News Releases
Gimmicky Sales Tax Holidays to Cost States & Localities $1.6 Billion This Year
August 3, 2023 • By ITEP Staff
Sales tax holidays are bad policies that have too often been used as a substitute for more meaningful, permanent reform.
Big Corporations Have Reaped Billions in Tax Breaks from ‘Bonus Depreciation’
July 5, 2023 • By ITEP Staff
Big corporations have used a temporary policy that lawmakers are considering extending to get huge tax breaks, according to a new ITEP analysis. The new report looks at how much 25 major corporations saved from 2018-2022, and what their effective corporate tax rates have been as a result.
ITEP Analysis: New Proposed Tax Cuts Would Flow Primarily to Wealthiest Americans and Foreign Investors
June 12, 2023 • By ITEP Staff
Contact: Jon Whiten ([email protected]) The trio of tax bills that House Republicans plan on moving forward this week include huge tax cuts that would mostly benefit the wealthiest Americans and foreign investors, according to a new analysis released Sunday by the Institute on Taxation and Economic Policy. The bills, which are set to be considered […]
ITEP Statement: American Family Act Prioritizes Tax Credits for Low- and Middle-Income Families
June 7, 2023 • By ITEP Staff
Restoring the more robust CTC should be a top priority of all lawmakers from both sides of the aisle. But unfortunately, this bill stands in stark contrast to other tax bills taking shape that would deeply cut taxes for profitable corporations and wealthy families.
ITEP Statement: Debt Deal Avoids the Elephant in the Room
May 28, 2023 • By ITEP Staff
It’s a relief to see that Congressional leaders and the President have come to an agreement to raise the debt limit and avert an economic disaster. But by instituting work requirements for critical assistance programs and rescinding important funding to crack down on wealthy tax cheats, this deal will rig the economy even more in favor of the most well-off Americans while failing to fix the real structural problems that led to the current debt crisis in the first place.
States Looking to Make Property Taxes Affordable Should Turn to ‘Circuit Breakers’
May 11, 2023 • By ITEP Staff
Many state legislatures this year have been considering property tax cuts – but too many are ignoring the solution that speaks more directly to questions of property tax affordability than any other policy option: the “circuit breaker."
Extending Temporary TCJA Provisions: A Windfall for the Wealthy with an Enormous Price Tag
May 4, 2023 • By ITEP Staff
The push by Congressional Republicans to make permanent a series of tax laws that expire at the end of 2025 would cost nearly $300 billion in the first year and deliver the bulk of the tax benefits to the wealthiest Americans.
ITEP Launches Local Tax Team
March 30, 2023 • By ITEP Staff
Contact: Jon Whiten ([email protected]) For decades, the Institute on Taxation and Economic Policy (ITEP) has played a role in shaping equitable and sustainable tax systems at the federal and state level. From the beginning, we have collaborated with advocates, policymakers, and others to advance policies that can foster expansive, inclusionary, and racially equitable tax systems. […]
Costly and Poorly Targeted Senior Tax Subsidies Widen Economic, Racial, and Generational Inequalities
March 22, 2023 • By ITEP Staff
Contact: Jon Whiten – [email protected] Costly and Poorly Targeted Senior Tax Subsidies Widen Economic, Racial, and Generational Inequalities State lawmakers should focus on improving overall tax fairness, not creating special carveouts based on age Lawmakers in several states are currently considering tax subsidies for senior citizens, even though these breaks are costly and poorly targeted. […]
ITEP Statement: President Biden Lays Out a Bold Vision for Tax Justice in Proposed Budget
March 9, 2023 • By ITEP Staff
President Biden’s budget proposal presents a bold vision for what tax justice should look like in America. The provisions would raise substantial revenue, fund important priorities and increase tax fairness.
