Citations
ITEP's Citations Research Priorities
CNBC: States boost earned income tax credits for pandemic relief
August 17, 2021
President Joe Biden proposed making these changes permanent in the American Families Plan, which could provide $12.4 billion to families in 2022, affecting 19.5 million workers, according to research from the Institute on Taxation and Economic Policy. Read more
One Voice: Who Pays, Mississippi? An Overview of State Tax Policy and Racial Equity Impacts
August 17, 2021 • By ITEP Staff
Historic and current injustices, both in public policy and in society more broadly, have resulted in vast disparities in income across race and ethnicity in Mississippi. State and local tax codes are not the sole contributors to, nor will they be the sole solution to, racial economic inequities. However, the state’s tax system is playing […]
Motley Fool: Middle-Class Americans Will Get an Average of $2,910 in Stimulus Money in 2021
August 13, 2021
Although there’s no specific data detailing exactly how much stimulus money people within this income range will receive on average, the Institute on Taxation and Economic Policy found that those with household incomes between $65,000 and $111,300 will receive an average of $3,540. This range is a pretty close overlap with families who are considered […]
Yahoo! Finance: Silence from congressional liberals as Democrats move toward SALT tax cut for wealthy
August 13, 2021
The issue has made odd bedfellows of Republicans and some Democrats, with the liberal-leaning Institute on Taxation and Economic Policy blasting a repeal as “inequitable.” ITEP found that if the cap were repealed, two-thirds, or some $67 billion, would flow to white taxpayers who make over $200,000 per year. The report said that a clean […]
CNBC: Biden’s boost to the earned income tax credit may trigger a ‘marriage penalty’
August 13, 2021
A worker without children may receive up to $1,502 in 2021, nearly triple the former benefit, and President Joe Biden proposed making the changes permanent in the American Families Plan. If that happens the enhanced EITC would provide $12.4 billion to families in 2022, benefiting 19.5 million workers, according to research from the Institute on Taxation and Economic Policy. […]
North Carolina Policy Watch: NC House Tax Plan Isn’t Good for Our State (And These Graphs Explain Why This Is the Case)
August 10, 2021 • By ITEP Staff
The House tax plan would deliver the greatest share of the net tax cut to the richest North Carolinians. Fifty-six percent of the net tax cut would go to the richest 20 percent in North Carolina. During the House Finance debate, proponents of the tax plan suggested that North Carolinians with poverty-level incomes would see […]
North Carolina Policy Watch: NC’s Tax Code Reinforces Racial Exclusion; Senate’s Proposed Budget Would Make Matters Worse
July 30, 2021 • By ITEP Staff
When one applies a unique tool developed by the Institute on Taxation and Economic Policy to assess the racial and ethnic impact of the budget proposal approved by the state Senate in June (SB 105), it becomes clear that the proposed income tax reductions will worsen the state’s exclusionary tax code. This analysis should serve […]
Motley Fool: Stimulus Check Update: Most Americans Will Get an Average of $3,450 in Stimulus Money in 2021
July 29, 2021
In fact, an analysis from the Institute on Taxation and Economic Policy recently revealed that the value of federal stimulus dollars averages $3,450 for the bottom 60% of earners in the U.S. That encompasses everyone making less than $65,000 per year. And this $3,450 number doesn’t even take into account the fact that the child […]
Fortune: Newsletters, Bull Sheet
July 29, 2021
39. That’s the number of profitable S&P 500 and/or Fortune 500 companies who paid no federal income tax from 2018 through 2020—the first three years that the Trump administration’s Tax Cuts and Jobs Act was in effect—per a new report from the Institute on Taxation and Economic Policy (ITEP) think tank. Read more
Common Dreams: 73 Major Corporations Paid Just 5.3% Federal Tax Rate Between 2018 and 2020: Report
July 29, 2021
Thirty-nine U.S. corporations reaping over $120 billion in profits between 2018 and 2020—the first three years of the so-called “GOP tax scam”—paid no net federal income tax, or claimed refunds during that period, a report published Thursday by the Institution on Taxation and Economic Policy revealed. Read more
Salon: Elizabeth Warren cornered by billionaire: “I shouldn’t get Social Security”
July 28, 2021
According to the senator’s website, the law would require that corporations making over $100 million in yearly profits would pay a 7% tax on any money made after the $100 million cutoff. These corporations, she told Langone, “should have to pay a tax on what they report. Not on what happens after they’ve done a […]
CNBC: Stimulus checks and child tax credit payments help prompt calls to expand another credit benefitting workers
July 27, 2021
The stimulus checks and monthly child tax credit payments have helped increase the understanding of how money can serve as a tool to help people who are struggling, he said. “When you give people cash, you give people the tools to solve their own problems,” Ruben said. Without any further changes, the enhanced EITC will […]
