News Releases
Republican COVID Relief Plan Doesn’t Rise to the Moment
July 23, 2020 • By Amy Hanauer
Media contact Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy (ITEP), regarding the pending Republican plan for phase IV COVID-19 relief. Details are emerging about the plan, which Senate leadership has not formally released. “Republicans are struggling to agree on the next round of COVID relief […]
New Analysis: Payroll Tax Cut Would Cost $336 Billion, Benefit Top 1 Percent Most
July 21, 2020 • By Steve Wamhoff
Media contact Temporarily eliminating all federal payroll taxes through the end of the year would cost $336 billion, deliver 64 percent of its benefits to the richest 20 percent of households and fail to provide help to unemployed workers who are struggling most due to the economic downturn, the Institute on Taxation and Economic Policy […]
ITEP: Tax Cuts for the Rich Will Exacerbate Inequality, Fail to Address Current Economic Crisis
July 13, 2020 • By Amy Hanauer
Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding White House Advisor Larry Kudlow’s statement on priorities for the next economic relief package.
ITEP: White House Seeks to Exploit COVID-19 Crisis to Enact Unpopular Tax Cuts
May 6, 2020 • By Amy Hanauer
Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding the Trump administration’s musings to respond to the COVID-19 health and economic crisis with tax cuts.
ITEP: Making Decisions on Federal Relief Based on Blue v. Red States is Morally Bankrupt
April 24, 2020 • By Meg Wiehe
Following is a statement by Meg Wiehe, deputy executive director of the Institute on Taxation and Economic Policy, regarding Senate Majority Leader Mitch McConnell’s press release on “blue state bailouts” and suggestion that states facing budgetary shortfalls should seek bankruptcy protection.
ITEP: Congress Must Provide More Relief to States
April 21, 2020 • By Amy Hanauer
Media contact Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding the Senate bill on small business relief. “State budgets have already taken an enormous hit due to the necessary halting of economic activity to curb the COVID-19 public health crisis. The initial $150 billion in […]
ITEP: Tax Cuts for Millionaires in the CARES Act Violate Public Trust
April 14, 2020 • By Amy Hanauer
“Public trust and the broad agreement that families and communities needed immediate relief from the economic crisis allowed the $2.2 trillion economic relief package to move quickly through Congress. Yet during a crisis in which thousands have lost their lives and millions are losing their jobs, their health care and their retirement security, some of our lawmakers snuck in tax benefits for the nation’s richest families."
The Job Is Not Yet Done: ITEP Statement on the $2 Trillion Relief Package
March 27, 2020 • By Amy Hanauer
Following is a statement by Amy Hanauer, executive director of the Institute on Taxation and Economic Policy, regarding the $2 trillion relief package expected to be enacted today. ITEP’s distributional analysis of how the rebate checks will affect individuals and families is here and here. “Crisis and unprecedented are overused words at a time like […]
New Analysis Shows Average Rebate for Families in the Stimulus Bill
March 25, 2020 • By ITEP Staff
The Senate agreed to a compromise stimulus bill last night that improves on flaws in its initial bill but still fails to go as far as other proposals and leaves out immigrants who file taxes via Individual Taxpayer Identification Numbers (ITIN), the Institute on Taxation and Economic Policy said today.
New Analysis: Revised GOP Stimulus Proposals Still Fails to Meet Critical Needs
March 23, 2020 • By ITEP Staff
Media Contact The revised GOP stimulus proposal still fails to do enough for struggling families while providing a no-strings-attached bailout to corporations, the Institute on Taxation and Economic Policy said today. ITEP today released an analysis of the revised plan. Among its key findings: The revised proposal could leave 7.5 million households without access to […]
New Analysis Compares Republican- and Democratic-Sponsored Proposals to Help Families and Individuals
March 20, 2020 • By ITEP Staff
Media Contact The economic stimulus bill released by Senate Majority Leader Mitch McConnell Thursday night would leave behind millions of adults and children and do little to help struggling families weather this current public health and economic crisis, the Institute on Taxation and Economic Policy (ITEP) said today. ITEP has released a new analysis that […]
Senate Bill Addresses Unprecedented Health and Economic Crisis with Wrong-Headed Corporate Tax Cuts
March 19, 2020 • By Amy Hanauer
Following is a statement by Amy Hanauer, ITEP’s executive director, regarding the GOP aid plan introduced today by the Senate:
White House Advisors’ Push for Corporate ‘Minimum Tax’ Will Not Fix the Tax Law
February 19, 2020 • By Matthew Gardner
A White House proposal to follow Trump’s massive corporate tax cuts with a minimum corporate tax would be like shooting a person on Fifth Avenue and then offering them a band aid.
“Budget for America’s Future” Cuts Funding for Essentials
February 10, 2020 • By Amy Hanauer
The budget proposal reinforces the Trump Administration’s commitment to maintaining trillions in tax cuts for the rich and corporations, even if it requires cutting support for food assistance, cutting funding support for education, harming our environment or taking away health care from millions of Americans.
