Select Media Mentions
Jacobin: Democrats’ Lies About Tax Breaks Sound a Lot Like Republicans’
April 20, 2021
If you only listened to Democratic lawmakers, you might think these numbers are dramatically different in Democratic states with higher state and local taxes — but “there is no state where this is a primarily middle-class issue,” reported the Institute on Taxation and Economic Policy. As just one example: the group’s state-by-state analysis found that […]
Bloomberg: SALT Cap Revolt Led by N.Y. Democrats Snarls Biden Spending Plan
April 20, 2021
A study released Tuesday showed that the cap also would disproportionately benefit White families over non-White households, further complicating the Biden administration’s plans to make racial equity a core plank of any economic proposal. The study by the left-leaning Institute on Taxation and Economic Policy showed that more than 72% of the tax cuts from […]
Forbes: Repealing The Cap On State And Local Tax Deductions Would Widen The Racial Wealth Gap, New Study Shows
April 20, 2021
As some lawmakers from high-tax Blue states push for the elimination of the Trump-era $10,000 cap on state and local tax (SALT) deductions, a new study from the left-leaning Institute on Taxation and Economic Policy shows that repealing the deduction would not only disproportionately benefit the wealthy, but also white taxpayers, widening the already yawning […]
The Hill: Left-leaning Group: SALT Cap Repeal Would Worsen Racial Income Disparities
April 20, 2021
Repealing the cap on the state and local tax (SALT) deduction would exacerbate racial income and wealth disparities, according to an analysis released Tuesday from the left-leaning Institute on Taxation and Economic Policy (ITEP). The think tank’s report comes as a growing number of Democratic lawmakers are pushing for the SALT cap to be repealed […]
Associated Press: Should states set pot policy by its potency? Some say yes
April 20, 2021
Potency taxes have an upside for states: more stable revenue than sales taxes, says Carl Davis of the Institute on Taxation and Economic Policy, a progressive think tank. That’s because sales tax totals can fall with prices in a maturing market. Read more
The Washington Post: Biden Wants to Crack Down on Corporate Tax Loopholes, Resuming a Battle His Predecessors Lost
April 20, 2021
More than 60 percent of U.S. multinationals’ reported foreign income is booked in seven small countries that promise to only nibble at corporate profits, about twice the share as in 2000, according to Bank of America. The tax avoidance efforts — entirely legal under U.S. law — resulted in 55 of the nation’s largest corporations […]
New York Times: Make Tax-Dodging Companies Pay for Biden’s Infrastructure Plan
April 18, 2021
American companies and companies that make money in the United States are not paying enough money in taxes. Even as profits have soared, tax payments have declined. Fifty-five of the nation’s largest corporations — including FedEx, Nike and the agribusiness giant Archer Daniels Midland — paid nothing in federal income taxes in 2020, despite collectively […]
Jacobin: Never Trust a CEO Who Says They Want to Help
April 15, 2021
Meanwhile, at least twelve corporate members of the Business Roundtable paid nothing in federal taxes last year, according to the advocacy group Patriotic Millionaires’ review of data compiled by the Institute on Taxation and Economic Policy. Read more
Washington Post: Biden proposals may not guarantee all Fortune 500 corporations pay federal income taxes, experts say
April 15, 2021
Of the 55 corporations that did not pay federal income taxes in 2020, only five had more than $2 billion in net income, according to the report by the Institute for Taxation and Economic Policy, a left-leaning think tank. That means the overwhelming majority of them would not be subject to the book tax. Matt […]
Washington Post: Opinion: Americans are liberals on taxes, living under a conservative system
April 15, 2021
When you combine all the kinds of taxes people pay, you see the system is almost flat. As this report from the Institute on Taxation and Economic Policy shows, in 2018, Americans in the middle of the income distribution paid 25.4 percent of their income in taxes, while those in the top 1 percent paid […]
Los Angeles Times: Column: California Democrats have a chance to flex some muscle and work to restore deductions for taxpayers
April 15, 2021
Standard deductions were nearly doubled and so were child credits. Importantly for many upper-middle-class Californians, the alternative minimum tax was significantly lowered. The Institute on Taxation and Economic Policy reports that if the caps were eliminated, half the savings for California would go to the richest — the top 1%. Read more
The News-Gazette: Jim Dey | Once scourge of rich, governor’s now their defender
April 14, 2021
That’s one reason why, in his letter to Biden, Pritzker & Co. ignored higher earners, complaining that “middle class Americans are struggling under this federal tax burden.” That’ s just not so, according to the left-leaning Institute on Taxation and Economic Policy. It concluded that “62 percent of the benefits would go to the richest […]
City & State (NY): Correcting disinformation about the excluded workers fund
April 14, 2021
