News Releases
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news release March 28, 2022 ITEP Statement on Biden Administration’s Billionaire Minimum Income Tax Plan
The following is a statement from Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, on the Biden administration’s inclusion of a Billionaire Minimum Income Tax in… -
news release March 7, 2022 New 50-State Analysis: Poorest Two-Fifths Would Bear the Brunt of Sen. Rick Scott’s Proposed Tax Increase
“Billionaires are getting richer, and some of them are altogether avoiding taxes or paying a tiny percentage relative to their income and wealth. The 2017 tax law further worsened inequality by giving huge tax breaks to the rich. It’s inconceivable that a lawmaker would propose to single out the most vulnerable households for higher taxes.” –Steve Wamhoff
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news release November 19, 2021 House Passage of Build Back Better Bill Moves America’s Tax Code in the Right Direction
The Build Back Better plan that the House passed today will transform the country and make our tax code more progressive, more equitable and better able to pay for crucial priorities.
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news release November 15, 2021 ITEP Statement on President Biden Signing the Infrastructure Investment and Jobs Act
America does better when we invest in our people, our places and our planet. The infrastructure bill that President Biden signed today will restore and strengthen our physical infrastructure, making repairs and improvements that are long overdue. Now Congress needs to take the next step and pass legislation that taxes wealthy people and corporations to pay for our care and climate infrastructure.
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news release November 4, 2021 New Study: Increase in Working from Home Could Depress Commercial Real Estate Prices, Reduce Local Tax Revenue
Covid-19 dramatically altered how and where many employees work, a shift that could have a long-term negative effect on commercial real estate occupancy rates and, ultimately, on local governments’ tax revenue base, a new study… -
news release October 4, 2021 How State Income Tax Reforms Can Narrow the Racial Income and Wealth Gaps
This report is second in a series that will examine how state tax codes impact the racial income and wealth gaps and offer policy recommendations for addressing those inequities. Currently, all but five state tax systems are upside down, meaning they tax the top 1 percent at a lower rate than the poorest 20 percent. Longstanding economic and social injustices, including unequal access to education and job discrimination among other things, have created an economy in which white families are more likely to thrive and build wealth and be in the highest-income brackets. So, state tax systems that rely more on regressive consumption taxes than on progressive income taxes directly contribute to the post-tax racial income gap.
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news release September 17, 2021 New ITEP Report Reveals a Trove of Data that Support the Case for a Higher Corporate Tax Rate
Media contact A new report from ITEP highlights multiple data sets that reveal how U.S.-based multinational corporations are avoiding taxes and debunks claims that a higher tax rate would make firms less… -
news release September 13, 2021 ITEP: House Ways and Means Revenue Proposals Are a Promising Start, Leave Some Crucial Work Undone
Earlier this year, the Biden administration put forth a transformative tax proposal that would raise significant revenue, reduce corporate tax avoidance, and substantially increase taxes paid by the wealthiest individuals. The Ways and Means Committee has kept some of these important reforms but has diluted others in ways that would leave some of the work of tax reform undone.
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news release August 26, 2021 New Report Outlines Less Costly Alternatives to SALT Repeal
Media contact Ever since former President Trump and the GOP-led Congress enacted a $10,000 cap on state and local tax (SALT) deductions in December 2017, federal and state lawmakers in the mostly “blue”,… -
news release August 5, 2021 ITEP Statement on AFL-CIO President Richard Trumka’s Death
Following is a statement from Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding the death of AFL-CIO President Richard Trumka: “The board and staff of… -
news release July 29, 2021 Zero-tax Corporations Are a Problem and So Are Corporations that Pay Less Than Half
Media Contact Corporate tax avoidance is a perennial problem that is annually depriving the U.S. Treasury of tens of billions in needed revenue, a new report from the Institute on Taxation… -
news release June 24, 2021 ITEP: Bipartisan Infrastructure Deal Must Be Accompanied by Bolder Legislation
Following is a statement by Amy Hanauer, executive director of ITEP, regarding the bipartisan deal announced today by senators and the White House. “While the bipartisan infrastructure deal announced today… -
news release June 8, 2021 ITEP: ProPublica’s Expose on Billionaires’ Taxes Is Another Wake-up Call
The explosive ProPublica report released today confirmed what we have known for quite some time: the wealthy and powerful play by a different set of rules than the rest of us. Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding the report: “ProPublica’s reporting today on the details of how 25 billionaires pay little to nothing in federal tax relative to their incomes is a wakeup call: the nation needs tax reform that will impart some balance to our tax system.”
