Select Media Mentions
CNBC: Shares of General Electric rise on report that Immelt could be ‘pushed into retirement’
March 13, 2017
An uptick in stock price comes as a report was issued Thursday by the Institute on Taxation and Economic Policy, a left-leaning research group in Washington, claiming that 100 corporations, including GE, paid no taxes in at least one year between 2008 and 2015. The report also says that GE incurred a total federal income […]
The Seattle Times: GE, Priceline among top corporations paying no income tax over last 8 years
March 13, 2017
Although the top corporate rate is 35 percent, hardly any company actually pays that. The report, by the Institute on Taxation and Economic Policy, a left-leaning research group in Washington, D.C., found that 100 of them — nearly 40 percent — paid no taxes in at least one year between 2008 and 2015. Read more
Washington Post: Undocumented and paying taxes, they seek a foothold in the American Dream
March 13, 2017
About half of undocumented immigrants file personal tax returns, channeling $1.1 billion to state coffers, according to the Institute on Taxation and Economic Policy. The IRS could not say how much ITIN filers paid in income taxes last year, but past federal reports have estimated that they pay billions of dollars in federal taxes over […]
The Columbian: Teachers, parents and legislators gather for school funding forum
March 13, 2017
Stonier said the state should look to raise more revenue. Heather Lindberg, an education activist who ran for the Vancouver School Board in 2015, said the state’s tax code is “completely upside down” in making the poor pay a greater percentage of their income than the wealthy. (A 2015 study by the nonpartisan Institute on […]
The Maui News: Undocumented immigrants on Maui are unsure of future
March 13, 2017
In the U.S., more than 60 percent of undocumented immigrants have lived in the country for more than a decade, according to a report by the Institute on Taxation and Economic Policy. Many are mixed-legal status families. They pay an estimated $11.74 billion a year in taxes and contribute to Social Security but never take […]
Quad City-Times: Embrace immigrant past, be welcoming community
March 13, 2017
Immigrants are more likely to start a business than native-born Americans and are particularly over-represented in Main Street business — retail, restaurants and neighborhood services — that are crucial to local economies. They also contribute to local tax bases. Even unauthorized immigrants paid $11.74 billion in state and local taxes in 2014 ($758 million just […]
Scranton Times-Tribune: Tax Season Just for Some
March 13, 2017
A new study by the Institute on Taxation and Economic Policy demonstrates that any reform must be in multiple directions, rather than in just reducing rates at the top. President Donald Trump and others often lament that the top corporate tax rate is too high at 35 percent. But the study found that massive tax […]
Washington Post: We Didn’t Think We Agreed on Undocumented Immigrants
March 13, 2017
In fact, undocumented residents in the United States pay an estimated $11.74 billion annually in state and local taxes, an amount that would increase significantly if these immigrants were given a pathway to citizenship, according to a new report from the Institute on Taxation and Economic Policy. Read more
Investopedia: How Fortune 500 Companies Avoid Paying Income Tax
March 13, 2017
The Institute on Taxation and Economic Policy (ITEP), in a recent study, found that over the eight-year period from 2008 to 2015, 258 profitable Fortune 500 companies paid an average effective federal income tax rate of 21.2%. Over that same period, exactly 18 companies, including General Electric, International Paper, Priceline.com and PG&E Corp., avoided paying […]
CNBC: Business taxes may sound high, but these companies pay a lot less
March 13, 2017
The U.S. corporate tax rate may be 35 percent, but most companies end up paying far less after accounting for specific tax breaks. Some, like utilities, gas and electric companies, paid only 3.1 percent in taxes on their domestic income over the last eight years, according to an updated study released this week by the […]
CNBC: Tax policy expert: The 35% corporate rate is a myth, so cutting it won’t bring overseas money back
March 13, 2017
Don’t expect big companies to bring profits back from overseas in response to a U.S. corporate tax cut, said Matthew Gardner of the Institute on Taxation and Economic Policy. The lead author of a new report titled “The 35 Percent Corporate Tax Myth” told CNBC on Friday that scores of profitable Fortune 500 companies had, […]
The 35 Percent Corporate Tax Rate Is a Myth for Many Profitable Companies
March 9, 2017
258 Fortune 500 Companies Were Consistently Profitable Over an 18-Year Period and Paid a 21.2 Percent Average Effective Tax Rate A comprehensive, eight-year study of profitable Fortune 500 corporations finds that, on average, the nation’s richest firms paid a 21.2 percent effective tax rate between 2008 and 2015, but a significant number (100) managed to […]
New York Times: U.S. Corporate Taxes Explained
March 9, 2017
This New York Times Facebook video features ITEP Senior Fellow Matthew Gardner explaining how profitable Fortune 500 companies exploit loopholes in the tax system to avoid paying the statutory corporate tax rate and, in some instances, zeroing out their federal tax obligation.
