
April 29, 2015 • By ITEP Staff
Gov. Kasich’s Mid-Biennium Review proposal to expand the credit from 5 percent to 15 percent is a step in the right direction, but more must be done to ensure the credit benefits Ohio’s poorest working families. Read the full report
April 29, 2015 • By ITEP Staff
After the General Assembly raised the top income-tax rate to 7.5 percent in 1992 the state generated more than 100,000 jobs in each of the following three years. Compare that with the 25,600 jobs Ohio gained during 2013, the 40,300 in 2012, and the 77,600 in 2011. Tax levels are not the main thing driving […]
April 29, 2015 • By ITEP Staff
New Jersey is losing out on over $500 million each year by not tying increases in transportation construction costs to increases in gas tax rates, a new national report finds. This $504.7 million currently left on the table could nearly double the annual funding for vital transportation projects across the state. Read the full report
April 29, 2015 • By ITEP Staff
As Gov. Chris Christie prepares to unveil the specifics of his proposed 10-percent income tax cut at next week’s budget address, he’s working under a key tenet of conservative economics: that high tax rates harm economic growth. There’s just one problem, according to a new national report by the Institute on Taxation and Economic Policy […]
April 29, 2015 • By ITEP Staff
In case it remained a mystery to anyone, the administration’s plan for economic growth was made clear by Treasurer Andrew Sidamon-Eristoff at a New Jersey Business and Industry Association breakfast last Tuesday. To paraphrase the treasurer, the state’s job is to protect its approximately 15,000 millionaires by cutting their taxes. Read the full report
April 29, 2015 • By ITEP Staff
The budget passed by the House Finance committee made three significant tax policy changes that will impact the income of tens of thousands of Rhode Islanders. The estate tax, earned income tax credit, and property tax relief program were all dramatically altered in the budget. Read the full report.
April 28, 2015
In its 2015 edition of “Who Pays: A Distributional Analysis of the Tax Systems in All Fifty States,” the Institute on Taxation and Economic Policy counts Kansas among the 10 states with the “most regressive state and local tax systems.” Taxes eat up 11.1 percent of income for the poorest 20 percent of Kansas residents. […]
April 28, 2015
Despite the trend, Meg Wiehe, state tax policy director for the Institute on Taxation and Economic Policy, which surveyed senior tax breaks, said all of the efforts to have “blanket state tax preferences for elderly taxpayers is … a very ill-advised policy.” She also pointed out that states which shield retirement income — Social Security […]
April 28, 2015
Meanwhile, the Institute on Taxation and Economic Policy reports that in all 50 states, the wealthy tend to pay a lower percentage of their incomes in taxes than low- and middle-income taxpayers. The institute says states are relying largely on sales taxes, which hit poor and middle-income families especially hard because they spend a bigger […]
April 28, 2015
The study was conducted by very respected Institute on Taxation and Economic Policy in Washington. The study concluded after thorough analysis that average effective state and local tax rate by undocumented immigrants in 2012 was estimated at 8 percent, higher than the 5.4 percent effective tax rate by the top 1 percent of taxpayers. Read […]
April 28, 2015
The average tax hike for the middle fifth of Michigan households — those making $40,000 to $64,000 a year — would be $267, or $22 a month, according to an analysis by the Washington-based Institute on Taxation and Economic Policy for the Michigan League for Public Policy, an advocacy group in Lansing focused on poverty. […]
April 28, 2015
Among the fifth of the Kansas population with the lowest incomes, the average person pays 11.1 percent of what they make in state and local taxes, including sales taxes. Among the wealthiest one in every 100 Kansans, the average tax bill is just 3.6 percent of annual income, according to a recent report from the […]
April 28, 2015
Sanders told Florida Gov. Rick Scott (R) that approximately 1.6 million people would lose health coverage next year. About 141,000 jobs could be eliminated by 2017, and 3.5 million people could be at risk of losing nutrition assistance because of food stamps cuts, Sanders said. The data was based on analyses of the GOP budgets […]
April 27, 2015
“It’s an inevitable fact that if gas tax rates are not updated from time to time, the tax is not going to keep pace with construction costs,” said Carl Davis of the Institute on Taxation and Economic Policy, a think tank in Washington. However, due to the difficulty of mustering the votes to raise a […]
April 23, 2015
A new report by the group Citizens for Tax Justice, titled, “Who Pays Taxes in America in 2015?” underscores the unfair nature of the U.S. tax system, where the wealthiest sector contribute a decreasing share of the nation’s revenue. Between The Lines’ Scott Harris spoke with Matthew Gardner, executive director of the Institute on Taxation […]
April 23, 2015
This at a time when a January report from the Institute on Taxation and Economic Policy showed state and local taxes take up 9.2 percent of total income for North Carolina’s poorest families. It nibbles 5.3 percent of our richest families’ income. Of course, there’s so much tax policy infighting among GOP lawmakers that it’s […]
April 23, 2015
For example, according to estimates from the Institute on Taxation and Economic Policy, the top one percent of U.S. taxpayers in 2015 will earn 22.2 percent of all income, and they will pay 23.8 percent of all taxes. The next 4 percent of taxpayers will receive 14.4 percent of all income and pay 15.2 percent […]
April 23, 2015
A new study shows that undocumented immigrants paid an average state and local tax rate of 8 percent in 2012, higher than the 5.4 percent paid by the top 1 percent of taxpayers The study by the Institute on Taxation and Economic Policy, said that undocumented immigrants paid some $11.8 billion in state and local […]
April 23, 2015 • By ITEP Staff
When the top marginal tax rates and cap on itemized deductions expire in 2015, Hawaii’s wealthiest residents will see a windfall. Meanwhile, our working families are not scheduled to get any relief. Read the full report here.
April 22, 2015
Undocumented immigrants in the Sunshine State paid nearly $468 million in sales and excise taxes a year and $137 million in annual property taxes, according to the Washington-based Institute on Taxation and Economic Policy. The institute analyzed 2012 data from the Migration Policy Institute, the Fiscal Policy Institute, the Pew Research Center and Congressional Budget […]
April 21, 2015
If you think undocumented immigrants don’t pay taxes, a new report may cause you to think again. Far from not paying taxes — as is alleged by critics — undocumented immigrants paid about $11.8 billion in state and local taxes in 2012, according to a report released late last week by the Institute on Taxation […]
April 21, 2015
No one is sure how and where the tax break originated. It’s not like many other kinds of deductions, which were prompted by particular public policy goals, such as the home mortgage interest deduction that was instituted to encourage home ownership. “I think it’s a strange and pointless deduction,” said Carl Davis, a senior analyst […]
April 21, 2015
Heather O’Loughlin, research director at the Montana Budget and Policy Center, opposed the bill. Across-the-board tax cuts would favor the wealthy and have little impact on people earning low and middle-level incomes, she said. The Institute for Taxation and Economic Policy, a non-partisan organization that works on federal, state and local tax policy, ran the […]
April 21, 2015
Sales taxes, which would increase under Proposal 1, are considered “regressive” because they can disproportionally affect low-income workers, who tend to spend a larger portion of their earnings on taxable goods than wealthier residents. The Institute for Tax and Economic Policy, a left-leaning research group, currently ranks Michigan in the middle of the pack for […]
April 21, 2015
The average tax hike for the middle fifth of Michigan households — those making $40,000 to $64,000 a year — would be $267, or $22 a month, according to an analysis by the Washington-based Institute on Taxation and Economic Policy for the Michigan League for Public Policy, an advocacy group in Lansing focused on poverty. […]