Select Media Mentions
Politico: How much companies that paid no corporate income tax spent on lobbying
June 10, 2021
ProPublica’s bombshell report on Tuesday showing that some of the wealthiest Americans routinely pay little or no taxes, a new report from watchdog group Public Citizen today dives into the lobbying expenditures of 55 corporations that paid no federal corporate income tax in 2020, according to an analysis from the liberal Institute on Taxation and […]
Market Watch: How would Biden’s tax hikes hit the wealth of Jeff Bezos, Elon Musk and other billionaires? First, they’d have to die, experts say
June 10, 2021
“The whole exposé is really an argument for the Biden proposal to tax unrealized capital gains at death,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, speaking about the ProPublica investigation. “I do think if you tax gains at death, it would be a huge step […]
Fortune: Biden’s plan will stop Jeff Bezos and Elon Musk from avoiding billions in taxes
June 9, 2021
Following is an excerpt of an opEd by Steve Wamhoff published in Fortune: It is no surprise that billionaires pay little in federal taxes relative to their incomes, but the level of detail provided by ProPublica Tuesday about how 25 billionaires pulled this off is astonishing. It is also an argument for one of President […]
Fortune: Biden’s plan will stop Jeff Bezos and Elon Musk from avoiding billions in taxes
June 9, 2021
FORTUNE: COMMENTARY | TAXES BY STEVE WAMHOFF It is no surprise that billionaires pay little in federal taxes relative to their incomes, but the level of detail provided by ProPublica Tuesday about how 25 billionaires pulled this off is astonishing. It is also an argument for one of President Joe Biden’s key tax proposals—taxing so-called unrealized capital gains […]
New York Times: Investors Fret as Biden Takes Aim at a 100-Year-Old Tax Loophole
June 8, 2021
In this congressional session, Democrats appear to be placing enormous emphasis on creating a fairer tax code along with investing in infrastructure and social programs, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a nonprofit group in Washington that advocates equitable revenue-raising measures. Read more
Marketplace: Why are some states experiencing a tax revenue surplus?
June 8, 2021
But according to Carl Davis, research director at the Institute on Taxation and Economic Policy, no one is swimming in cash. “A lot of states were just barely trying to get back to where they were before the last recession,” he said. Read more
Washington Post: Plans for a Global Minimum Tax Revolution, Explained
June 8, 2021
Many big corporations do. At least 55 large U.S. companies, including Nike Inc. and FedEx Corp., reported paying no U.S. federal income taxes in 2020 even though they were profitable, according to the Institute on Taxation and Economic Policy. And some nations benefit by attracting businesses with low rates. Read more
Fortune: Last year 55 Fortune 500 companies paid no U.S. income tax. How can they get away with that?
June 7, 2021
Last year at least 55 major, profitable U.S. corporations paid no U.S. income tax, reports the Institute on Taxation and Economic Policy. Some are famous —Nike, FedEx, Salesforce.com—and all are in the Fortune 500 or the S&P 500. How can they get away with that? Read more
CBS News: G-7 nations back global minimum corporate tax of at least 15%
June 5, 2021
Nations have been grappling with the question of how to deter companies from legally avoiding paying taxes by resorting to tax havens — typically small countries that entice companies with low or zero taxes, even though the firms do little actual business there. According to an analysis by the Institute on Taxation and Economic Policy, a left-leaning […]
Talking Points Memo: If Biden’s Corporate Tax Offer Isn’t A Feint, Then It’s A Massive Concession
June 4, 2021
Their specific opposition to the corporate tax hike, Matt Gardner, corporate tax expert at the left-leaning Institute on Taxation and Economic Policy, told TPM, is part of their “hidebound refusal to contemplate anything that reverses any element of the Tax Cuts and Jobs Act.” “Where is the tax increase that Republican leaders in Congress haven’t […]
Bloomberg: Hedge Funds, Tech Spur Texas Wealth Boom as California Fades
June 4, 2021
The growth comes with headaches. Traffic is getting worse and public transportation is limited. The influx of people is driving up housing prices, forcing up the cost of living by boosting property taxes. Given high levies on real estate and the state sales tax, the fiscal burden on middle-class people is higher in Texas than […]
The Week: Biden’s new $1 trillion infrastructure offer reportedly swaps in 15 percent minimum corporate tax for tax hike
June 4, 2021
“Corporations have paid a declining share in federal taxes since the 2017 GOP tax law dramatically slashed the corporate tax rate,” the Post reports, and 55 Fortune 500 corporations paid no federal income tax in 2020, according to the left-leaning Institute of Taxation and Economic Policy. Biden’s minimum tax proposal was originally part of a […]