Palm Beach Post: FPL’s NextEra Energy paid no income taxes during six of eight years
March 9, 2017
he study, The 35 Percent Corporate Tax Myth conducted by the left-leaning Institute on Taxation and Economic Policy in Washington, D.C., examined eight years of data on federal income taxes of 258 profitable companies. NextEra officials did not immediately respond to a request for comment Thursday afternoon. “Over the past eight years from 2008 to […]
The Street: Corporate Tax Cuts Could Add 15% to S&P 500
March 9, 2017
A new study from the Institute on Taxation and Economic Policy (ITEP) found that 258 consistently-profitable Fortune 500 companies paid an effective federal income tax rate of 21.2% over an eight-year period, well below the statutory 35%. Eighteen corporations, including General Electric (GE) and Priceline (PCLN) , paid no federal income tax, and one-fifth of […]
New York Times: Profitable Companies, No Taxes: Here’s How They Did It
March 9, 2017
Although the top corporate rate is 35 percent, hardly any company actually pays that. The report, by the Institute on Taxation and Economic Policy, a left-leaning research group in Washington, found that 100 of them — nearly 40 percent — paid no taxes in at least one year between 2008 and 2015. Eighteen, including General […]
Public News Service: Study Shows Undocumented Immigrants Benefit NY
March 9, 2017
Unauthorized immigrants are about 5 percent of the labor force in the state, are responsible for 3 percent of the state’s economic output and pay more than $1 billion a year in state and local taxes, the Fiscal Policy Institute research said. David Dyssegaard Kallick, director of the Institute’s Immigration Research Initiative, said that tax […]
Vice News: Deporting undocumented immigrants could lose states $11 billion in taxes, study finds
March 9, 2017
Just because an immigrant is undocumented doesn’t mean her taxes are. In fact, undocumented immigrants currently pay more than $11 billion in state and local taxes each year, according to a report released Wednesday by nonpartisan think tank Institute on Taxation and Economic Policy. If these immigrants were to receive legal status, they’d likely contribute about […]
The Seattle Times: Tax Code Upside Down
March 9, 2017
According to a 2015 state-by-state report from the Institute on Taxation and Economic Policy, middle-and lower-income households in Washington state pay up to 17 percent of their incomes in taxes while the average rate among the very wealthiest households is less than 3 percent. Washington has the most inequitable tax system in the nation. Read […]
The Oregonian: Bills would force Oregon companies to share tax information
March 9, 2017
Ryan Deckert, president of the Oregon Business Association, said competitors in other states would use the information to get a leg up on the competition. According to the Institute on Taxation and Economic Policy, few states require companies to share tax information, but Massachusetts, per its state website, requires disclosure of sales, profits, taxes paid, […]
The Hill: Sanders offers bill aimed at preventing corporate tax avoidance
March 9, 2017
A report from the liberal Institute on Taxation and Economic Policy released Thursday found that Fortune 500 companies that were profitable each year between 2008 and 2015 had an average effective tax rate of 21.2 percent. Sanders’s bill would end the ability for corporations to defer paying U.S. taxes on their foreign earnings until the […]
The Business Journals: $178 billion in profits, no taxes paid
March 9, 2017
A new study from the Institute on Taxation and Economic Policy illustrates the degree to which that practice is playing out. The study show how 258 profitable Fortune 500 companies collectively“paid an effective federal income tax rate of 21.2 percent” from 2008-15, with 18 companies paying no federal income tax during that time despite earning […]
The Street: Trump’s Immigration Order Makes It Harder for Him to Deliver on Economic Promises
March 8, 2017
According to the Institute on Taxation and Economic Policy (ITEP), undocumented immigrants contribute about $11.6 billion to the economy annually. A recent report from the National Academies of Sciences, Engineering and Medicine found that immigration has an overall positive effect on long-run economic growth in the United States. The foreign born have accounted for more than […]
The Connecticut Post: A giant sucking sound on the horizon
March 8, 2017
The nonpartisan Institute on Taxation and Economic Policy broke it down more. They pay more than $125 million in just state and local taxes in Connecticut. That would rise by more than $20 million if they had legal status. Republican presidential candidate Mitt Romney once said you can’t take that much money out of an […]
Akron Beacon Journal: Our Voices of Reason on Immigration
March 8, 2017
The Institute on Taxation and Economic Policy reported last week that illegal immigrants in Ohio pay $83 million a year in state and local taxes. With full legal status, they would pay another $25 million. Immigrants and refugees expand the economic pie. Eduardo Porter of the Times recently noted in a column that the 26 […]
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