Technically, no employee in New York pays into unemployment as it’s a tax on employers, but their employment is what leads to the pay-ins. While it’s impossible to know whether every person who will receive benefits has paid state, local or federal taxes, the available research shows that the majority of undocumented immigrants do pay […]
Nonprofit Quarterly: Pressure to Tax Corporations Rises as Infrastructure Gaps Come into Full View
April 14, 2021
The bottom line: As research conducted by the Institute on Taxation and Economic Policy (ITEP) illustrates, at least 55 major US corporations that had a combined total of $40.5 billion in profits paid $0 in federal corporate taxes. If they had paid the current corporate tax rate of 21 percent, their tax bill would come […]
420 Intel: Considering Opportunities for the Upcoming Federal Taxation of Cannabis
April 14, 2021
According to the Institute on Taxation and Economic Policy, “state and local excise collections on retail cannabis sales surpassed $1 billion for the first time in 2018.” This rapid growth is aligned with the acceptance of medical and recreational cannabis, and the efforts states are putting in to help discourage purchasing cannabis from unlicensed and […]
Common Dreams: Jayapal Calls for Crackdown on Wealthiest After IRS Chief Says Tax Evasion Costs US $1 Trillion a Year
April 14, 2021
Furthermore, another recent study by the Institute on Taxation and Economic Policy (ITEP) showed that 55 U.S. corporate giants paid $0 in federal income taxes last year, and 26 of them haven’t paid a dime for the past three years—a time period in which the GOP’s “morally and economically obscene” tax cuts for corporations and […]
The Cap Times: Plain Talk: It’s time to fix America’s infrastructure — and make corporations help pay for it
April 14, 2021
The Institute on Taxation and Economic Policy, a Washington-based research group that keeps tabs on such things, reported earlier this month that at least 55 of America’s largest corporations paid no federal income taxes last year. While the 2017 Trump administration’s tax “reform” reduced the federal corporate tax rate from 35% to 21%, dozens of […]
Wealth Management: What CRE Opportunities Await if the American Jobs Plan is Enacted?
April 14, 2021
Some in corporate America are critical of Biden’s proposed plan because it would be paid for raising the corporate tax rate from 21 percent to 28 percent. Nevertheless, corporations would still pay less under this proposal than they paid prior to the Trump Administration’s 2017 tax cuts and the benefits of infrastructure improvements to corporate […]
Willamette Week: Nike’s Tax Bill in Oregon Is a Secret. We Asked Three Analysts to Make an Estimate.
April 14, 2021
The breakdown of that percentage among states is impossible to know, [Matthew Gardner, ITEP Senior Fellow] says, especially considering not every state has the same single-factor corporate tax structure that Oregon has: “We cannot say how much of [Nike’s] income, or that tax, is attributable to Oregon.” Read more
The Commercial Appeal: FedEx CEO: Don’t raise corporate taxes to pay for Biden’s infrastructure plan
April 13, 2021
The Institute on Taxation and Economic Policy published the report earlier this month, saying FedEx had an effective tax rate of minus -12.8% from 2018 to 2020. The report cited a provision in the CARES Act bill passed in the COVID-19 pandemic’s early stages, along with the 2017 Tax Cuts and Jobs Act passed under […]
CNBC: New $3,000 Child Tax Credit to Start Payments in July, IRS Says
April 13, 2021
About 83 million children live in households that would benefit from the expansion of the child tax credit, according to a study from the Institute on Taxation and Economic Policy. In addition, the poorest 20% of families would see income increase by more than 37% during the year that the policy is in place. Read […]
The Guardian: US CEOs think Biden’s corporate tax rate hike will have negative impact – survey
April 12, 2021
A report released earlier this month from the progressive Institute on Taxation and Economic Policy found that at least 55 of America’s top companies, including FedEx and Nike, paid no federal corporate income tax because of loopholes and substitutes. The report found that the tax breaks cost $8.5bn in potential tax revenue. Read more
CNBC: Progressive group targets FedEx, Nike in campaign calling for higher corporate taxes
April 12, 2021
A report by the Institute on Taxation and Economic Policy says 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 says the lack of payments in taxes by some corporations is likely linked to historic tax breaks as well […]
Forbes: 98% Of CEOs Say Biden’s Corporate Tax Rate Hike Will Hurt Their Companies, According To Survey
April 12, 2021
55. That’s how many major U.S. companies—all part of either the Fortune 500 or the S&P 500 index—that paid no corporate income tax in 2020 thanks to credits and deductions, according to an analysis by the Institute on Taxation and Economic Policy. Read more
MSNBC: Corporate taxes can’t stay low while America crumbles
April 12, 2021
There’s no question that the tax code is extremely generous to big business. A recent report from the Institute on Taxation and Economic Policy found that despite being profitable last year, 55 of the biggest companies in the U.S. paid no federal income taxes. Corporations managed this through a combination of “long-standing tax breaks preserved […]
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