Select Media Mentions
The Motley Fool: Stimulus Check Update: Direct Payments Worth $3,600 May be Headed Your Way Soon
May 5, 2021
There are also restrictions to who you can claim under the expanded child tax credit. In order to claim your child or children, you must: Have a valid Social Security number for your child Be related to the child Have had your child live with you for at least half the year Provide more than […]
Forbes: President Biden’s Capital Gains Tax Plan
May 5, 2021
So, what’s the problem? What could be the downside of raising the taxes on a small portion of Americans to help needy children and kids go to college? Just 0.7% of households would face a tax hike, according to the Institute on Taxation and Economic Policy, with almost the entire burden being felt by the richest […]
OPB: Washington Gov. Jay Inslee signs capital gains tax into law even as legal challenges loom
May 4, 2021
While Democrats and Republicans came together around the tax credit, the capital gains tax fiercely divided the two parties. Throughout the legislative session, Democrats insisted a tax on capital gains is an excise tax that will make Washington’s tax code less regressive. They often point to a report by the left-leaning Institute on Taxation and […]
New York Times: Amazon Had a Big Year, but Paid No Tax to Luxembourg
May 4, 2021
Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a left-leaning research group in Washington, said Amazon’s Luxembourg filing showed why there was such urgency, not only in the European Union but also in the United States, to require a global minimum tax. “This is a stark reminder of the high […]
Daily Kos: Study: Non-wealthy to benefit most from Biden’s tax and spending plans, especially in red states
May 4, 2021
For those who aren’t policy wonks—and who somehow can’t decide whether Joe Biden is a compassionate family man or a rapacious baby’s blood aficionado—it can be difficult to suss out the real benefits of Biden’s recent economic proposals. Luckily, new analysis from the Institute on Taxation and Economic Policy (ITEP) spells out the pluses (for […]
Yahoo! Finance: Only the ‘lucky few’ will pay higher taxes under Biden’s plan, analysis finds
May 4, 2021
President Joe Biden is planning to raise revenue to fund his infrastructure plans through numerous tax hikes that would mostly hit the top 0.7% of Americans, a new analysis found. “The vast, vast majority of the population will not see any tax increases,” Steve Wamhoff, director of federal tax policy at the Institute on Taxation […]
MarketWatch: The fight over SALT is heating up. What’s next?
May 3, 2021
“I’m surprised that it just continues to come up,” said Tracy Gordon, acting director of the Urban-Brookings Tax Policy Center. “In Washington there seems to be this broad consensus that repealing it would be a bad idea and yet people in affected areas feel it in a visceral way.” A “bad idea,” analysts say, not […]
New York Times: Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds
May 1, 2021
There’s no debate that the SALT deduction goes mostly to wealthier taxpayers. About 85% of its benefits accrue to the richest 5% of households, according to an analysis by the Institute on Taxation and Economic Policy in Washington. Were the cap to be repealed, about two-thirds of the benefits — about $67 billion — would […]
Business Insider: America’s wealthiest added $195 billion to their fortunes in Biden’s first 100 days
May 1, 2021
While the richest Americans saw gains under Biden, he’s making moves to tax them more heavily to offset the cost of his next big expenditure: an infrastructure package that encompasses everything from universal pre-K to affordable childcare and education. … While that may not impact the stock market much, Biden’s proposals do have some wealthier Americans scrambling and calling […]
The Sacramento Bee: California parents would get big tax breaks under Biden proposal. Here’s how much to expect
May 1, 2021
Low and middle income families struggling to pay for child care and other expenses would see big new tax breaks through 2025 under the White House’s new child tax credit plan, according to a new analysis. Most of the breaks would go to households with incomes less than $51,700, but even those with lower six […]
Coinspeaker: Joe Biden to Fund Education and Childcare by Implementing American Families Plan
April 30, 2021
According to a report by ITEP (institute On Taxation And Economic Policy), the top part of the scheme will restore the top personal income tax rate to 39.6%. The plan intends to eliminate tax breaks associated with capital gains for millionaires and make the tax process more equitable. The report shows that the proposal would […]
NBC News: The soul of the post-Trump GOP isn’t in D.C., it’s in the nation’s statehouses
April 30, 2021
All in all, the proposed capital gains and income tax hikes would affect less than 1 percent of taxpayers, according to an analysis by the Institute on Taxation and Economic Policy. Some relatively high-earning professionals might even get a tax cut. Democrats think the politics favor them as a result — so much so that […]
Associated Press: A Look At How US Corporations Manage the Tax System
April 30, 2021
