Institute on Taxation and Economic Policy (ITEP)

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6,242 posts

Yahoo Finance: 7 Places Your Taxes Will Go if Trump Wins in 2024

June 11, 2024

If you are subject to estate taxes under a second Trump term, you can expect to keep paying the historically low rate he set in motion during his first term. According to the Institute on Taxation and Economic Policy, only eight of every 10,000 people who died left an estate large enough to trigger the tax as of 2019, the most recent year data are available. Most of the estate tax is paid by estates worth…

Policy Matters Ohio: Income Tax Extremism Is a Gift to the Wealthy. Repairing the Damage Would Cost Us All

• By ITEP Staff

Ohioans deserve an equitable tax system that supports the public goods and services that enable all of us to thrive. Unfortunately, that is not the system we have today. After two decades of tax handouts to corporations and the rich, our upside-down tax system increasingly perpetuates inequality while failing to adequately fund services like education and health care. This all pales in comparison to the extreme proposal from lawmakers that would eliminate the state’s personal…

Capital & Main: The Return of Trickle-Down Economics

June 6, 2024

The return of trickle-down economics — the much-criticized theory that tax cuts for corporations and the wealthy eventually result in job growth and higher wages for the middle class and working class — has inspired a fierce debate in the Kansas Legislature that has gone on for months. A bill that included a flat 5.25% personal income tax, an 8% reduction from the current rate for top earners, was approved by Republicans in both chambers,…

Center on Budget and Policy Priorities: States Should Reverse Course on Defunding Public Education Through Private School Vouchers and Property Tax Cuts

• By ITEP Staff

During this year’s legislative sessions, at least one in three states are considering or have enacted school voucher expansions alongside broad, untargeted property tax cuts. Over half of states have already enacted deep personal and corporate income tax cuts in the last three years. These policies will result in under-resourced public schools, worse student outcomes, and, over time, weaker communities.

Colorado General Assembly: HB24-1311 Family Affordability Tax Credit

• By ITEP Staff

Gov. Polis of Colorado signed the bill expanding its Child Tax Credit, which cites ITEP’s research on the second page of the bill text. Read the bill and its status.

Governing: Are Florida Taxes Low? It Depends on Your Income Level

May 28, 2024

It’s been almost a hundred years since Florida eliminated its personal income tax. Not taxing income contributes to its reputation as a low-tax state and is part of the draw for retirees. But of course Floridians do pay taxes and the state’s system leads to some inequities, according to a new report from a progressive organization.

International Journal of Economics, Business and Management Research: The U.S. Federal and State Tax Simplification and Reform for Senior Citizens

• By ITEP Staff

The U.S. Federal and many State Governments provide social security tax deductions, either partial or all, for senior citizens. However, tax systems still require those whose incomes exceed standard deductions to report and calculate their income taxes. Usually, senior citizen's income sources are from social security benefits, 401K retirement funds, IRA, annuities, pensions, and/or others. This paper provides a linear tax rate and tax formula to simplify federal and state social security and retirement taxes…

Democrats: President Biden Delivers for Wisconsin While Trump Backs Billionaires Over Working Families

• By ITEP Staff

Today, President Biden’s visit to Racine, Wisconsin will underscore how his economic agenda is uplifting Wisconsin families by creating good-paying jobs, cutting costs, and building the middle class. Just last week, Trump spent his short time in Wisconsin lying about President Biden’s economic wins, because he knows that his only defense against President Biden’s successful record is to lie in a desperate attempt to hide how he failed Wisconsin families.

Senate Committee on the Budget: Extending Trump Tax Cuts Would Add $4.6 Trillion to the Deficit, CBO Finds

• By ITEP Staff

According to the latest report by the nonpartisan Congressional Budget Office (CBO), extending the Trump tax cuts for the next 10 years—as Republicans have proposed—would add $4.6 trillion to the deficit.

Yahoo Finance: Jeff Bezos Spent $237 Million On Florida Mansions — Billionaires Flock To ‘Upside Down’ Tax Haven Where Rich Pay Less Than Poor

May 20, 2024

The Sunshine State has become a magnet for billionaires seeking tax relief. Among the latest to join the trend is Amazon founder Jeff Bezos, who has recently expanded his real estate holdings in Miami’s exclusive Billionaire Bunker area. Bezos’ acquisitions include three properties, bringing his total investment in the neighborhood to $237 million.

Forbes: California Is Not Actually a High-Tax State According To New Study

May 17, 2024

Depending on where you fall on the income scale, California may not actually be that high tax of a state. For many in the middle class and below, California may let you keep more of your hard-earned income than many other states, according to a new study, “Who Pays” from the Institute on Taxation and Economic Policy (ITEP). While California has the highest marginal tax rate in the nation at 13.3%, only some households pay…

Bipartisan Policy Center: Credit Where Credit’s Due: Engaging State and Local Governments in Refundable Tax Credit Design and Administration

• By ITEP Staff

The Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) are two of the most effective anti-poverty tools in the United States, helping to boost household economic security while incentivizing work for millions of Americans each year. Over the past three years in particular, attention increased on the interactions between state and federal tax policy as states grappled with the EITC’s and the CTC’s rapid temporary expansion, as well as changes to complementary…

Hawai’i Public Radio: Concerns Rise for Low-Income Families Over Legislature’s Recent Tax Cut Measure

May 16, 2024

Most Hawaiʻi residents will likely see lower income taxes next year due to a measure recently passed by the state Legislature. However, some advocates are concerned that those changes could also limit tax assistance for those who need it the most. Lawmakers are calling it the biggest tax cut in the state’s history: about $5 billion over the next five years.