Fox: Here’s how much taxpayers can get in added federal benefits
July 26, 2021
The average American in the lowest 20% of income earners has the potential to collect a total of $3,590 from a combination of direct payments, the expanded Child Tax Credit and the expanded Earned Income Tax Credit, according to an analysis by the Institute on Taxation and Economic Policy. The analysis is based on policies […]
CNBC: Between stimulus checks and expanded tax credits, here’s how much federal money you could get
July 23, 2021
Between cash hitting bank accounts — in the form of stimulus payments and advance child tax credits — and the expanded earned income tax credit, the value is an average of $3,450 for the bottom 60% of earners (making $65,000 or less per year), according to research from the Institute on Taxation and Economic Policy. […]
CNBC: Between stimulus checks and expanded tax credits, here’s how much federal money you could get
July 22, 2021
t looks like the combination of stimulus checks and at least two expanded tax credits will be a boon to most U.S. households. Between cash hitting bank accounts — in the form of stimulus payments and advance child tax credits — and the expanded earned income tax credit, the value is an average of $3,450 […]
Bloomberg: Intercompany Accounting—A Target For Tax Scrutiny
July 21, 2021
The IRS also feels significantly short-changed by dozens of big, profitable companies. Just as the Biden administration is pushing to raise corporate tax, a new study by the Institute on Taxation and Economic Policy found that at least 55 American giants paid zero corporate income tax last year, despite raking in billions in profits. However, […]
The Washington Post: Despite paying little or no income tax, some companies have big plans to profit from infrastructure deal
July 21, 2021
Jacobs was among 55 large companies included on an annual list of firms that don’t pay U.S. income taxes put together by the left-leaning Institute on Taxation and Economic Policy. Read more
Bloomberg: TurboTax Maker Intuit Opts Out of IRS Free File Program
July 16, 2021
Carl Davis, director of research at the Institute on Taxation and Economic Policy, said he supports such an idea. The shift would mean the IRS could work directly with taxpayers, rather than “putting our faith” in corporations, he said. Read more
Yahoo! Money: Millions of American families plan for ‘life-changing’ Child Tax Credit payments
July 15, 2021
“This is super targeted to lower income families,” Aidan Davis, senior policy analyst at the Institute for Taxation and Economic Policy (ITEP), told Yahoo Money. “The families that are being targeted through this enhancement are families that are struggling to pay for rent, keep up with necessities, or they’re having trouble paying for things like […]
Newsweek: Joe Biden’s Stimulus Is Financing GOP’s Billionaire Tax Cuts
July 15, 2021
“We saw that many states are using better-than-expected revenue outlooks as an excuse to cut personal and corporate income taxes,” Marco Guzman, state policy analyst at the Institute on Taxation and Economic Policy told The Daily Poster. “Unfortunately, the people that will be benefiting most from these cuts are not the people who were most […]
Washington Post: As IRS audits waned, big businesses racked up unapproved tax breaks
July 14, 2021
One challenge for the IRS is that each company tends to interpret tax laws differently, says Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a left-leaning Washington nonprofit organization. Corporate accountants are “exercising their own judgment about what constitutes [an unrecognized tax benefit] and what is not,” Gardner said. Read […]
DC Fiscal Policy Institute: NEW VIDEOS: Why DC’s Wealthiest Should Pay their Fair Share
July 12, 2021 • By ITEP Staff
The highest income residents in DC pay less as a share of their income than the rest of us. At the same time, low-income Black and brown DC residents have been economically devastated by the pandemic. Watch videos
Washington State Budget & Policy Center: New Reforms Bring Balance and Equity to State’s Tax Code and Economy
July 9, 2021 • By ITEP Staff
People seeking a more equitable state tax code and stronger supports for parents scored major victories earlier this year in Washington state, after more than a decade of hard work and focused advocacy by community leaders. By enacting a new excise tax on extraordinary stock profits (capital gains) and an expansive new tax credit for […]
Napa Valley Register: California’s progressive tax system proved its worth during the pandemic
July 8, 2021
In fact, the Institute on Taxation and Economic Policy reports that California’s tax system does the most of any state to alleviate inequality — while taxes in most states serve to widen the gap between rich and poor. Read more
Politico: As Bezos called for tax hikes, Amazon lobbied to keep its tax bill low
July 8, 2021
“It’s very likely they’re getting hundreds of millions of dollars a year in R&D tax credits,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, who’s studied the tax habits of Amazon and other big companies. Amazon declined to comment. The tax breaks themselves aren’t at risk, but the deduction […]
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