Citations
ITEP's Citations Research Priorities
CBS News: Biden emphasizes taxes on richest companies to fund infrastructure proposal
June 4, 2021
“Unless you think corporations shouldn’t pay any tax at all — and we’ll leave that to others to speak to — then there should be a way to find a path to agreement,” Psaki said. According to an analysis by the Institute on Taxation and Economic Policy, a left-leaning nonprofit tax policy organization, at least […]
Business Insider: Biden offers to ditch his rollback of Trump-era tax cuts in major infrastructure concession to GOP
June 3, 2021
Instead, Biden put forward a 15% minimum corporate tax as a possible solution, a levy that would be squarely aimed at corporations paying little to no taxes. The president has previously cited a report from the left-leaning Institute on Taxation and Economic Policy indicating 55 major American companies paid nothing in federal income taxes in […]
Washington Post: Biden offers tax concession in infrastructure talks with key Republican
June 3, 2021
Members of both parties have expressed concern with the number of large corporations paying little to nothing in federal income taxes. Fifty-five corporations in the Fortune 500 paid no federal income tax in 2020, according to a report by the Institute of Taxation and Economic Policy, a left-leaning think tank. Corporations have paid a declining […]
Vox: You should be suspicious of benevolent big business
May 28, 2021
Amazon, like a lot of big companies, is good at keeping its tax bill low. In some recent years, it’s paid zero federal income tax; it’s managed to pay very little in other years, even as its profits soared. According to the left-leaning Institute on Taxation and Economic Policy (ITEP), Amazon’s effective federal tax rate […]
The Arizona Center for Economic Progress: Flat Tax Exacerbates Inequalities for Households of Color
May 26, 2021 • By ITEP Staff
Arizona’s elected leaders have created a tax code that is upside down and regressive– meaning that those with low incomes pay a much higher share of their income in taxes compared to Arizona’s highest income earners. Our state’s tax code is both a product of and perpetrator of stark racial inequities. The cumulation of Arizona’s […]
Phoenix Business Journal: Arizona flat tax proponents point to survey showing residents’ support
May 22, 2021
The Republic also reported that an Institute on Taxation and Economic Policy analysis found that 20% of Arizona taxpayers would get 91% of the reductions. The report said the switch would cut state revenues by $1.5 billion per year. The plan has drawn opposition from cities in the state. They say the reduced revenue will […]
NJ.Com: Live in N.J.? You’ll pay more in taxes over a lifetime than anywhere else, study says
May 22, 2021
Five states, including New Jersey, would be the only states where more than 1% of their taxpayers would face a higher tax bill under Biden’s proposals, according to the progressive Institute on Taxation and Economic Policy. Read more
New Hampshire Fiscal Policy Institute: Elimination of the Interest and Dividends Tax Would Disproportionately Benefit High-Income Individuals
May 21, 2021 • By ITEP Staff
A new analysis of the proposed elimination of New Hampshire’s Interest and Dividends Tax shows nearly nine out of every ten dollars of the tax reduction would flow to the top 20 percent of income earners in New Hampshire, and almost half of the benefits would flow to the top one percent of income earners. […]
KOIN: ‘Nike, just pay it’: Ad tells Nike to pay federal tax
May 20, 2021
“Last year you made $2.9 billion in profit but paid zero federal income tax,” the ad states. “Nike, thanks to your ads, I’m unstoppable. I have power. I am a change maker. You inspired us to step up. Now, it’s your turn. Nike, just pay it.” The claim is based on a report by the […]
CNBC: Taxes would likely rise for the wealthy regardless of Biden’s plans
May 19, 2021
Two-thirds of taxpayers in the top 1% would see their taxes increase as a result of the Biden proposal, according to the Institute on Taxation and Economic Policy. (This group has an average income of $2.2 million, according to the analysis.) Read more
Vice: These 55 Companies Kick Ass at Avoiding Taxes. Congratulations!