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news release May 28, 2021 Biden’s Budget Signals the End of Trickle-Down Economics Era
President Joe Biden’s 2022 budget proposal released today signals a commitment to transformational policy solutions that not only invest in people and communities but also ensure corporations and rich people contribute more in taxes to support the economy that makes their wealth and profits possible, the Institute on Taxation and Economic Policy (ITEP) said today.
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news release April 28, 2021 American Families Plan Proposes Transformational Investments and More Equitable Tax Reform
Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding President Biden’s remarks on the American Families Plan. “Longstanding inequities, deepened by… -
news release April 20, 2021 SALT Cap Repeal Would Exacerbate Racial Inequities
A new ITEP analysis provides critical data for the debate over whether to repeal the $10,000 cap on state and local tax (SALT) deductions. The report finds that repeal of the SALT cap without other reforms would worsen economic disparities and exacerbate racial inequities baked into the federal tax system.
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news release April 2, 2021 55 Corporations Exploit Old and New Loopholes to Pay $0 in Federal Taxes in 2020
Media contact Twenty-six of the 55 companies paid nothing over three years In 2020, a year marked by a pandemic, small business closures and widespread job loss for ordinary people,… -
news release March 31, 2021 President Biden’s Infrastructure Plan Moves Toward Ending “Zero-Tax” Profitable Corporations
Following is a statement by Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, regarding the corporate tax provisions in the “American Jobs Plan,” released by… -
news release March 31, 2021 New Research: Tax Policy Choices Can Narrow or Worsen the Racial Income Gap
Media contact A new report released today by the Institute on Taxation and Economic Policy spotlights a stark challenge confronting state and local lawmakers. Tax policy has the potential to… -
news release March 10, 2021 American Rescue Plan Uses Government Muscle to Tackle Big Economic Problems
Media contact Following is a statement by Amy Hanauer, executive director of The Institute on Taxation and Economic Policy, regarding the American Rescue Plan, which has cleared both houses of… -
news release March 2, 2021 ITEP: Senate Should Pass Rescue Plan without Delay
Senators and representatives can look to recent history—the 2007-2009 recession—for lessons on how to best address the current economic crisis. If we do too little, the economy will stay weak much longer, hurting all of us.
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news release January 26, 2021 New Analysis: President Biden’s Proposed Child Tax Credit Expansion Would Reduce Poverty, Address Racial Disparities
Media contact The credit would boost after-tax income for the poorest 20 percent by $4,570 or an average 37% of their incomes President Biden’s proposed expansion to the Child Tax… -
news release January 20, 2021 ITEP Statement on President Biden’s Inauguration: Ready for Change
Media contact Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding President Biden’s inauguration. “Today, we pause to recognize President Joe… -
news release January 14, 2021 ITEP: Biden’s American Rescue Plan Is the Start We Need to Right the Economy
Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding President-elect Biden’s economic package released today. “President-elect Biden’s plan offers sound solutions… -
news release January 7, 2021 Dems Promised $2,000 Payments. Here’s What that Would Mean for Taxpayers Across the Income Spectrum.
New estimates from ITEP show how taxpayers across the income spectrum would fare should Democrats enact the $2,000 payments they promised would happen if they gained control of the Senate.