Institute on Taxation and Economic Policy

Select Media Mentions

The Center Square: New Jersey politicos want repeal of SALT cap, but report indicates it will worsen racial, wealth ‘inequities’

April 28, 2021

The ITEP analysis found that repealing “the SALT cap would worsen the racial income and wealth divides by primarily benefiting wealthy white households. It would also likely crowd out other, much more progressive policies and programs from the upcoming infrastructure package while doing comparatively little to encourage progressive revenue raising at the state and local […]

Washington Post: Fact-checking Biden’s 2021 address to Congress

April 28, 2021

In a report released in April, the left-leaning Institute on Taxation and Economic Policy (ITEP) concluded that 55 profitable companies in the Fortune 500 did not pay any federal income tax, largely as a result of the 2017 tax law, such as through deductions for investment that President Donald Trump promoted in the bill. This […]

Bloomberg: Biden Targets $41 Billion Tax Break for Real Estate Investors

April 28, 2021

Simply put, that it unfairly benefits wealthier Americans who can afford to make large investments. Middle-class families, meanwhile, are never likely to own many assets outside their own homes and 401(k)s. The left-leaning Institute on Taxation and Economic Policy argues the tax break has expanded far from its original intention of supporting small-scale transactions and […]

Salon: Key Democrats want to keep most of Trump’s corporate tax cut — and slash more taxes for the rich

April 28, 2021

Of course, many corporations pay no federal income taxes at all. The Trump tax cut doubled the number of companies that had an effective 0% tax rate, according to the Institute on Taxation and Economic Policy (ITEP), while giving the vast majority of Fortune 500 companies an average federal tax rate of 11.3% the year […]

89.3 WFPL: LG&E’s Parent Company Paid No Federal Taxes Last Year (Kentucky)

April 28, 2021

In a year when Kentuckians struggled to pay their utilities bills because of a global pandemic, Louisville Gas and Electric’s parent company paid nothing in federal taxes. PPL reported around $900 million in pre-tax income last year and was one of 55 U.S. corporations that paid nothing in federal corporate income taxes, according to a […]

MarketWatch: Some lower-tax states won big in the 2020 Census count. Are Americans moving to escape the taxman?

April 28, 2021

Carl Davis, research director at the Institute on Taxation and Economic Policy, a left-leaning think tank, sees the Census results quite differently. “I really don’t see a tax story here,” he said. Weather and housing prices are far stronger ingredients in moving decisions than tax bills, he said. Besides, the latest Census numbers maintained the […]

CBS News: Some middle-class families will have a tax rate of zero this year — or less

April 28, 2021

The stimulus checks, CTC and EITC programs are likely to provide a 33% boost to the pre-tax incomes of the poorest 20% of Americans — a $3,590 hike per family — the Institute on Taxation and Economic Policy found earlier this year. While those three benefits provide a similar dollar amount of typical benefits to […]

US News: Americans Are OK With Biden’s Spending Plans: Poll

April 27, 2021

Biden has repeatedly lamented that corporations do not pay their fair share of taxes, using legal loopholes to avoid taxes. A report earlier this month by the Institute on Taxation and Economic Policy found that at least 55 of the nation’s top companies paid no corporate income taxes in 2020, despite collecting $40.5 billion in […]

CNBC: Elizabeth Warren takes aim at FedEx, Nike, Amazon in push for corporate tax hike

April 27, 2021

FedEx and Nike were mentioned in an April report by the Institute on Taxation and Economic Policy as companies that recently paid little-to-no federal corporate income taxes. “The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million,” the report said. “The […]

CNBC: Calls to end $10,000 SALT deduction cap threaten Biden’s tax plan ahead of its release

April 27, 2021

In addition, most of the families that would benefit from doing away with the SALT cap would be wealthy white ones, according to a recent analysis from the left-leaning Institute on Taxation and Economic Policy. Black families are 42% less likely and Hispanic families are 33% less likely than white ones to see a tax break […]

CBS Philadelphia: Child Tax Credit: How Much Money Can Parents Expect In Monthly Payments?

April 27, 2021

he Institute on Taxation and Economic Policy believes that households accounting for 83 million children would benefit to some degree. Anywhere from eight to 12 million children live in households facing food insecurity due to lack of money, according to recent Census data from late 2020. Estimates suggest that expanding the Child Tax Credit would […]

Bloomberg: SALT Workarounds Spread to More States as Democrats Seek Repeal

April 27, 2021

A recent think tank report found that removing the cap without making other tax changes could compound the federal tax code’s disproportionate economic impact on Black and Latino families. Over 70% of the benefit from the restored deduction would benefit wealthy white households with over $200,000 in annual income, the Institute of Taxation and Economic […]

CNN: Elizabeth Warren: US taxes are rigged in favor of Amazon, Netflix and other big companies