May 19, 2021
That’s exactly what many big corporations did this year, once again. At least fifty-five companies managed to book a combined total of more than $40 billion in pre-tax profits in their most recent fiscal year, while reducing their corporate income tax bill to zero, according to the Institute on Taxation and Economic Policy (ITEP). Those […]
The Guardian: Millionaires who support taxing the rich protest in front of Jeff Bezos’s homes
May 17, 2021
Bezos has said he supports raising the corporate tax rate. But Amazon has long been the subject of protests about tax avoidance. According to calculations by the progressive Institute on Taxation and Economic Policy in February, in 2020 Amazon only paid a 9.4% federal income tax rate, less than half the statutory 21%. Read more
AZ Central: Flat tax plan could decimate Arizona revenue, benefit a few. Don’t buy it
May 17, 2021
This is not a tax plan that will benefit most Arizonans. According to an analysis of the plan by the Institute on Taxation and Economic Policy, 53% of the tax cuts would go to the wealthiest 1% of taxpayers, while the bottom 80% would receive only 8% of the tax cuts. Read more
Massachusetts Budget & Policy Center: Ending the Tax Penalty Against Working Immigrants: MA Should Follow Other States Extending EITC to Immigrant Tax Filers
May 17, 2021 • By ITEP Staff
The Earned Income Tax Credit (EITC) is a key program for reducing poverty in the United States. Together with the federal Child Tax Credit, these low-income federal credits lifted 7.5 million households above the poverty line in 2019, more than any other program except Social Security. In Massachusetts, the EITC provides support to more than […]
Business Insider: Jeff Bezos’ support for Biden’s corporate tax hike means nothing if Amazon can still dodge paying their fair share in taxes
May 16, 2021
This number should not come as a shock; some of the most profitable companies – often those that represent the future of the economy – have long looked for ways to skirt their tax bill. A recent study by the Institute on Taxation and Economic Policy, for example, found that 55 of the largest corporations […]
Mississippi Today: Mississippi could help long-neglected poor with Rescue Plan payments
May 16, 2021
For instance, those earning less than $16,100 pay 10.2% of their income on state and local taxes, primarily because of Mississippi’s high sales tax rate, which includes the 7% tax on groceries. Those in the middle — earning between $43,000 and $77,500 pay — pay 9.2% of their income on state and local taxes, while […]
Associated Press: IRS to the rescue? Tax audits eyed for infrastructure cash
May 15, 2021
The Internal Revenue Service has estimated the tax gap is $440 billion per year. But IRS Commissioner Charles Rettig stunned his audience at a recent Senate hearing when he offered a new number: about $1 trillion annually. The old estimates don’t take into account the recent boom in income made by self-employed “gig” workers, which […]
Jacobin: In Washington State, the Left Won a Major Victory for Taxing the Rich
May 14, 2021
Last week, Washington State passed a capital gains tax aimed at the state’s ultra-wealthy. The tax is historic because Washington, despite its progressive reputation, until now had the worst tax code in the nation when it comes to fairness, behind Texas, Florida, and South Dakota. A landmark 2018 report by the Institute on Taxation and […]
The New York Times: How to collect a trillion dollars
May 11, 2021
It’s difficult to quantify just how much money goes uncollected each year, officials say. Corporate tax collections in the U.S. are “at historic lows and well below what other countries collect,” according to a recent Treasury report. U.S. multinational companies can be taxed at a 50 percent discount compared with their domestic peers, an incentive […]
Commonwealth Magazine: Mass. delegation not jumping on SALT bandwagon
May 11, 2021
The politics of SALT are tricky. While the SALT deduction benefits a wide swath of taxpayers across many states, the biggest beneficiaries tend to be wealthy people with big homes who pay a lot of state income and property tax. The Institute on Taxation and Economic Policy estimates the richest 5 percent would receive 85 […]
Toledo Blade: Ohio urged to spend surplus on children, pregnant women
May 11, 2021
A study by the Institute on Taxation and Economic Policy for Policy Matters estimates that those making between $40,000 and $61,000 a year would on average see a $7 reduction in their annual tax bills from the latest proposal. Those earning at least $490,000 would average a $612 break. Through April, with just two months […]
Open Sky Policy Institute: LB 64: A costly measure that is unlikely to impact retiree migration
May 11, 2021 • By ITEP Staff
LB 64, a bill slated for second-round debate on today’s legislative agenda, is a costly measure that would give wealthy retirees a sizable tax break under the premise of keeping them from fleeing to other states. Few retirees, however, are likely to flee regardless of what happens to our tax code and those who do […]
NBC Chicago: Child Tax Credit: Parents Must File Tax Returns by May 17 Deadline to Qualify
May 7, 2021
About 83 million children live in households that would benefit from the expansion of the child tax credit, according to a study from the Institute on Taxation and Economic Policy. In addition, the poorest 20% of families would see income increase by more than 37% during the year that the policy is in place. Read more
Open Sky Policy Institute: Policy brief — LB 432: A big tax cut for corporations
May 6, 2021 • By ITEP Staff
LB 432, which will soon be up for debate on select file, would give a sizable tax cut to corporations and their shareholders. The vast majority of the tax cut would go out of state and the revenue losses created by the bill would threaten services that Nebraskans need. Read more
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