Select Media Mentions
The Hill: House Democrats take step back from Biden on tax hikes
September 14, 2021
Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, said the committee’s proposal would be a “huge improvement” over the current tax code. But he also said that a lot of the income of very wealthy people would not be taxed at all, because the committee didn’t adopt Biden’s […]
CNBC: House Democrats push for permanent EITC expansion
September 14, 2021
A permanent expansion may cost $135 billion over the next decade, the Joint Committee on Taxation estimates. If enacted, the increased credit may provide $12.4 billion to families in 2022, affecting 19.5 million workers, research from the Institute on Taxation and Economic Policy shows. Read more
Marketwatch: Biden v. House Democrats: How their proposed tax hikes differ on Roth IRAs, capital gains
September 14, 2021
But the Ways and Means Committee proposals do “not go as far as the Biden administration proposals go,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. The committee’s proposal comes months after Biden unveiled his own proposal for tax hikes, which include a higher top income […]
Daily Tax Report: House Democrats’ International Tax Plan More Modest in Aim
September 13, 2021
“It’s definitely more corporate-friendly than the Biden plan,” said Steve Wamhoff, director of federal tax policy for the left-leaning Institute on Taxation and Economic Policy. But in big-picture terms, he added, it’s also “a big improvement over the tax code as it exists now.” Read more
Huffington Post: How Farms Became Wealthy Heirs’ Anti-Tax Mascot
September 8, 2021
The tax proposals in question do not actually target family farms. The White House has called for higher taxes on capital gains, like the profits from buying a stock and later selling it at a higher price, for people with annual incomes above $1 million. Capital gains currently enjoy special lower tax rates that top […]
Business Insider: Biden is picking a fight on corporate taxes with Disney, Fedex, and others. Senate Democrats may go easier.
September 8, 2021
He also ripped into 55 large companies that paid no federal income taxes in 2020, per a report from the left-leaning Institute on Taxation and Economic Policy. Those firms who paid nothing included household names like FedEx and Nike. Read more
The Intercept: Companies Lobbying Infrastructure Tax Increase Have Avoided Paying Billions in Taxes
September 8, 2021
A 2016 report from the U.S. Public Interest Research Group, Citizens for Tax Justice, and the Institute on Taxation and Economic Policy found that Bristol Myers Squibb held $25 billion across 23 tax haven subsidiaries. In 2012 the company set up a tax haven subsidiary in Ireland, which the IRS later described as an “abusive” […]
Wall Street Journal: Heirs, Estates and the Step-Up in Basis Rule
September 8, 2021
Following is an excerpt from a letter to the editor published in the Wall Street Journal by Steve Wamhoff, ITEP federal policy director. Under current law, America’s wealthiest people can avoid paying taxes on a substantial share of their income. Most of what Elon Musk and Jeff Bezos make is appreciation on their assets, also […]
The Nation: The New New Deal
September 6, 2021
Amy Hanauer, the executive director of the Institute on Taxation and Economic Policy, sees the budget as a “long overdue” opportunity to achieve fairer taxation. Biden and Senate Democrats have highlighted the need for a plan to reverse the Trump administration’s giveaways to corporations and the billionaire class. If the pandemic taught us anything, Hanauer […]
The Hill: Progressives prepare to launch counterattack in tax fight
September 2, 2021
“Clearly what is happening is that some lawmakers are responding to a lobbying campaign by corporations and very wealthy people, and that campaign is really kicking into gear now,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. Read more
Salon: Former Sen. Heidi Heitkamp now lobbies for tax loophole she called “one of the biggest scams”
September 2, 2021
Amy Hanauer, executive director of the Institute for Taxation and Economic Policy, told Salon that the current loophole “unfairly allows billionaires like Jeff Bezos to avoid paying income tax on most of their real income,” because it comes from appreciation on his assets, which are now worth $99 billion more than they were 10 years ago. […]
Bloomberg Law: Wyden Plan Retains Tax Boost But Mulls Foreign Tax Credit Perk
August 25, 2021
But public opinion supports the idea of companies paying higher taxes on their offshore profits, said Steve Wamhoff, director of federal tax policy for the Institute on Taxation and Economic Policy, and he sees Congress approving a significant package of changes. “At the end of the day, the need for revenue to pay for investments, […]
Newark Star-Ledger: U.S. House paves way to increase property tax breaks after delay spurred by N.J. Democrat
August 24, 2021
The Institute on Taxation and Economic Policy, a progressive research group, said 80% of the 1.9 million New Jerseyans who would benefit from removing the cap had an average income of $216,000 or less, even though 72% of the benefits would go to the richest 5%. The House’s August recess had been temporarily short-circuited and […]
