Proposal
September 12, 2019
Alan Essig, Executive Director, Institute on Taxation and Economic Policy: “The term ‘anti-deferral accounting’ probably means little to most Americans now, but the idea, proposed by Senator Wyden today, has the potential to transform our nation’s tax system. Working Americans pay taxes on their income every year. But for very wealthy families, a great deal […]
Detroit Free Press: Trump’s Tax Cuts Are Helping the Wealthy. Here’s How to Help Everyone Else
September 8, 2019
This stark bait-and-switch was on full display with the 2017 “Tax Cuts and Jobs” Act (TCJA). Billed as a way to help workers and create jobs, the federal tax law really helped wealthy residents and corporations get richer. In Michigan for 2019, more than half of the tax benefits of the TCJA went to the […]
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