Select Media Mentions
Politifact: States’ Pursuit of Top-Heavy Tax Cuts Is Disconnected from Reality
February 25, 2022
Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, said that group includes many retirees or people with disabilities who are collecting Social Security benefits, low-income working families, and people who qualify for tax credits or make less than the standard deduction ($12,550 for single filers in 2021, and $25,100 […]
The Guardian: ‘A really bad deal’: Michigan awards GM $1bn in incentives for new electric cars
February 25, 2022
Meanwhile, GM has recorded $70bn in profits since 2010 while taking $8bn in subsidies in recent decades – more than all but one company nationwide. The idea that it needed incentives to invest in Michigan “is absurd”, said Matt Gardner, a senior fellow at the progressive-leaning Institute on Taxation and Economic Policy (ITEP). Businesses report that tax subsidies infrequently […]
Yahoo! Finance: Young workers may see $800 more in their tax refunds this year
February 18, 2022
Many young workers may get an extra $820 in their tax refund this year because of the expansion of a key poverty-fighting credit, a new analysis found. The expanded Earned Income Tax Credit (EITC) will reach more than 1 in 3 young adults this year, according to the report from the Institute on Taxation and Economic […]
American Prospect: The Year of the Tax Cut
February 17, 2022
State lawmakers are also pointing to substantial, but temporary, budget surpluses to justify tax cuts, but these surpluses are “deceptive and fleeting,” says Neva Butkus of the Institute on Taxation and Economic Policy (ITEP), a Washington think tank. Twenty-three states lowered their revenue estimates compared to pre-pandemic levels, and 19 states counted delayed fiscal year […]
USA Today: New rules for 2021 taxes may mean bigger refund for young workers, retirees with side jobs
February 16, 2022
More than 1 in 3 young adults – or more than 5 million people – would benefit from this change in the earned income tax credit, seeing an average of benefit $820, according to the Institute on Taxation and Economic Policy, a progressive think tank, which is advocating for a permanent change in the age restrictions. […]
Democracy Now!: Alabama Amazon Workers Vote in 2nd Union Election as Amazon Dodges $5 Billion in Taxes
February 10, 2022
Meanwhile, a new report found Amazon was able to dodge over $5 billion in federal income taxes in 2021. Amazon reported record revenue of $35 billion last year but benefited from a federal income tax rate of just 6%, thanks to corporate tax breaks. The report was issued by the Institute on Taxation and Economic […]
CNBC: 1 in 3 young adults will see an average $800 tax credit boost this year
February 10, 2022
For the 37% of workers 19 to 24 who are now eligible to receive the credit, the expansion will mean an average boost of $820, according to a study from the Institute on Taxation and Economic Policy. If an individual has no other tax liability, that money will be sent to them in their refund […]
Newsweek: States’ Pursuit of Top-Heavy Tax Cuts Is Disconnected from Reality
February 4, 2022
The following is an excerpt of an opEd by Aidan Davis, ITEP senior policy analyst, and Neva Butkus, policy analyst, published on Feb. 4 in Newsweek: One report after another in recent months revealed that the nation’s richest individuals gained wealth during the pandemic while ordinary families financially stood still or faced impossible decisions—such as […]
CBS News: Millions of low-income Americans eligible for tax refund boost this year
February 3, 2022
Meanwhile, the bigger credit comes at a welcome time for many Americans, as roaring inflation consumes most of low-wage workers’ pay gains. “While these folks without dependent children may not be faced with the cost of childcare, they’re definitely paying more for food, for gas, for rent. For these folks, these necessities may be out […]
Northern Kentucky Tribune: General Assembly’s proposed ‘shift and shaft’ tax policy no way for Kentucky to prosper
January 25, 2022
If Kentucky were to cut its income tax rate to 4%, it would have to raise the sales tax rate from 6% to 7.4% to make up the lost revenue, according to the Institute on Taxation and Economic Policy. That would give our state the highest state sales tax in the country. The bottom 60% […]
Inequality.org: Two Sides, Same Coin: Suppressing Votes, Cutting Rich People’s Taxes
January 24, 2022
But those surpluses, points out Institute on Taxation and Economic Policy analyst Neva Butkus, reflect a set of special circumstances that range from billions in federal Covid aid to changes in tax-filing deadlines during the pandemic that have left many 2020 and 2021 tax payments getting collected in the same fiscal year. Using the surpluses these special […]
The Street: The Top Corporate Tax Havens and Global Tax Reform
January 24, 2022
According to the Institute on Taxation and Economic Policy: FedEx (FDX) – Get FedEx Corporation Report zeroed out its federal income tax on $1.2 billion of U.S. pretax income and received a rebate of $230 million, Nike (NKE) – Get NIKE, Inc. Class B Report paid no federal income tax on almost $2.9 billion of […]
Idaho Press-Tribune: Who gets rebates, tax cuts under House bill
January 20, 2022
