January 11, 2024
The “Who Pays?” report, a nationwide report that highlights the tax systems of each of the 50 states, shows Arkansas is one of the many states that “exacerbate inequality” for low-income and middle-class Arkansans. “The Arkansas tax system right now is not very balanced,” said Carl Davis, research director for the Institute on Taxation and […]
January 11, 2024
Congressional lawmakers are closing in on a deal that would partially revive President Biden’s expanded tax credit for lower-income families in exchange for extending tax incentives favored by business interests, according to two people familiar with the matter. Read more.
January 10, 2024
The Florida tax system is the most unfair on the poor in the entire country, according to a new study, with the lowest-income 20 percent in the state paying much more of their income in taxes than the wealthiest 1 percent. Read more.
January 10, 2024
A total of 44 of the 50 US states worsen inequality by making the wealthy pay a lesser share of their income in taxes than lower income people, a new analysis has found. Read more.
January 10, 2024
The wealthiest families in most states are paying lower tax rates than everyone else, a new analysis found. Read more.
January 10, 2024
Floridians saved more than $475 million on tax-free holidays—but it comes at the expense of the state’s schools and infrastructure. Read more.
January 9, 2024
A sweeping new analysis of taxes across the country reveals that in four out of every five states, the top 1% are paying a lower tax rate than their middle-class and low-income neighbors. Instead of taxing wealthy residents an equal share, the vast majority of states are filling their budget gaps with taxes that disproportionately burden […]
January 8, 2024
Many Americans are making promises to do better in 2024 with New Year’s resolutions to save money and spend it wisely. Read more.
January 7, 2024
Democratic lawmakers have the majorities. Republican Gov. Glenn Youngkin has the veto. That’s the crux as a new-look Virginia General Assembly rolls into town Wednesday, opening a 60-day legislative session in which roughly a third of lawmakers are rookies and Democrats control both chambers but can’t get much done without Youngkin’s cooperation. Read more.
January 5, 2024
Federal relief had improved access to child care. But when funding expired, the state rejected proposals to replace it. Some advocates say the historical influence of the LDS church has added to the resistance. Read more.
January 4, 2024
Property taxes are rising along with real estate prices — particularly in the Mountain West. Read more.
January 4, 2024
Many Americans took a double whammy to the pocketbook this year: Prices for things like food and rent rose, and federal pandemic aid continued to peter out. But a string of states took a cue from one of those relief measures — the expanded federal child tax credit — and are stepping in to help […]
January 2, 2024
It’s January, which means you’ll be able to file your 2023 tax returns soon. And this year the IRS is trying something new: Some taxpayers in 12 states will be able to electronically file their federal returns directly with the agency, as opposed to using third parties, which is how the agency’s current e-filing program works. Read […]
December 23, 2023
If billionaires’ largesse was designed to keep the justice on the high court, experts say the money could be considered a taxable payment. Read more.
December 15, 2023
Exxon Mobil’s income tax payments to the U.S. government have dropped to 3% over the past five years – several times below the company’s 20-year average – on massive deductions passed under former President Donald Trump. Read more.
December 14, 2023
What would happen if the U.S. actually did eliminate the IRS? When I posed this question to Joe Hughes, federal policy analyst at the Institute on Taxation and Economic Policy, he wanted to make one thing clear right away: “There’s no feasible way to abolish the IRS.” Read more.
December 9, 2023
Thanks to policy changes, more and more of the country’s megarich are keeping their wealth in the family. Read more.
December 8, 2023
The justices are being asked to define income under the 16th Amendment, and their answer will have a huge effect on enacting taxes on extreme wealth. Read more.
December 6, 2023
The Supreme Court is set to hear oral arguments Tuesday on a case that could affect broad swaths of the U.S. tax code and federal revenue. Read more.
December 6, 2023
A $15,000 dispute before the Supreme Court could create billions of dollars in tax bills for rich people — or it could lead to massive government refunds to companies like Apple. Read more.
December 5, 2023
Georgia’s Republican governor and legislative leaders want to speed up an already-planned cut in the state income tax rate. Read more.
December 3, 2023
The staged TV confrontation on Fox News Thursday between Gov. Ron DeSantis and his California counterpart, Gavin Newsom, didn’t live up to the hype. You knew it wouldn’t. Read more.
December 3, 2023
The 90-minute “red state-blue state” debate hosted by Sean Hannity of Fox News featured a blizzard of statistics by Florida Gov. Ron DeSantis (R) and California Gov. Gavin Newsom (D). Here’s a quick guide to some of the more noteworthy claims and whether they stand up to scrutiny. Read more.
December 3, 2023
If hurling insults, distorting facts, and pandering to Americans’ worst instincts are the hallmarks of leadership, then Florida Gov. Ron DeSantis emerged the winner in the debate with California Gov. Gavin Newsom. Read more.
November 29, 2023
Remember the wealth tax? It was a centerpiece of Sen. Elizabeth Warren’s 2020 presidential campaign, but the proposal — like her candidacy — didn’t end up going anywhere. But just because America doesn’t actually have a wealth tax doesn’t mean the Supreme Court can’t rule it out of bounds. It just might do so, The Associated Press reported, […]
Members of the media rely on ITEP for analysis and insight about how tax policies affect people. If you’re a reporter looking to talk to one of our experts, contact Jon Whiten at [email protected].