Citations
ITEP's Citations Research Priorities
Montana Public Radio: Lawmakers Hear Massive Proposal For Statewide Sales Tax
February 6, 2019
Another D.C. based think tank, the Institute on Taxation and Economic Policy, puts Montana’s current tax system among their top ten most equitable systems in the country, in part because there’s no statewide sales tax. However ITEP research also indicates the poorest 20 percent of families in Montana pay more of a share of their […]
Wrong Priorities: It Doesn’t Make Sense to Give a Tax Cut to the Rich While Arizona Asks Children in Public Schools to Wait
February 5, 2019 • By ITEP Staff
Arizona stands to gain $130 million to $230 million in General Fund revenues if it conforms the Arizona tax code to the federal tax changes enacted in 2017. Rather than directing those additional revenues to better prepare for the next economic downturn or toward increased investments in our public schools, SB1143 and HB2522 will direct the additional revenues toward a tax cut that will benefit the wealthiest Arizonans.
Montana Budget & Policy Center: House Bill 300: Sales Tax Proposal Makes Montana’s Taxes More Regressive and Reduces State Revenue
February 5, 2019 • By ITEP Staff
Replacing property taxes with a sales tax is both impractical and unfair for Montana families. HB 300 would make Montana’s tax system more regressive, increasing the taxes paid by families living on lower- and middle-incomes in the state while decreasing the taxes paid by the wealthy. Read more here
Arkansas Democrat Gazette: Arkansas Senate Panel Fives Fast Nod to Governor’s Tax-cut Plan
February 5, 2019
While the finance department projected the governor’s tax will eventually reduce tax revenue by $97 million a year after it’s fully implemented, Lisa Gee, a senior policy analyst for the Institute on Taxation and Economic Policy in Washington, D.C., said last week that she projected the governor’s income-tax cut would reduce state revenue by $157 […]
Bloomberg Tax: Economic Policy Group Proposes Slew of Progressive Tax Policies
February 5, 2019
The Institute on Taxation and Economic Policy in a new report detailed several potential progressive tax policy proposals—including a revamp of capital gains taxation that would pull in nearly $2.5 trillion. The group previously released an outline of a wealth tax proposal just one day before Sen. Elizabeth Warren (D-Mass.), a likely 2020 presidential contender, […]
Washington Post: Live Commentary on Trump’s SOTU
February 5, 2019
E.J. DIONNE JR., 9:27 p.m.: “A massive tax cut for working families.” Really? “If you look at the richest 1 percent, they’re getting more than the bottom 60 percent of Americans,” said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy. Read more
City Lab: The Airbnb Effect: It’s Not Just Rising Home Prices
February 4, 2019
And cities with less stringent Airbnb regulations might also be losing out on a lot of tax revenue. Traditional lodging entities (when combining city, state, and county taxes), are taxed at an average rate of 13 percent in the 150 largest cities. But Airbnb is treated differently in different jurisdictions, and is trusted to self-report […]
Arkansas Advocates for Children and Families: Tax Cut Bill Filed: Plan Revised But Not Fixed
January 31, 2019 • By ITEP Staff
An analysis by the Institute on Taxation and Economic Policy (ITEP) shows that the benefits of this proposal are even more heavily skewed towards the richest taxpayers than the previous version. That’s because there are no changes to the standard deduction, and all the significant changes in marginal tax rates only affect taxpayers with more […]
Washington Post: Warren’s Push for a Wealth Tax Could Be a Game Changer
January 29, 2019
Many on the right are already lashing out at Warren’s proposal. (On Fox News, it was preposterously likened to Venezuelan socialism.) Others have argued that it would be unconstitutional, a dubious claim that relies on a controversial 1895 Supreme Court ruling that, as the Institute on Taxation and Economic Policy explains, “has been limited to […]
The Hill: Warren Stakes out Ground with Wealth Tax Proposal
January 28, 2019
Steve Wamhoff, director of tax policy at the Institute on Taxation and Economic Policy, said middle-income Americans are essentially already taxed on their wealth because most of it is in their homes, which come with property taxes. For the rich, however, homes tend to comprise a smaller percentage of their financial assets. Warren’s proposal would […]
Arizona Republic: Fact Check on Immigration
January 28, 2019
“It sounds extraordinarily high to me,” Meg Wiehe, deputy director at the nonpartisan Institute on Taxation and Economic Policy told NBC. Read more
Chicago Sun-Times: 47th Ward Candidate for Alderman
January 28, 2019
We need more progressive revenue sources to help address our pension obligations. Our state’s combination of a flat income tax, high sales taxes, and heavy local reliance on property taxes is the basis for the Institute on Taxation and Economic Policy ranking of Illinois as having the fifth most regressive tax system in the United […]
Bloomberg: Warren’s Tax Proposal Aims at Assets of Wealthiest Americans
January 25, 2019