Idaho’s corporate income tax rate is a single rate of 6.5%; the bill would lower it to 6%. Necochea called that “throwing money out of the state,” citing figures from the Institute on Taxation and Economic Policy estimating that 81% of the benefit from that cut would flow out of state. “Corporate owners can live […]
Quad City Times: Record $600M Idaho tax cut clears House, heads to Senate
January 20, 2022
An analysis by the Institute on Taxation and Economic Policy, a nonprofit, nonpartisan tax policy organization based in Washington, D.C., found that the total tax benefits of the package for a person in the top 1% of Idaho income earners making $557,000 or more annually would benefit by $13,254. Read more
Exposed: Bradley and Koch Cash Fuels Push to Eliminate Wisconsin Income Tax
January 10, 2022
In addition, “sales taxes inevitably take a larger share of income from low- and middle-income families than from rich families because sales taxes are levied at a flat rate and spending as a share of income falls as income rises,” according to the Institute on Taxation and Economic Policy. Read more
CNN: We Can’t Afford to let Build Back Better Fail
January 3, 2022
The bill also has provisions to require corporations to pay their fair share of the nation’s tax bill. According to the Institute on Taxation and Economic Policy, 55 of the nation’s largest and most profitable corporations paid no federal tax at all in 2020. Build Back Better would require corporations with profits exceeding $1 billion […]
The Daily Beast: Joe Manchin Doomed the Child Tax Credit. Can States Save Kids Instead?
December 31, 2021
A 2019 report from the Institute on Taxation and Economic Policy suggested state-level CTCs are also a means for reducing “a myriad of inequities that are exacerbated by the tax codes in many states,” including by rectifying existing racial inequities in state tax policy and lifting tax burdens off of the poor. “State lawmakers… do […]
CNBC: Some Americans may receive more stimulus money this tax season
December 23, 2021
Still, many America have money coming to them if they still have not received all that was due them from the three stimulus checks, or if they are eligible for the enhanced child tax credit or earned income tax credit. “It could be quite a bit of money for people who may be struggling in […]
Zero Hedge: American “Super Rich” Feel “Immense Relief” As ‘BBB’ Tax Hikes Are Canceled
December 21, 2021
Of course, a bunch of admittedly left-leaning economists say the Democrats’ plan would help “reduce inequality.” Though many of Democrats’ more radical tax proposals were scaled back or dropped in negotiations, the bill would be “a meaningful step for reducing inequality,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. […]
NBC News: Build Back Better demise ‘a crushing blow’ to child tax credit payments, advocates say
December 20, 2021
About 10 million children could sink into poverty or deeper into poverty if the credit is discontinued, according to CBPP. The poorest 20 percent in the U.S. would experience a 35 percent increase to their incomes if the credit was extended through next year, according to a study by the Institute on Taxation and Economic […]
Bloomberg: Super-Rich Americans Feel Relief as Tax Hikes Canceled for Now
December 20, 2021
Though many of Democrats’ more radical tax proposals were scaled back or dropped in negotiations, the bill would be “a meaningful step for reducing inequality,” said Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy. An analysis by the group estimated the plan’s changes to the child tax credit and earned […]
CNBC: Parents Worry About the End of Monthly Child Tax Credit Payments
December 18, 2021
The lowest-income households will be hit the hardest. If the credit were continued through 2022, the poorest 20% of families would have seen a 35% income boost, according to a study by the Institute on Taxation and Economic Policy. That’s significant for parents who are working but haven’t all been able to get back to […]
The Hill: Build Back Better is a chance to finally make corporate taxes line up better with profits
December 16, 2021
These planning opportunities have long helped to make corporate tax avoidance both incredibly successful and publicly infamous. Between 2018 and 2020, the Institute on Taxation and Economic Policy reports that 39 of America’s largest companies paid zero dollars in federal income tax, despite their reporting combined net profits of $122 billion. During this same period, an […]
Time: A Wonky Tax Break for the Well-Off Is a Bigger Problem for Democrats Than You’d Think
December 16, 2021
That’s because raising the cap on SALT deductions from $10,000 to $80,000, as prescribed in the House-passed version of BBB, would disproportionately help taxpayers rich enough to benefit from itemizing their federal tax deductions—which is to say, the richest fifth of Americans. According to a November analysis from the nonpartisan Institute on Taxation and Economic […]
McClatchy: Parents Are Receiving Their Final Monthly Child Tax Credits. Will Congress Bring Them Back?
December 16, 2021
Continuing the expanded credit in 2022 would mean these savings for California families with tax cuts next year, according to the Institute on Taxation and Economic Policy: — Less than $29,100 income (lowest 20%): $4,080 — $29,100 to $51,700 (next 20%): $2,850 — $51,700 to $83,200 (next 20%): $2,780 — $83,200 to $151,100 (next 20%): […]
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