“The 2017 tax act, through its omission of true tax reform, really does leave a lot of opportunities available to Congress, starting in 2020, to broaden the tax base in a way that could raise a substantial amount of money,” says Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy. The Trump administration’s tax legislation, known as the Tax Cuts and Jobs Act, did little to close corporate tax breaks enjoyed by oil and gas and other industries, according to Gardner, “and in fact made some of the biggest tax breaks even bigger.”
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 April 30, 2019 Pacific Standard: Can Ending Fossil Fuel Subsidies Pay for Beto O’Rourke’s Climate Plan?
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media mention April 30, 2019 Houston Chronicle: Oil Companies Dodge Tax Bills Under Trump Reforms, Study Says
Despite earning billions of dollars in profits, companies like Halliburton, Chevron, Occidental Petroleum and EOG Resources were able to claim tens of millions in tax rebates, according to a study earlier this month by the Institute on Taxation and Economic Policy.
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media mention April 30, 2019 MinnPost: Legislative Tax Plans: Equitable, Inspirational or Destructive?
Minnesota’s current tax system is considered one of the nation’s most progressive. The Institute on Taxation and Economic Policy, a nonpartisan think tank that assesses state and federal tax policies, ranks the state the fourth most-equitable in the way it taxes lower-income residents. It’s the provider tax and that proposed gas tax hike — two inherently regressive taxes — that drag down the overall progressivity of the plans.
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media mention April 30, 2019 New York Times: Apple Plans to Buy $75 Billion More of Its Own Stock
When it repatriated its cash under the new tax law, Apple paid $43 billion less than it would have under previous rates, bigger savings than any other American company, according to the Institute on Taxation and Economic Policy, a research group in Washington. Apple has also saved billions of dollars under the lower corporate tax rate. Apple says it is spending billions in the United States, hiring new workers, building data centers, expanding offices in Texas and investing in some outside manufacturers.
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media mention April 30, 2019 Washington Post: Democrats Said a GOP Tax Law Provision Would Devastate Blue States. That’s Not Happening.
“A lot of these claims were knee-jerk, political reactions,” said Carl Davis, a tax analyst for the Institute on Taxation and Economic Policy, a left-leaning think tank. “Some perspective is needed on some of the wild claims about how it would damage blue states’ economies.”
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media mention April 29, 2019 New York Times: Profitable Giants Like Amazon Pay $0 in Corporate Taxes. Some Voters Are Sick of It.
The list of profitable companies that pay no corporate taxes, compiled by the Institute on Taxation and Economic Policy, a left-leaning think tank, also includes Goodyear and three other Ohio companies, including the Akron-based electric utility FirstEnergy. The company, which has the naming rights to the Cleveland Browns’ stadium, paid no taxes last year on $1.5 billion in income, according to the analysis, and will receive additional tax credits that can be used in the future. In a win for consumers, some of that will be returned to the utility’s customers.