Her plan would do more to relieve inequality than New York Democratic Representative Alexandria Ocasio-Cortez’s idea to raise the top income tax rate to 70 percent, according to Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. New research indicates that raising marginal income rates wouldn’t do […]
Washington Post: Elizabeth Warren to Propose Wealth Tax
January 25, 2019
Estimates of how much money can be raised by taxing the very rich vary dramatically. The Institute on Taxation and Economic Policy, a left-leaning think tank, published a report on Wednesday finding that a 1 percent wealth tax on the wealthiest 0.1 percent of Americans would raise $1.3 trillion over a decade. That would affect […]
West Virginia Center on Budget & Policy: Fixing the Social Security Tax Bill with a Bottom-Up Tax Cut for Working Families
January 24, 2019 • By ITEP Staff
The fact that so few West Virginians pay income tax on their Social Security benefits should tell us that this is not a middle-class tax cut. As the graph and analysis by the Institute on Taxation and Economic Policy (ITEP) below shows, the average tax change from eliminating the state income tax on Social Security […]
Wall Street Journal: Democrat Elizabeth Warren Proposes Wealth Tax
January 24, 2019
That is roughly 10 times the revenue that the current estate and gift taxes are projected to raise, but Ms. Warren’s “ultramillionaire-tax” proposal on the top 0.1% isn’t just about generating money to pay for government programs. It marks Democrats’ intense emphasis on inequality as the party tries to reclaim the White House in 2020. […]
CNBC: Elizabeth Warren proposes ‘wealth tax’ on Americans with more than $50 million in assets
January 24, 2019
While the 1 percent of Americans with the highest incomes receive about 20 percent of the total income in the United States, the top 1 percent of wealth holders collectively own more than 40 percent of the nation’s total wealth, according to a report published Wednesday by the Institute on Taxation and Economic Policy arguing […]
New York Times: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich
January 24, 2019
Ms. Warren appears to be the first declared Democratic candidate to release a plan for a wealth tax, but the idea is quickly gaining steam among liberal activists and policy experts. Two think tanks, the Institute on Taxation and Economic Policy and the Washington Center for Equitable Growth, released wealth-tax-themed policy briefs this week in […]
Politico: Let’s Talk Wealth Tax
January 24, 2019
Steve Wamhoff at the Institute on Taxation and Economic Policy projects that a wealth tax could raise well over $1 trillion in a decade, and notes that wealth inequality far outpaces income inequality in the U.S. “The goals of raising revenue and addressing inequality will be difficult to achieve if federal tax policy continues to […]
Law360: Montana Mulls Statewide Sales Tax To Replace Property Taxes
January 24, 2019 • By Meg Wiehe
Montana could become the first state in the nation to eliminate residential and commercial property taxes in exchange for creating a new 2.5 percent statewide sales tax...
NC Policy Watch: Report: Corporations Are Stiffing North Carolina on $373 Million in State Taxes
January 23, 2019 • By ITEP Staff
It turns out that state leaders can ensure that companies pay the proper amount of taxes on income generated from business conducted in their jurisdictions, but existing tax codes at the state level often allow loopholes for smart corporate tax lawyers to exploit. Corporations often use accounting sleights of hand to move income around within […]
Bloomberg: Cannabis Excise Tax Revenue Could Eclipse Alcohol Revenue in 2019
January 23, 2019
Excise tax revenue from marijuana sales is expected to surpass alcohol excise collections in 2019, according to the co-author of a new report. Carl Davis, a research director at the Institute on Taxation and Economic Policy, noted in his report that state and local retail marijuana excise tax collections already rivaled alcohol tax collections in […]
Bloomberg: Economic Policy Group Makes Case for 1 Percent Wealth Tax
January 23, 2019
A 1 percent tax on taxpayers’ net worth over $32.2 million, starting in 2020, would raise $1.26 trillion over a decade, according to a new report from the Institute on Taxation and Economic Policy. Top 1 percent of wealth holders own 42 percent of U.S. wealth, report says, citing research from University of California, Berkeley […]
Politico Morning Tax: The Broad View on Pot
January 23, 2019
There’s been plenty of coverage of states legalizing recreational marijuana and then overestimating how much revenue they’ll see. But a new report from the liberal Institute on Taxation and Economic Policy notes that while legalized pot will likely never be the central component of a state’s revenue stream, there’s still plenty of potential there. For […]
Time to restore fairness to the personal income tax and break the boom-or-bust cycle
January 22, 2019 • By ITEP Staff
Our citizen legislators have lots of choices to make when they meet for the annual legislative session every January – how to prioritize spending on public services like education, health care and public safety, which laws to enact, and whether to make changes to our state’s tax code.
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