Select Media Mentions
Filter: Kamala Harris Cannabis Legalization Bill Is Also About Immigrant Justice
July 25, 2019
While some critics, like Carl Davis, the research director of the Institute on Taxation and Economic Policy, argue that Harris’s bill would just be a tax-cut for Big Marijuana, the MORE Act would begin to pave the way for more undocumented people to participate in an industry from which they have been unequally excluded. Read […]
Reno News Review: Another Portrait of Ripped-off Nevadans
July 25, 2019
But wait, there’s more bad news for Nevada. The New York Times editorialized last Sunday on the growing trend toward inequality caused by how state and local taxes are assessed. According to a 2018 study by the Institute on Taxation and Economic Policy, (ITEP) “the poor pay taxes at higher rates in 45 of the […]
Politico: Taxing the Pot
July 24, 2019
So how might this actually be a tax cut? By removing marijuana from the controlled substance list, Harris and Nadler would also make legitimate businesses eligible to deduct routine business expenses — something the industry has been seeking for years. Carl Davis of the liberal Institute on Taxation and Economic Policy said it would be […]
Anchorage Daily News: As Alaska’s Budget Uproar Rolls on, a Top Dunleavy Adviser Has Seen It Before
July 24, 2019
Arduin, Laffer & Moore has been criticized by economists for what some see as less than rigorous methods. One Oklahoma study on eliminating the state’s personal income tax produced by the firm was trashed as not “meeting professional standards” and including “biased and greatly exaggerated estimates” by University of Oklahoma and Oklahoma State University economists. […]
KCBS: Kamala Harris’ Pot Proposal Would Reduce Tax Revenue, Expert Predicts
July 23, 2019
Harris’ proposal would impose a 5% federal tax on pot to pay for new social justice program. Her legislation would also extend significant income tax deductions that have been unavailable to business people in the cannabis industry, because of federal prohibitions on the drug. “There’s actually a really big income tax cut in here,” said Carl […]
New York Times: State and Local Taxes Are Worsening Inequality
July 21, 2019
Low-income households in Illinois pay about 14 cents in state and local taxes from every dollar of income, while the state’s most affluent households pay about 7 cents per dollar. That gap between the poor and the wealthy in Illinois is one of the largest in any state, but the poor pay taxes at higher […]
Washington Post: Trump Aides to Look for Big Spending Cuts in Second Term
July 20, 2019
… with 2018, with 60 Fortune 500 companies paying no federal taxes at all, according to a 2018 study by the Institute on Taxation and Economic Policy. Read more
New York Times: Back-to-School Sales Tax ‘Holidays’ Lure Shoppers Despite Slim Savings
July 19, 2019
But the tax holidays put a damper on state revenue and don’t necessarily deliver the business results they promise, said Dylan Grundman, a senior policy analyst at the Institute on Taxation and Economic Policy. “People shift purchases, but don’t increase their overall spending,” Mr. Grundman said. “So the boost to business doesn’t really materialize.” Read […]
Concord Monitor: Why won’t Sununu fight tax avoidance by multinational firms?
July 19, 2019
The estimated revenue loss to New Hampshire was $177 million in 2018, according to a Jan. 17 review by the Institute on Taxation and Economic Policy. The name of the review is “A Simple Fix for a $17 Billion Loophole.” In particular, the tax code favors foreign-based multinational corporations operating in New Hampshire. This favoritism […]
Tampa Bay Times: Billions in Profits and No Income Tax Bill? That’s not Fair
July 19, 2019
Amazon made $10.8 billion last year and did not pay a penny in corporate income tax. In fact, it claimed a federal income tax rebate of $129 million. It’s not alone. Sixty profitable Fortune 500 companies avoided all federal income taxes by taking advantage of lax provisions in the 2017 Tax Cuts and Jobs Act. […]
CNBC: Blue states file suit against IRS over rules on SALT workarounds
July 17, 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. “You just won’t […]
Chicago Booth Review: Why Some Companies Don’t Maximize Tax Avoidance
July 15, 2019
This conundrum may come as a surprise to those who noticed that Amazon, Netflix, General Motors, and at least 57 other Fortune 500 companies didn’t pay a cent in US income tax last year on a combined $79 billion of profits, according to the Institute on Taxation and Economic Policy. But as Weisbach has put […]
The Hill: 2020 Democrats Push Tax Hike on Wealthy Investors
July 14, 2019
Former President Obama proposed raising capital gains rates for high earners to 28 percent, still short of the top ordinary income tax rate. During the 2016 presidential campaign, Democratic nominee Hillary Clinton proposed increasing capital gains rates for investments held in the medium term but proposed keeping the top long-term rate the same. And Democrats […]
MarketWatch: Here’s What 2020 Democratic Candidates Have Said About Universal Basic Income
July 11, 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
Daily Progress: Opinion/Commentary: New IRS Rule Narrows Tax Loophole in Virginia
July 7, 2019
First, people and businesses making stock contributions, rather than cash, may still be able to profit from their donations through avoidance of capital gains taxes. A fix suggested by the Institute on Taxation and Economic Policy is to require taxpayers to pay capital gains tax if they receive a large state tax credit as compensation […]
The Washington Post: States Are Doing It. So Why Hasn’t Congress Increased the Federal Gas Tax?
