Institute on Taxation and Economic Policy (ITEP)

Citations

6,242 posts

Fiscal Policy Center: Profitable companies get free pass on federal income tax

• By ITEP Staff

There’s new evidence that many of the country’s biggest companies are getting a free pass on taxes, including several businesses headquartered here in Illinois. In fact, many of these profitable companies actually received money from the federal government. Read the Full Report

North Carolina Justice Center: Duke Energy the subject of another scathing report

• By ITEP Staff

One of North Carolina’s largest, most profitable (and most controversial) corporations is the subject of renewed criticism today. A new report co-released last night by the Washington, DC-based groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy along with the North Carolina Budget and Tax Center reveals that Duke Energy has […]

Oregon Center for Public Policy: Trucking Along, Avoiding Corporate Income Taxes

• By ITEP Staff

The same company whose lawsuit made it possible for corporations to side-step Oregon’s corporate minimum tax turns out to be a federal corporate income tax avoider, as well. The trucking company Con-way had a negative effective federal income tax rate over the 2008 to 2012 period, despite making $587 million in profits over those five […]

North Carolina Justice Center: Many of America’s Most Profitable Corporations Pay Little or No Federal Income Taxes; Headquartered Companies in N.C. Top the List

• By ITEP Staff

Washington, D.C. (February 26, 2014) – A comprehensive five-year study of 288 highly profitable Fortune 500 companies finds that 111 of them paid no federal corporate income tax in at least one of the last five years while one-third paid a U.S. tax rate less than 10 percent over the same period, including 26 that […]

New Jersey Policy Perspective: Many of America’s Most Profitable Corporations Pay Little or No Federal Income Taxes

• By ITEP Staff

New Jersey-based Honeywell, which in 2012 was awarded a state tax break of $40 million not to leave New Jersey, paid no federal corporate income taxes in 2009 and 2010, despite posting $3 billion in profits in those two years. Because of various tax breaks and loopholes, Honeywell’s effective federal corporate income tax rate in […]

Policy Matters Ohio: The Sorry State of Corporate Taxes

• By ITEP Staff

Two Ohio companies — American Electric Power and FirstEnergy — were among the 26 major companies that in the aggregate paid no federal income tax over the five-year period between 2008 and 2012. Most companies included in this new study aren’t paying anywhere near the statutory 35 percent tax rate. Read the Full Report

Maryland Center on Economic Policy: Major US Corporations Not Paying their Fair Share in Federal Taxes

• By ITEP Staff

Maryland residents filling out their tax forms and paying their monthly utility bills might be surprised to find out that one of the companies that 526,000 of them write checks to has been dodging its fair share. Read the Full Report

News & Observer: Duke Energy paid no federal income taxes in recent years

February 26, 2014

(Original Post) Posted by David Ranii on February 26, 2014  Duke Energy is one of 26 profitable Fortune 500 companies that paid no federal income taxes over the past five years, according to a new report. A Duke spokesman said the Charlotte-based company benefited from accelerated depreciation on billions of dollars in capital investments that […]

San Francisco Chronicle: Wells Fargo gets big break in federal income taxes

February 26, 2014

(Original Post) Kathleen Pender Updated 4:15 am, Wednesday, February 26, 2014 Out 0f 288 Fortune 500 companies that made money every year between 2008 and 2012, Wells Fargo received the largest estimated federal income tax subsidies – $21.6 billion over the five-year period, according to a report issued Tuesday by Citizens for Tax Justice. The […]

The Hill: Corporations pay fraction of top tax rate

February 26, 2014

(Original Post) February 26, 2014, 09:54 am By Bernie Becker Many leading U.S. corporations paid just a fraction of the top 35 percent tax rate, with some even paying less than zero, according to a new study from liberal advocates. Citizens for Tax Justice and the Institute on Taxation and Economic Policy found in a […]

Value Walk: Wells Fargo & Co Leads Profitable Companies In Tax Breaks, Again

February 26, 2014

(Original Post) by Brendan ByrneFebruary 26, 2014, 1:52 pm In a recently released report focusing on 288 Fortune 500 companies that were profitable for five consecutive years, Wells Fargo & Co has once again led the way in corporate tax breaks In a collaborative report issued yesterday by Citizens for Tax Justice and the Institute […]

Toledo Blade: Gov. Kasich says it’s his duty ‘to serve everyone,’ so why is he proposing another unneeded, unequal tax cut?