April 27, 2021

Despite reporting large pretax profits, at least 55 large corporations paid no federal corporate income tax in their most recent fiscal year, according to the Institute on Taxation and Economic Policy, a progressive think tank. The list of profitable companies that avoided all federal income taxes last year includes FedEx (FDX), HP and Nike (NKE) […]

CNBC: Elizabeth Warren takes aim at FedEx, Nike, Amazon in push for corporate tax hike

April 27, 2021

FedEx and Nike were mentioned in an April report by the Institute on Taxation and Economic Policy as companies that recently paid little-to-no federal corporate income taxes. “The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million,” the report […]

Footwear News: Sen. Elizabeth Warren: Nike and Amazon Should Be Hit With Higher Tax Rate

April 27, 2021

Early this month, a study from the Institute on Taxation and Economic Policy suggested that 55 U.S.-based companies — including Nike and FedEx — did not pay corporate income taxes in their most recent fiscal year despite reporting sizable pretax profits. According to the think tank, the Swoosh didn’t pay federal income tax on about […]

Morning Call: PPL Corp. and other companies with Lehigh Valley ties paid zero U.S. taxes in 2020

April 26, 2021

Matthew Gardner, a senior fellow with the Institute on Taxation and Economic Policy and co-author of the organization’s report, said PPL documents show the company made pre-tax U.S. income of $880 million in 2020 but wound up with a benefit of $9 million in taxes, resulting in a minus 1% tax rate. In the three […]

Daily Kos: Democrats gave Americans a huge tax cut—just not the wealthiest ones

April 26, 2021

According to new estimates from congressional forecasters, Democratic tax cuts for low- to middle-income earners included in President Joe Biden’s relief plan could mean that people making less than $75,000 on average will pay nothing in federal income taxes this year. In other words, Democrats are doing for most Americans what Republicans achieved for many […]

Bloomberg: The Myth of the Middle-Class SALT Cap Victim

April 23, 2021

Once again, if you make well under $1 million a year and your tax rate really did go up from 2017 to 2018 because of the SALT cap, I’m not denying that your suffering is real. But you appear to be in a distinct minority even in New York, New Jersey, Connecticut, California and other […]

Washington Post: The Federal Government Is Losing Billions in Unpaid Taxes, in Part Due to Racial Disparities in the Tax Code

April 23, 2021

Drawing from a report by the nonpartisan Institute on Taxation and Economic Policy, Wyden said an estimated 80 percent of the individual benefits under the Trump administration’s tax cuts went to White Americans. Read more

Bloomberg: Firms Shuffle Intangible Assets Abroad Despite U.S. Tax Break

April 23, 2021

President Joe Biden and other Democrats have said FDII has been ineffective and should be replaced or revamped. While the concerns they’ve voiced about FDII aren’t directly related to the overseas IP transfers among subsidiaries, the transactions are yet another example of how FDII hasn’t achieved its goal of getting U.S. companies to house key […]

FAIR: ‘Some of Our Most Profitable Companies Are Not Contributing to Our Basic Needs’

April 23, 2021

Janine Jackson interviewed Institute on Taxation and Economic Policy’s Amy Hanauer about corporate tax avoidance for the April 16, 2021, episode of CounterSpin. This is a lightly edited transcript. Read more

Bloomberg: IRS Releases Country-by-Country Filings: Insights on Tax Havens, Effective Tax Rate

April 23, 2021

One of the interesting patterns in the CbCR filings is the gap between the statutory and effective tax rates. The ETR on the U.S. is just 9% versus the statutory rate is 21%. This matches up with a study done by a left-leaning think-thank, The Institute on Taxation and Economic Policy, which found that almost […]

The Hill: Progressives Divided over Efforts to Repeal SALT Cap

April 22, 2021

Outside liberal groups are also criticizing the push to repeal the SALT deduction cap. The Institute on Taxation and Economic Policy released a report Tuesday that said repealing the cap would worsen racial income and wealth disparities because most of the benefits of repeal would go to high-income white families. Steve Wamhoff, director of federal […]

Axios: GOP Senators Open to Corporate Tax Increase

April 22, 2021

Driving the news: The president has highlighted a study from the left-leaning Institute on Taxation and Economic Policy showing 55 corporations actually received $3.5 billion in tax rebates, instead of paying approximately $8.5 billion in taxes on some $40.5 billion in income. Read more

CNBC: Black, Hispanic Families Would Benefit Less from a SALT Cap Repeal than Whites

April 21, 2021

Repealing the $10,000 state and local tax deduction cap is likely to have uneven results for Americans. In fact, Black families are 42% less likely and Hispanic families are 33% less likely than white ones to see a tax break from a SALT cap repeal, according to a recent analysis from the left-leaning Institute on […]

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