The Motley Fool: Low-Income Americans Will Get an Average of $3,590 in Stimulus Money in 2021
August 20, 2021
According to the Institute on Taxation and Economic Policy, the lowest-earning Americans will receive more financial relief this year than some of their higher-earning counterparts. Specifically, those who have a household income of $21,300 or less will get an average of $3,590 in stimulus money and tax credits this year. On average, this includes: $2,210 […]
Mississippi Today: Mississippi tax laws place higher burden on people of color
August 19, 2021
“Black households pay an average of 8.7% of their income in state and local tax while Hispanic families pay 9.1%,” according to a recently released study by non-profit One Voice, based on data compiled by the Institute on Taxation and Economic Policy. “Those rates are significantly above the statewide average tax rate of 8.4% and […]
CNBC: States boost earned income tax credits for pandemic relief
August 17, 2021
President Joe Biden proposed making these changes permanent in the American Families Plan, which could provide $12.4 billion to families in 2022, affecting 19.5 million workers, according to research from the Institute on Taxation and Economic Policy. Read more
Motley Fool: Middle-Class Americans Will Get an Average of $2,910 in Stimulus Money in 2021
August 13, 2021
Although there’s no specific data detailing exactly how much stimulus money people within this income range will receive on average, the Institute on Taxation and Economic Policy found that those with household incomes between $65,000 and $111,300 will receive an average of $3,540. This range is a pretty close overlap with families who are considered […]
Yahoo! Finance: Silence from congressional liberals as Democrats move toward SALT tax cut for wealthy
August 13, 2021
The issue has made odd bedfellows of Republicans and some Democrats, with the liberal-leaning Institute on Taxation and Economic Policy blasting a repeal as “inequitable.” ITEP found that if the cap were repealed, two-thirds, or some $67 billion, would flow to white taxpayers who make over $200,000 per year. The report said that a clean […]
CNBC: Biden’s boost to the earned income tax credit may trigger a ‘marriage penalty’
August 13, 2021
A worker without children may receive up to $1,502 in 2021, nearly triple the former benefit, and President Joe Biden proposed making the changes permanent in the American Families Plan. If that happens the enhanced EITC would provide $12.4 billion to families in 2022, benefiting 19.5 million workers, according to research from the Institute on Taxation and Economic Policy. […]
Motley Fool: Stimulus Check Update: Most Americans Will Get an Average of $3,450 in Stimulus Money in 2021
July 29, 2021
In fact, an analysis from the Institute on Taxation and Economic Policy recently revealed that the value of federal stimulus dollars averages $3,450 for the bottom 60% of earners in the U.S. That encompasses everyone making less than $65,000 per year. And this $3,450 number doesn’t even take into account the fact that the child […]
Fortune: Newsletters, Bull Sheet
July 29, 2021
39. That’s the number of profitable S&P 500 and/or Fortune 500 companies who paid no federal income tax from 2018 through 2020—the first three years that the Trump administration’s Tax Cuts and Jobs Act was in effect—per a new report from the Institute on Taxation and Economic Policy (ITEP) think tank. Read more
Common Dreams: 73 Major Corporations Paid Just 5.3% Federal Tax Rate Between 2018 and 2020: Report
July 29, 2021
Thirty-nine U.S. corporations reaping over $120 billion in profits between 2018 and 2020—the first three years of the so-called “GOP tax scam”—paid no net federal income tax, or claimed refunds during that period, a report published Thursday by the Institution on Taxation and Economic Policy revealed. Read more
Salon: Elizabeth Warren cornered by billionaire: “I shouldn’t get Social Security”
July 28, 2021
According to the senator’s website, the law would require that corporations making over $100 million in yearly profits would pay a 7% tax on any money made after the $100 million cutoff. These corporations, she told Langone, “should have to pay a tax on what they report. Not on what happens after they’ve done a […]
CNBC: Stimulus checks and child tax credit payments help prompt calls to expand another credit benefitting workers
July 27, 2021
The stimulus checks and monthly child tax credit payments have helped increase the understanding of how money can serve as a tool to help people who are struggling, he said. “When you give people cash, you give people the tools to solve their own problems,” Ruben said. Without any further changes, the enhanced EITC will […]
Fox: Here’s how much taxpayers can get in added federal benefits
July 26, 2021
The average American in the lowest 20% of income earners has the potential to collect a total of $3,590 from a combination of direct payments, the expanded Child Tax Credit and the expanded Earned Income Tax Credit, according to an analysis by the Institute on Taxation and Economic Policy. The analysis is based on policies […]
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