News Releases
207 posts
New Analysis Details How Corporate Tax Cuts Worsen Economic and Racial Inequality
• By ITEP Staff
Contact: Jon Whiten (jon@itep.org) Corporate tax cuts exacerbate economic and racial disparities, according to a new report from the Institute on Taxation and Economic Policy and Liberation in a Generation that is the first of its kind to analyze the distribution of these cuts across different racial and economic groups. This collaborative report examines the […]
SCOTUS Ruling on Moore Prevents Big Retroactive Corporate Tax Break, Leaves Door Open to Federal Wealth Taxes
• By ITEP Staff
The Supreme Court upheld the 2017 Trump tax law’s mandatory repatriation tax, one of the few revenue-raising measures in the law. The Court’s ruling is an important victory for fair taxation, as invalidating the tax would have given about 400 multinational corporations a collective $271 billion tax break.
One Legacy of the Trump Tax Law: Big Tax Breaks for Big Corporations
• By ITEP Staff
The tax law signed by former President Trump in 2017 has slashed taxes for America’s largest, most profitable corporations, a new analysis by the Institute on Taxation and Economic Policy shows.
As Chicago Nears Vote on Mansion Tax, New ITEP Brief Looks at This Increasingly Popular Policy
• By ITEP Staff
Contact: Jon Whiten (jon@itep.org) Chicago voters will on Tuesday decide whether to levy a higher real estate transfer tax on properties sold for more than $1 million to help fight homelessness. Regardless of the outcome in the Windy City, these “mansion taxes” are increasingly popular with local policymakers who are seeking innovative and progressive ways […]
ITEP Statement & Resources: Tax Fairness and The State of the Union
• By ITEP Staff
When it comes to tax fairness, President Biden has a clear and compelling vision. Make large, profitable corporations and the wealthy pay their share, reduce taxes on low-income and working families with robust refundable tax credits, and use the trillions of dollars in new resources to create the kind of America we all want to see.
New Study: Corporate Tax Avoidance Remains Widespread Under Trump Tax Law
• By ITEP Staff
Contact: Jon Whiten (jon@itep.org) The tax overhaul signed into law by former President Donald Trump in 2017 cut the federal corporate income tax rate from 35 percent to 21 percent, but during the first five years it has been in effect, most profitable corporations paid considerably less than that. The details are explored in a […]
ITEP Statement on Federal Tax Deal on Child Tax Credit, Business Tax Breaks
• By ITEP Staff
Child poverty is a problem. Corporations paying too much in taxes is not. Unfortunately, many members of Congress have refused to direct resources to help children in poverty unless an equal amount of resources is simultaneously directed towards corporate tax cuts.
Tax Systems in 44 States Exacerbate Inequality, In-Depth ‘Who Pays?’ Study Finds
• By ITEP Staff
The vast majority of state and local tax systems are upside-down, with the wealthy paying a far lesser share of their income in taxes than low- and middle-income families. That’s according to the latest edition of the Institute on Taxation and Economic Policy’s Who Pays?, the only distributional analysis of tax systems in all 50 states and the District of Columbia.
The Reach of the Ever-Shrinking Estate Tax is at a Historic Low
• By ITEP Staff
Contact: Jon Whiten (jon@itep.org) Last month when the IRS announced the inflation-adjusted 2024 tax brackets, it also adjusted the basic exemption to the federal estate tax. Next year, an individual can leave behind an estate of $13.61 million without triggering the tax (for a married couple, that doubles to $27.22 million). Clearly, the estate tax […]
New from ITEP: Three Localities Are Leading the Way on Local EITCs
• By ITEP Staff
Refundable local EITCs improve the economic security of workers, families, and children. These credits put dollars directly into the pockets of financially vulnerable households, helping them afford the basics and achieve better health and economic outcomes.
As SCOTUS Considers ‘Moore’ Case, Hundreds of Billions of Dollars Hang in the Balance
• By ITEP Staff
Later this year, the Supreme Court will hear Moore v. United States which could become the most important tax case in a century.
Gimmicky Sales Tax Holidays to Cost States & Localities $1.6 Billion This Year
• 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’
• 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
• By ITEP Staff
Contact: Jon Whiten (jon@itep.org) 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
• 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
• 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…
States Looking to Make Property Taxes Affordable Should Turn to ‘Circuit Breakers’
• 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
• 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
• By ITEP Staff
Contact: Jon Whiten (jon@itep.org) 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
• By ITEP Staff
Contact: Jon Whiten – jon@itep.org 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
• 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
• By ITEP Staff
Contact: Jon Whiten – jon@itep.org 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’
• 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
• 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
• 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 […]
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