February 26, 2014

(Original Post) GOV. John Kasich launched this year’s re-election campaign with his State of the State address Monday night. The speech was designed to — and did — appeal to his core political constituency. Whether other Ohioans were equally persuaded by his insistence that “I’m your governor” is questionable. Mr. Kasich asserted during his message […]

The Columbus Dispatch: Income tax cut, sales tax expansion debated

February 26, 2014

(Original Post) By  Jim Siegel The Columbus Dispatch Tuesday February 12, 2013 2:22 PM  Ohio Tax Commissioner Joe Testa told lawmakers today that the expansive tax overhaul package proposed by Gov. John Kasich will make a fundamental shift from a reliance on income taxes to a consumption tax. “High income tax rates are toxic to […]

Washington Post: A (very) brief history of the state gas tax on its 95th birthday

February 25, 2014

(Original Post) BY NIRAJ CHOKSHI February 25 at 2:41 pm Nearly a century ago today, Oregon implemented a novel policy idea that’s since become a national mainstay: It became the first state to implement a gas tax. But with the tax on its last legs, it may also be the state that figures out how […]

The Huffington Post: Boeing Paid No Federal Income Tax Last Year

February 24, 2014

(Original Post) The Huffington Post  | by  Jillian Berman Posted: 02/20/2014 5:01 pm EST Updated: 02/20/2014 5:59 pm EST One of the largest recipients of federal government contracts paid nothing in taxes last year, according to an analysis from the Center for Effective Government, a left-leaning think tank. Boeing reported an $82 million tax refund […]

Toledo Blade: Whose tax cut?

February 20, 2014

(Original Post) The latest scheme to cut state income tax rates would favor the rich, increase inequality, and harm basic services Gov. John Kasich and many members of the Republican-controlled General Assembly will campaign for re-election this year largely on their efforts to cut Ohio’s personal income tax yet again. Voters — at least middle-class […]

The Capital Times: Scott Walker redistributes wealth — upward

February 19, 2014

(Original Post) Scott Walker may not know how to create jobs. But he does know how to create income inequality. The governor’s election-season tax cut scheme is widening the gap between the very well off and the rest of us by redistributing wealth upward. An analysis of the governor’s initiative by the nonpartisan Institute on […]

The Tulsa World: OU leader slams funding cuts

February 18, 2014

(Original Post) President Boren says constant reductions are harming higher education in the state. BY KIM ARCHER World Staff Writer | 0 comments University of Oklahoma President David Boren is decrying the governor’s proposal to again cut higher education funding and is urging Oklahoma residents to raise their voices to stop further reductions. He became […]

Open Sky Policy Institute: Data show middle class benefit of LB 1097 paltry compared to higher earners

• By ITEP Staff

While some proponents of LB 1097 – a bill to cut Nebraska’s income taxes – talk about the bill’s benefit to the state’s middle class, a look at the data shows by far the biggest beneficiaries of the cut would be the state’s highest earners. Read the Full Report

Oklahoma Policy Institute: Tax cut will provide little benefit to most Oklahomans

• By ITEP Staff

The average Oklahoman would get just $29 from Governor Mary Fallin’s proposed income tax cut, while one-quarter of the total benefit would go to the wealthiest 1 percent of households, according to a new analysis prepared by the Institute for Taxation and Economic Policy (ITEP). Read the Full Report

Missouri Budget Project: Nixon-Kraus Tax “Deal” Would Undercut MO Services, Including Education

• By ITEP Staff

According to recent analysis, the tax “deal” between Governor Nixon and Senator Kraus is skewed to benefit Missouri’s wealthiest families, and leaves all services vulnerable to cuts as a result of its $364-$500 million cost. Read the Full Report

Cincinnati City Beat: Kasich’s Tax Proposal Favors Wealthy

February 18, 2014

(Original Post) February 14th, 2014 By German Lopez | News | Posted In: News, Economy, Governor Proposal would let poor buy a slice of pizza, while top 1 percent could buy a trip to Italy Gov. John Kasich’s income tax proposal would disproportionately favor Ohio’s wealthiest, an analysis from Policy Matters Ohio and the Institute […]

MLive.com: Immigration officials up pressure on undocumented workers in Michigan

February 18, 2014

(Original Post) By Gary Ridley | gridley@mlive.com  on February 16, 2014 at 6:30 AM, updated February 16, 2014 at 6:35 AM FLINT, MI — Jose Guerra was 15 when he started working illegally in the United States. Guerra, now 25, said he, his parents, two brothers and sister left Mexico in 2003 to find work […]

Politico: Combined Reporting in Maryland Not All Bad

February 18, 2014

(Original Post) The proposed mandatory unitary combined reporting bill in Maryland that ruffled some critics’ feathers last week might have some backers after all. The idea of corporations filing consolidated income tax returns isn’t anything new since most states with corporate income taxes require combined reporting, Carl Davis, senior policy analyst at Institute on Taxation […]

The Huffington Post: Raising Taxes On The Rich Would Reduce Income Inequality: Larry Summers

February 18, 2014

(Original Post) The Huffington Post | by Jillian Berman Posted: 02/17/2014 3:07 pm EST Updated: 02/17/2014 3:59 pm EST Raising taxes on the rich would “play a major role” in reducing income inequality, according to Larry Summers. Capping the earnings of the likes of Mark Zuckerberg or Bill Gates would do little to actually boost […]