Last year, more than 50 of the largest U.S. companies actually paid nothing in federal income taxes, even though they reported $40 billion in pretax profits as a group, according to the Institute on Taxation and Economic Policy. Companies can deploy many tools to avoid taxes — from deducting costs related to stock options they […]
NBC News: Venture capitalists spar over Biden plan to raise their taxes
April 30, 2021
President Barack Obama’s White House put out a proposal similar to the one Biden’s White House is now offering, according to Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, who formerly worked on tax policy for Sen. Bernie Sanders, I-Vt. “Biden proposes to eliminate that break for […]
Fox Business: Biden’s tax plan would cost wealthiest 1% an extra $160K per year, study shows
April 30, 2021
That’s according to a new analysis published this week by the Institute on Taxation and Economic Policy, which found that the wealthiest 1% of Americans would pay an extra $159,010 in taxes each year if Congress passes the Biden administration’s newest $1.8 trillion economic initiative. By comparison, the top 4% of households – or those […]
Associated Press: Biden’s corporate tax plan takes aim at income inequality
April 30, 2021
“It’s a terrific plan,” said Matthew Gardner, senior fellow at the left-leaning Institute on Taxation and Economic Policy. “We cannot have a sustainable corporate tax system until we solve this problem of companies shifting their intangible assets around. This plan should stop that dead.” Read more
The Hill: Biden: ‘Trickle-down economics has never worked’
April 29, 2021
“It’s time for corporate America and the wealthiest 1 percent of Americans to just begin to pay their fair share,” Biden said. “Just their fair share.” The president referenced a recent report from the left-leaning Institute on Taxation and Economic Policy that found that 55 large corporations paid zero in federal income taxes last year. […]
Yahoo! Finance: Corporate tax hike would require Duke energy to ‘minimize impact’ for customers: CEO
April 29, 2021
Fifty-five of the largest U.S. companies paid no federal corporate income taxes last year, including Duke Energy, according to a study released by the left-leaning Institute on Taxation and Economic Policy earlier this month. Over the last three years, since the implementation of the Trump tax cuts, Duke Energy took in $7.9 billion in profits […]
Bonners Ferry Herald: House Bill 380 Could be a Double Hit to Revenue and Federal Fiscal Aid (Idaho)
April 29, 2021
House Bill 380 – which would reduce the number of income tax brackets from seven to five, reduce the remaining income and corporate tax rates as well as provide a one-time tax rebate – could cost between $383 million and $398 million in its first year (fiscal year 2022) and $163 million to $171 million […]
USA TODAY: Biden cites left-leaning study that 55 of top U.S. companies paid no federal income taxes
April 29, 2021
The ITEP report was based on a review of annual financial records by the nation’s largest publicly traded companies for their most recent fiscal year. Wamhoff noted that Biden on the campaign trail last year had referenced his non-profit group’s findings about major corporations not paying federal taxes. “It illustrates why we need to fix […]
Business Insider: Under Biden’s plan, the top 1% of Americans would pay an extra $100,000 in taxes every year
April 29, 2021
A new report from the Institute on Taxation and Economic Policy (ITEP) finds that only the highest-earning Americans would see their taxes change if President Biden’s proposed increases to the income tax rate and capital gains rate pass. That change is concentrated amongst the top 1%, defined as those with an income over $681,600 (their […]
NBC News: How Biden’s taxes hit the richest but skip the suburban base
April 29, 2021
Biden’s capital gains tax increase would only take effect for people who make more than $1 million per year in total income. Many households with six-figure incomes could even see a tax cut from expanded child care deductions in the Covid-19 bill that Biden wants to make permanent. According to an analysis by the left-leaning […]
CNBC: Biden wants to raise $1.5 trillion by taxing the rich. Here’s how
April 29, 2021
The richest 1% of taxpayers, who have an average income of $2.2 million, would shoulder the burden of the tax hike, according to an analysis published by the Institute on Taxation and Economic Policy. Two-thirds of this group would see their taxes increase, by an average $159,000 a year, according to the analysis. Read more
Bloomberg: N.Y., New Jersey, California Hit Hardest by Biden Tax Changes
April 29, 2021
President Joe Biden’s plan to ramp up the income tax rate and capital gains tax rate as part of a $1.8 trillion stimulus plan would hit high-tax states like New York and California the hardest, while New Mexico and Mississippi would be least affected, according to research from the Institute on Taxation and Economic Policy. […]
Forbes: What’s in Biden’s American Families Plan?
April 28, 2021
ARPA expanded the CTC from $2,000 per child to $3,000 per child ages 6 to 17, and $3,600 for children under 6. The plan also gives the option of receiving the credit through monthly payments starting in July, instead of having to wait to claim the entire credit on your taxes. The American Families Plan […]
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