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media mention April 25, 2019 Democracy Now: Joseph Stiglitz: Elizabeth Warren & Bernie Sanders Want to Make the Economy Work for All Americans
This is Democracy Now! I’m Amy Goodman, with Juan González. The Institute on Taxation and Economic Policy has found the number of large U.S. companies who paid nothing in federal… -
media mention April 24, 2019 New York Times: Dealbook Briefing
“There’s a general rule that you’re not supposed to be able to claim losses for more than you put into a deal,” Steve Wamhoff, director of federal tax policy at… -
media mention April 24, 2019 Bloomberg: Want to Make Millions and Pay No Taxes? Try Real Estate
“There’s a general rule that you’re not supposed to be able to claim losses for more than you put into a deal,” says Steve Wamhoff, director of federal tax policy… -
media mention April 17, 2019 Vox: Democrats don’t have to wait for Trump to leave office to cut child poverty
But these plans have one major obstacle: Donald Trump is president. Policymakers in the Democratic fold have been arguing over what should happen in a hypothetical 2021 in which Trump… -
media mention April 17, 2019 Fox Business: Amazon Isn’t the Only Company that Paid $0 in Taxes Last Year
Under President Trump’s new tax law, 60 of America’s biggest corporations paid $0 in federal taxes in 2018, despite earning billions of dollars in profits. Amazon, Netflix, General Motors, Chevron,… -
media mention April 17, 2019 Des Moines Register: Large Corporations Are Winning Big Under GOP Tax Law
The GOP also doesn’t talk about how the biggest winners of the controversial tax law are — surprise — some of the country’s largest, publicly held corporations. They owed nothing on… -
media mention April 17, 2019 Detroit Metro Times: Five Top Michigan Corporations Paid $0 in Taxes
ou may have paid federal taxes, but four Fortune 500 companies in Michigan did not. In fact, they received hundreds of millions of dollars in refunds collectively. DTE Energy, Penske… -
media mention April 17, 2019 InsideSources: How the GOP Tax Law Benefited Big Tech
Big Tech companies like Amazon, IBM and Netflix paid no federal income tax this year according to data compiled by the Institute on Taxation and Economic Policy (ITEP), and some… -
media mention April 16, 2019 Texas Monthly:The Governor Wants to Replace Property Taxes With ‘Consumption’ Taxes. That’s a Terrible Idea.
The trick, of course, is that consumption taxes are regressive, and property taxes are not. Again, because there’s no state income tax, the burden of funding state government falls disproportionately… -
media mention April 16, 2019 CBS News Money Watch: Bernie Sanders: Amazon, Netflix are a “disgrace” for not paying taxes
The 60 companies that didn’t pay taxes last year, including tech giants such as Amazon and Netflix, relied on a number of legal strategies to eliminate their taxes, according to… -
media mention April 16, 2019 Wall Street Journal: Cuomo Paid Less Tax Under Federal Overhaul He Has Ripped
The 2017 tax law also lowered federal tax rates, narrowed the alternative minimum tax and increased the size of both the standard deduction and child tax credit. Because of these… -
media mention April 16, 2019 Business Insider: Bernie Sanders says it’s a ‘disgrace’ that Amazon and Netflix pay nothing under Trump’s tax bill
A recent report from the Institute on Taxation and Economic Policy said Amazon used “tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes.” Read… -
media mention April 16, 2019 Rolling Stone: Billions in Profits, No Taxes: How the Trump Tax Code Let 26 Companies Off the Hook
We knew President Trump’s 2017 tax bill favored corporate America, but this is ridiculous. According to a new study, a group of 60 companies in the Fortune 500 booked nearly… -
media mention April 16, 2019 New York Post: Want to get out of taxes? Just make $79B
While millions of Americans had to cut Uncle Sam a check this year to pay their tax bill, 60 of the Fortune 500 companies paid zero taxes on their revenue,… -
media mention April 16, 2019 Newark Star-Ledger: Tax Day 2019 More Taxing for 400k NJ Households
Only California, New York, Texas and Florida saw a greater number of households paying more in taxes, according to the report, based on data from the Institute on Taxation and… -
media mention April 15, 2019 CBS Radio News: Taxes, the Why and How Much
ITEP senior fellow was featured on this Tax Day podcast. To listen, visit: https://www.newsweek.com/republican-tax-cuts-trump-wage-increases-879800 -
media mention April 15, 2019 New York Times: Their Tax Rate Is Zero
Amazon. Delta Air Lines. Chevron. IBM. General Motors. Molson Coors. Eli Lilly. What do these companies have in common? They paid no federal taxes last year. Thanks to President Trump’s… -
media mention April 15, 2019 CNN: Four Ways Trump’s Tax Cuts Changed the Economy
Congress has yet to take up spending cuts to big-ticket items like Medicare and Social Security that the White House had proposed to curb deficits. Still, mounting debt makes conversations… -
media mention April 15, 2019 New York Times: Face It, You Probably Got a Tax Cut
Other analyses reached similar conclusions. The Joint Committee on Taxation — Congress’s nonpartisan team of tax analysts — found that every income group would see a tax cut on average.…