Lured by Promises of Financial Gain, Wealthy Families are Flocking to Voucher Tax Shelters and Eroding Public Education in the Process
March 7, 2023 • By ITEP Staff
Contact: Jon Whiten – [email protected] Lawmakers in several states are discussing enacting or expanding school voucher tax credits, which reimburse individuals and businesses for “donations” they make to organizations that give out vouchers for free or reduced tuition at private K-12 schools, as a new brief released today by the Institute on Taxation and Economic […]
Flat Taxes: ‘All Sizzle and No Steak’
January 17, 2023 • By ITEP Staff
While most states have a graduated rate income tax, some state lawmakers have recently become enamored with the idea of moving away from graduated rate personal income taxes and toward flat rate taxes instead. But flat taxes create problems for ordinary families and let the wealthy off the hook. When faced with a flat income […]
State Child Tax Credits Have Enormous Potential to Cut Child Poverty
November 16, 2022 • By ITEP Staff
CONTACT: Jon Whiten New state-by-state data charts a course for how states can make headway for the next generation As the dust settles on this year’s elections and state lawmakers look toward 2023’s legislative sessions, they should consider creating or improving their state Child Tax Credits. A new report released today by the Institute on […]
Report: Ten States Hold 71 Percent of America’s Extreme Wealth
October 13, 2022 • By ITEP Staff
Tackling wealth inequality through the tax code can boost economic opportunity Washington, DC: Wealth inequality is rampant in every state and particularly concentrated in a handful of states, according to a first-of-its-kind analysis released today by the Institute on Taxation and Economic Policy (ITEP). This extreme wealth hinders economic opportunities for all but the […]
ITEP Policy Briefs: More and More States Are Helping Low-Income Families with New and Expanded Tax Credits
September 15, 2022 • By ITEP Staff
13 states plus D.C. created or expanded state CTCs or EITCs this year, helping create more equitable state tax systems WASHINGTON, D.C.: In 2022’s state legislative sessions, lawmakers across the country advanced tax policies that will bolster the economic security of millions of low- and moderate-income working families through new and enhanced Child Tax Credits […]
New Report Shows Romney Child Tax Credit Proposal Falls Short for Low- and Moderate-Income Families
September 9, 2022 • By ITEP Staff
Plan Would Leave 1 in 4 Children Worse Off Compared to Current Law and Help Half as Many Low-Income Children as the 2021 Expansion of the Credit Washington, D.C. — With pressure mounting on lawmakers to find a way forward for expanding the Child Tax Credit, Sen. Mitt Romney’s CTC proposal is being pushed as […]
ITEP: Inflation Reduction Act is Biggest Corporate Tax Reform in Decades
August 12, 2022 • By Amy Hanauer
Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, issued the following statement on “The Inflation Reduction Act (IRA) of 2022,” the reconciliation bill passed today by the House of Representatives. “Today Congress signed off on the biggest corporate tax reform in decades as part of a bill that will provide a […]
Inflation Reduction Act Will Increase Tax Fairness, Reduce Inequality
August 7, 2022 • By Amy Hanauer
Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, issued the following statement on “The Inflation Reduction Act (IRA) of 2022,” the reconciliation bill passed today by the Senate. “Today we made remarkable progress for America’s tax and climate policy. The IRA reduces corporate loopholes, collects revenue from those who defy tax […]
ITEP: Reconciliation Deal Represents “Transformational Change” for U.S. Tax Policy
July 28, 2022 • By Amy Hanauer
Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, issued the following statement on “The Inflation Reduction Act of 2022,” the reconciliation bill announced yesterday by Senate Democrats. “This is a transformational change for U.S. tax and energy policy. The bill restores sorely needed and long-overdue accountability to our tax code. By […]
ITEP: Tax and Climate Provisions Are What Americans Want and Need
July 15, 2022 • By Amy Hanauer
In response to conflicting reports on negotiations with Sen. Joe Manchin of West Virginia on tax increases and climate provisions, Amy Hanauer, ITEP Executive Director, released the following statement: Sen. Joe Manchin may be uncertain about higher taxes on the rich and corporations, but the American people are not. Large majorities of Americans support the tax […]
ITEP Statement on Biden Administration’s Billionaire Minimum Income Tax Plan
March 28, 2022 • By ITEP Staff
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 its latest budget proposal: “Creating a Billionaire Minimum Income Tax would ensure for the first time that the very wealthiest people in this country, those […]
New 50-State Analysis: Poorest Two-Fifths Would Bear the Brunt of Sen. Rick Scott’s Proposed Tax Increase
March 7, 2022 • By ITEP Staff
“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
House Passage of Build Back Better Bill Moves America’s Tax Code in the Right Direction
November 19, 2021 • By Amy Hanauer
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.
ITEP Statement on President Biden Signing the Infrastructure Investment and Jobs Act
November 15, 2021 • By Amy Hanauer
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.
New Study: Increase in Working from Home Could Depress Commercial Real Estate Prices, Reduce Local Tax Revenue
November 4, 2021 • By ITEP Staff
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 reveals. The Impact of Work from Home on Commercial Property Values and the Property Tax in U.S. Cities concludes that even as the recovery strengthens, if […]
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