July 6, 2019
All told, 31 of the 50 states have raised or reformed their motor fuel taxes during the past decade, according to the Institute on Taxation and Economic Policy. What’s more, 22 states now have variable-rate policies in place to make sure that inflation does not erode this crucial revenue stream. In so doing, they are […]
Public News Service: Deadline Today for WA Initiative Requiring Voter Approval for Tax Increases
July 5, 2019
Taxes took center stage because of a finding that Washington has the most regressive tax code in the country. According to the Institute on Taxation and Economic Policy, people in the top 1% pay 3% or less of their income in taxes, while those in the bottom 20% pay nearly 18%. Read more
CT Mirror: Gasoline Taxes Are on the Rise — Just not in CT
July 5, 2019
Twelve states ordered gasoline tax hikes that took effect this week, according to the nonprofit Institute on Taxation and Economic Policy (ITEP). While many policymakers say fuel levies are on the way out, the latest increases mean 31 out of 50 states have raised gasoline taxes at least once this decade, according to ITEP. Read […]
Business Insider: Gas and Diesel Prices Rose at the Worst Possible Time for Drivers in the US and These States Are Being Affected Most
July 3, 2019
For some states, the gas tax increase has been long delayed. Some states have postponed this increase for several years due to the political challenges, Carl Davis, a research director at the Institute of Taxation and Economic Policy, told Business Insider. Davis is an expert in transportation infrastructure funding. “Lawmakers don’t want to take a […]
Pacific Standard: Developers Aren’t Reporting How They’re Using Tax Incentives Meant for Low-Income Areas
July 2, 2019
Even for those who have tracked the bill closely, the reporting process remains opaque. “This bill was thrown together so incredibly quickly—there weren’t hearings on it, these types of questions weren’t fleshed out in the way they should have been, so a lot of how this was put together remains a mystery,” says Carl Davis, […]
The Wall Street Journal: From Gas Taxes to Vaping Rules, New State Laws Take Effect Across U.S.
July 2, 2019
Drivers in a number of states will now pay higher taxes on gas as part of a broader push to fund infrastructure improvements. In Illinois, the gas tax has doubled to 38 cents from 19 cents, making it the largest increase for any of these states, according to the Institute on Taxation and Economic Policy, […]
Bloomberg: Horse Racing Tax Credit Backers Not Deterred by House Setback
July 1, 2019
Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, said there are sensible reasons to ask whether these tax breaks are more generous than they should be. ITEP is among organizations that have criticized the practice of extending temporary tax break and asked Congress to do away with them. “This sounds […]
Nevada Business: Taxes and Nevada: The Give and Take
July 1, 2019
Many of those breaks and loop holes were left in place by the new policies, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy. “There are a lot of breaks and loopholes that allow a company not to pay,” Wamhoff told Yahoo Finance. “People, when they think of […]
Bloomberg: Gas Tax Hike Takes Effect in Five States This Month
July 1, 2019
All state gas taxes are tacked onto the federal government’s 18.4 cent-per-gallon levy, according to the Institute on Taxation and Economic Policy. Read more
CNN: Amazon’s Less-Than-Zero Tax Rate Is Unacceptable
June 28, 2019
So, what is Amazon’s tax rate? According to The Institute on Taxation and Economic Policy, it was at 11% from 2011 to 2016, which was apparently too much for owner Jeff Bezos’s tastes — Amazon’s 2018 income tax rate plummeted to -1%. That’s a minus sign in front of the 1, signaling a negative tax […]
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