CBS News: Biden emphasizes taxes on richest companies to fund infrastructure proposal
June 4, 2021
“Unless you think corporations shouldn’t pay any tax at all — and we’ll leave that to others to speak to — then there should be a way to find a path to agreement,” Psaki said. According to an analysis by the Institute on Taxation and Economic Policy, a left-leaning nonprofit tax policy organization, at least […]
Business Insider: Biden offers to ditch his rollback of Trump-era tax cuts in major infrastructure concession to GOP
June 3, 2021
Instead, Biden put forward a 15% minimum corporate tax as a possible solution, a levy that would be squarely aimed at corporations paying little to no taxes. The president has previously cited a report from the left-leaning Institute on Taxation and Economic Policy indicating 55 major American companies paid nothing in federal income taxes in […]
Washington Post: Biden offers tax concession in infrastructure talks with key Republican
June 3, 2021
Members of both parties have expressed concern with the number of large corporations paying little to nothing in federal income taxes. Fifty-five corporations in the Fortune 500 paid no federal income tax in 2020, according to a report by the Institute of Taxation and Economic Policy, a left-leaning think tank. Corporations have paid a declining […]
Vox: You should be suspicious of benevolent big business
May 28, 2021
Amazon, like a lot of big companies, is good at keeping its tax bill low. In some recent years, it’s paid zero federal income tax; it’s managed to pay very little in other years, even as its profits soared. According to the left-leaning Institute on Taxation and Economic Policy (ITEP), Amazon’s effective federal tax rate […]
Phoenix Business Journal: Arizona flat tax proponents point to survey showing residents’ support
May 22, 2021
The Republic also reported that an Institute on Taxation and Economic Policy analysis found that 20% of Arizona taxpayers would get 91% of the reductions. The report said the switch would cut state revenues by $1.5 billion per year. The plan has drawn opposition from cities in the state. They say the reduced revenue will […]
NJ.Com: Live in N.J.? You’ll pay more in taxes over a lifetime than anywhere else, study says
May 22, 2021
Five states, including New Jersey, would be the only states where more than 1% of their taxpayers would face a higher tax bill under Biden’s proposals, according to the progressive Institute on Taxation and Economic Policy. Read more
KOIN: ‘Nike, just pay it’: Ad tells Nike to pay federal tax
May 20, 2021
“Last year you made $2.9 billion in profit but paid zero federal income tax,” the ad states. “Nike, thanks to your ads, I’m unstoppable. I have power. I am a change maker. You inspired us to step up. Now, it’s your turn. Nike, just pay it.” The claim is based on a report by the […]
CNBC: Taxes would likely rise for the wealthy regardless of Biden’s plans
May 19, 2021
Two-thirds of taxpayers in the top 1% would see their taxes increase as a result of the Biden proposal, according to the Institute on Taxation and Economic Policy. (This group has an average income of $2.2 million, according to the analysis.) Read more
Vice: These 55 Companies Kick Ass at Avoiding Taxes. Congratulations!
May 19, 2021
That’s exactly what many big corporations did this year, once again. At least fifty-five companies managed to book a combined total of more than $40 billion in pre-tax profits in their most recent fiscal year, while reducing their corporate income tax bill to zero, according to the Institute on Taxation and Economic Policy (ITEP). Those […]
The Guardian: Millionaires who support taxing the rich protest in front of Jeff Bezos’s homes
May 17, 2021
Bezos has said he supports raising the corporate tax rate. But Amazon has long been the subject of protests about tax avoidance. According to calculations by the progressive Institute on Taxation and Economic Policy in February, in 2020 Amazon only paid a 9.4% federal income tax rate, less than half the statutory 21%. Read more
AZ Central: Flat tax plan could decimate Arizona revenue, benefit a few. Don’t buy it
May 17, 2021
This is not a tax plan that will benefit most Arizonans. According to an analysis of the plan by the Institute on Taxation and Economic Policy, 53% of the tax cuts would go to the wealthiest 1% of taxpayers, while the bottom 80% would receive only 8% of the tax cuts. Read more
Business Insider: Jeff Bezos’ support for Biden’s corporate tax hike means nothing if Amazon can still dodge paying their fair share in taxes
May 16, 2021
This number should not come as a shock; some of the most profitable companies – often those that represent the future of the economy – have long looked for ways to skirt their tax bill. A recent study by the Institute on Taxation and Economic Policy, for example, found that 55 of the largest corporations […]
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