WTAE: Commitment 2024: Fact-checking Former President Trump’s Claims in Interview

May 13, 2024

PITTSBURGH — During an interview with WTAE's sister station WGAL, former President Donald Trump made claims of getting record-breaking votes in Pennsylvania's 2024 primary, about the future of abortion in the courts, and concerning who benefited most from his tax cuts.

Mansion Global: Massachusetts Weighs Mansion Tax on $1 Million-Plus Homes

May 9, 2024

Massachusetts could join the growing number of cities and states with a mansion tax on high-value properties, as it considers a proposal to levy an additional transfer fee on commercial and residential sales above $1 million. Read more.

Economic Policy Institute: The Evolution of the Southern Economic Development Strategy

• By ITEP Staff

The Southern economic development model has failed to create shared prosperity in the region. In fact, this model was deliberately designed to do the opposite—to extract the labor of Black and brown Southerners as cheaply as possible. This report examines the racist roots of the model and provides the necessary context to challenge the enduring […]

USA Today: Are California’s Taxes Really That High? Not If You’re of ‘Modest Means,’ Report Says

May 1, 2024

Whether it be that all Californians surf, live by the beach or only vote blue, there are a lot of assumptions about residents of the Golden State. Yet a new report is challenging one of the most widely held belief – that Californians shoulder the nation’s highest tax burdens. Read more.

Center for American Progress: The Tax Cuts and Jobs Act Failed To Deliver Promised Benefits

• By ITEP Staff

The 2017 Tax Cuts and Jobs Act (TCJA) made sweeping changes to America’s tax laws. Signed into law by then-President Donald Trump and approved with only Republican support in both the House of Representatives and the Senate, the TCJA permanently slashed corporate tax rates and changed the way the nation taxes the profits of U.S. multinational corporations.1 It also temporarily cut personal income and estate taxes, changes that largely benefited the wealth.

ThinkTennessee: Tennessee’s Working Families Are Paying More Than Their Fair Share of Taxes

• By ITEP Staff

A new fact sheet released today by nonpartisan think tank ThinkTennessee finds that while Tennessee has one of the lowest overall tax burdens in the nation, its low-income families face a higher effective tax rate than both wealthier families and businesses. The analysis comes on the heels of Tax Day when millions of individual income tax returns are due to be submitted to the federal government.

Sacramento Bee: Is California Really a High-Tax State? New Findings Question That Claim

April 25, 2024

Maybe California is not such a high tax state after all — at least for lower income families. “For families of modest means, California is not a high tax state,” says a new study from the Institute on Taxation and Economic Policy, a liberal Washington research group. Read more.  

NewsRadio WFLA: Poorest Floridians Taxed at Higher Rate than Richest Californians

April 24, 2024

Florida Policy Institute (FPI) and the Institute for Taxation and Economic Policy (ITEP) released a study today that found California’s tax system is fairer than Florida’s.

Liberation in a Generation: Separate & Unequal: Transforming Our Tax Code to Deliver a Liberation Economy

• By ITEP Staff

The tax exclusions, exemptions, deductions, and credits in the U.S. tax code aimed at helping all individuals and families build economic security instead provided $1.2 trillion in support to mostly wealthy white households. The U.S. tax code was intended to more evenly collect and distribute the aggregate resources of our nation to care for all, over the course of its 111-year existence, this system has been molded by wealthy, largely white, elites and our policymakers into a wealth-hoarding mechanism for…

Illinois Fund Our Futures Coalition: Funding Our Futures: The Equitable Revenue Policies Illinois Families Need to Thrive

• By ITEP Staff

Read the report here.

OpenSky Policy Institute: Modeling Details How Amended Tax Package Would Impact Nebraskans

• By ITEP Staff

Most Nebraskans who claim the state income tax credit on property taxes paid to public schools will see little change in what they pay resulting from the tax package to be debated today, the final day of the Legislative session. But for Nebraska’s lowest-income earners – households making less than $30,000 annually – the impact of […]

Center on Budget and Policy Priorities: Black Women Best Framework Points the Way to Equitable and Just State Tax Reform

• By ITEP Staff

States and localities can realize more equitable, thriving economies by proactively addressing the historical marginalization and persistent exploitation of Black women through their revenue policies. State tax policy is not race-neutral but rather functions as a support system that upholds whiteness in politics and prosperity. Applying the Black Women Best framework — an economic principle that argues […]