April 14, 2023
Last week, with Tax Day right around the corner, the IRS released a highly anticipated strategic operations plan, explaining how the agency intends to operate over the next decade. Flush with $80 billion in additional funding from the Inflation Reduction Act (IRA), Treasury Secretary Janet Yellen ordered the IRS last year to develop a plan on […]
April 14, 2023
What type of business generates the most sales tax revenue in Clark County, home of the Fabulous Las Vegas Strip? If you guessed “food services and drinking places” ding ding ding you are right. Read more.
April 13, 2023
With the 2023 legislative session blessedly at its end, Arkansas progressives (plus moderates and anyone to the left of the Proud Boys) know what complete and utter political defeat looks like. Read more.
April 7, 2023
Private school voucher proposals have moved through both the House and Senate over the last few weeks. Now we cannot be sure what final deal may come out of negotiations and whether it will stall or move forward to the governor’s desk. Read more.
March 29, 2023
Media coverage of Florida Gov. Ron DeSantis’s all-but-announced candidacy for president is already in full frenzy, and so far the script is exactly as his handlers would like it to be. Read more.
March 23, 2023
The U.S. had about 720 billionaires at the start of his presidency, President Joe Biden said in his State of the Union speech. “Now we have about 1,000,” he said. He went on to unveil his administration’s proposal to increase taxes on wealthy Americans — to include millionaires and billionaires — to fund other government […]
March 13, 2023
Kansas legislative leaders have declared war on the poor. They have pushed bills penalizing those receiving government assistance through the House Welfare Reform Committee. They have advocated a flat tax plan that benefits the wealthy at the expense of everyone else. We have watched these proposals unfold in recent weeks, watched and heard the disdain. Yet the war has […]
March 10, 2023
Billionaires in the US pay a tiny proportion of the wealth they accrue in taxes compared to the cut ordinary Americans pay from their wages. Now, President Joe Biden wants that to change: His just-unveiled budget for fiscal year 2024 contains a tapestry of tax hikes with a laser-beam focus on billionaires, multi-millionaires, and large corporations, all aiming to […]
March 10, 2023
For five years, most Americans have seen lower income-tax rates and tapped a bigger standard deduction, but without congressional action before the end of 2025, the rules could still revert to levels set long before the pandemic blindsided households and inflation raged. Read more.
March 9, 2023
A new study found that Louisiana’s private school voucher tax credit is siphoning money from public education and serving as a tax shelter for the wealthy rather than encouraging charitable donations. Read more.
March 8, 2023
Coverage of the richest Americans in publications aimed at their tax bracket tend to fall into two genres. One is stories claiming that income well into six figures doesn’t make them really “rich.” The other involves hand-wringing and whining about their (purportedly) ruinous tax bills. An editorial last week in the (of course) Wall Street Journal may […]
March 7, 2023
March 7, 2023
Across the U.S., some of the nation’s top earners have a toolbox full of mechanisms to build wealth. Read more.
February 28, 2023
New Jersey Gov. Phil Murphy on Tuesday will propose another $2 billion in property-tax rebate checks as part of a $53 billion state budget, a state treasury official said, making it the latest state to push ahead with tax-relief proposals despite recession concerns. Measures under discussion in more than a dozen states vary widely but the trend cuts […]
February 27, 2023
More than 20 state governments, flush with cash from federal stimulus funds and a rebounding economy, shared their windfalls last year by sending residents one-time payments. This year, the Biden administration added a sweetener, telling tens of millions taxpayers they did not need to pay federal taxes on those payments. Read more.
February 22, 2023
A flat tax plan moving through the Senate is structured to provide minimal relief to low-income Kansans while granting a windfall to high wage earners. Read more.
February 15, 2023
State governments are still flush with cash from federal COVID-19 aid dollars and increased revenues. And more than half are considering using those budget surpluses to institute or accelerate tax cuts for residents. Read more.
February 13, 2023
A new excise tax on stock buybacks went into effect Jan. 1 and has been followed by what seems to be an unexpected development: corporate share repurchase announcements have exploded. Read more.
February 11, 2023
Even as the U.S. economy shows signs of slowing down, many states around the U.S. are flush with cash, with their so-called rainy day funds estimated to reach a record high of $136.8 billion this fiscal year. And lawmakers in more than half of states are responding to their new cash cushions with similar proposals: cutting taxes. […]
February 9, 2023
Last year, Congress walked away from what looked like one of the most effective fixes for child poverty in a generation. Now, state legislators are trying to walk it back. Lawmakers in at least 10 states are considering some new version of the expanded child tax credit, a federal program that lifted millions of children out of poverty but […]
February 7, 2023
Rep. Jason Smith (R., Mo.), the House’s new top tax writer, is promoting an approach he says would favor working-class Americans over large corporations, a shift in tone from his predecessors that raises questions about companies’ ability to push tax cuts through Congress. Read more.
February 2, 2023
As states plan how they’ll spend the $25 billion remaining in federal COVID relief funds, some also are facing criticism and renewed scrutiny over how they allocated money already received from the American Rescue Plan Act. Read more.
January 30, 2023
Assessments by the Kansas budget director and an independent tax policy institute Monday showed the flat tax proposal by the Kansas Chamber would reduce the state budget by $1.5 billion per year and primarily benefit the state’s most affluent wage earners. Read more.
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].