Fortune 500 Companies Avoided $73.9 Billion in Tax Under First Year of Trump Tax Law
December 16, 2019 • By Matthew Gardner
A comprehensive examination of Fortune 500 companies’ financial filings in 2018, the first year of the Tax Cuts and Jobs Act, finds that the law did nothing to curb corporate tax avoidance, with 91 companies paying $0 in taxes on U.S. income in 2018 and profitable companies overall paying a collective effective tax rate of 11.3 percent, which is barely more than half the 21 percent rate established by the tax law, the Institute on Taxation and Economic Policy (ITEP) said today.
Amy Hanauer Appointed as Executive Director of ITEP-CTJ
November 5, 2019 • By ITEP Staff
Institute on Taxation and Economic Policy (ITEP) and Citizens for Tax Justice (CTJ) Boards of Directors announced today the appointment of Amy Hanauer as Executive Director to lead the organizations’ tax justice work. Hanauer, founder of Policy Matters Ohio, will assume responsibilities mid-January 2020, joined by long-time ITEP-CTJ team member Meg Wiehe in her expanded role as Deputy Executive Director. Together the pair will lead the organizations in transforming tax policies to better meet the country’s needs.
Senator Releases Plan That Would Increase Capital Gains Tax Rates, Close Loopholes
September 12, 2019 • By Alan Essig
Following is a statement from Alan Essig, executive director for the Institute on Taxation and Economic Policy, on the paper released today by the Senate Finance Committee’s ranking Democrat, Ron Wyden, calling for anti-deferral accounting, which could dramatically reform the way the U.S. taxes capital gains.
New Report: A Chicago EITC Would Benefit up to 1 Million Chicago Families
September 12, 2019 • By Lisa Christensen Gee
Media contact Report outlines policy options for Chicago Resilient Families Initiative Task Force Recommendations A new report reveals that a city-level, Chicago Earned Income Tax Credit would boost the economic security of 546,000 to 1 million of the city’s working families, the Institute on Taxation and Economic Policy (ITEP) and Economic Security for Illinois said today. […]
Leadership Transition Announcement
August 7, 2019 • By ITEP Staff
Notes from Alan Essig, Executive Director of the Institute on Taxation and Economic Policy and Citizens for Tax Justice, and Joan Entmacher, Board Chair of the Institute on Taxation and Economic Policy, and Ed Jayne, Board Chair of Citizens for Tax Justice, announcing leadership transition.
Sales Tax Holidays Are Outdated Gimmicks That Have Run Their Course
July 17, 2019 • By ITEP Staff
Just as the very first sales tax holiday for car sales did not fix the auto industry’s challenges, providing consumers a temporary reprieve on sales tax will not address families’ pocketbook concerns.
Travelers in 12 States Will Pay More in Gas Taxes Beginning Monday
June 27, 2019 • By Carl Davis
Drivers in 12 states who hit the road during this summer driving season will be paying more in gas tax beginning Monday, July 1. While the federal gas tax has remained stagnant for nearly 26 years, many states have stepped up and increased their taxes so they can raise revenue to fund infrastructure and other projects. California, Indiana, Maryland, Michigan, Montana, Nebraska, Ohio, Rhode Island, South Carolina, Tennessee and Vermont all will raise their gas taxes.
Treasury Regulations Address Long-Standing Tax Loophole
June 11, 2019 • By Carl Davis
Following is a statement by Carl Davis, research director at the Institute on Taxation and Economic Policy, regarding Department of Treasury regulations released today to address state policies that allow taxpayers to receive overly generous tax credits for charitable deductions. “This regulation rightly addresses a long-standing tax loophole that gave high-income taxpayers one more way […]
Five Recent Federal Tax Credit Proposals Target Benefits to Bottom 60 Percent of Taxpayers
May 22, 2019 • By ITEP Staff
Five tax proposals announced this year are a radical departure from the top-heavy 2017 Tax Cuts and Jobs Act, targeting their benefits instead to low- and moderate income families while providing no or nominal tax cuts to the highest-earning households, a new Institute on Taxation and Economic Policy analysis of each of the five plans reveals.
New 50-State Analysis: State Child Tax Credits Would Lift 2.1 to 4.5 Million Children out of Poverty
April 17, 2019 • By ITEP Staff
Expanding the Child Tax Credit (CTC) at the state level could lift millions of children out of poverty and help families who benefited little or not at all from the 2017 federal expansion of the CTC, according to a 50-state report released today by the Institute on Taxation and Economic Policy and the Center on Poverty and Social Policy at Columbia University.
60 Fortune 500 Companies Avoided All Federal Income Tax in 2018 Under New Tax Law
April 11, 2019 • By Matthew Gardner
91 corporations did not pay federal income taxes on their 2018 U.S. income. Read the follow-up report released in December 2019, Corporate Tax Avoidance in the First Year of the Trump Tax Law. Media Contact An in-depth analysis of Fortune 500 companies’ financial filings finds that at least 60 of the nation’s biggest corporations didn’t […]
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