Select Media Mentions
Washington Post: What Americans Will Get from Biden’s $2 Trillion Infrastructure Plan (Opinion)
April 4, 2021
In addition, a new report from the Institute of Taxation and Economic Policy underscores how well corporations did over the last four years, with 55 big corporations paying no federal corporate income tax. ITEP reports: The tax-avoiding companies represent various industries and collectively enjoyed almost $40.5 billion in U.S. pretax income in 2020, according to […]
The Joint Blog: Report: State and Local Cannabis Tax Revenue Jumps 58%, Surpassing $3 Billion in 2020
April 4, 2021
According to a new report conducted and released by the Institute on Taxation and Economic Policy, tax revenue from state-legal marijuana sales rose significantly in 2020 to surpass $3 billion. “Powered by an expanding legal market and a pandemic-driven boost in cannabis use, excise and sales taxes on cannabis jumped by more than $1 billion […]
Washington Post: Republicans Draw a Blank on Basic Governance (Opinion)
April 4, 2021
But one suspects that Blunt, Wicker and others are protesting this proposed tax increase because of the narrow portion of Americans for whom the 2017 cut did work: the wealthiest. The dividends and stock buybacks benefited rich investors. Meanwhile, according to a new study from the Institute on Taxation and Economic Policy, “At least 55 […]
Financial Times: Biden Faces Clash with Business over Proposed Tax Increases
April 2, 2021
Still, a report by the Institute on Taxation and Economic Policy, a think-tank, on Friday found that at least 55 large and profitable US companies paid no federal corporate income taxes in their most recent fiscal year. Biden administration officials see the tax changes as doing more than simply covering the cost of the plan. […]
Shelton Herald: Houston-based Kinder Morgan among Large Corporations that Didn’t Pay Federal Taxes in 2020
April 2, 2021
Houston-based Kinder Morgan is one of the largest infrastructure companies in North America — and they’re among the at least 55 American corporations that paid absolutely nothing in federal taxes on billions of dollars in profits in 2020. Citing a report from the Institute on Taxation and Economic Policy, Patricia Cohen reported for the New […]
Washington Post: The Daily 202: Biden Infrastructure Push Could Face SALT-y Democratic Challenge
April 2, 2021
A report by the Institute on Taxation and Economic Policy found that companies like Salesforce, Consolidated Edison, FedEx and Nike “were able to avoid paying any federal income tax for the last three years even though they reported a combined income of $77 billion. Many also received millions of dollars in tax rebates.” Read more
Complex: Nike Hasn’t Paid Any Federal Income Tax for the Last Three Years
April 2, 2021
Nike has made $4.1 billion in profits over the last three years but didn’t pay a dime in federal income tax for its earnings, according to new reports by the New York Times. The publication’s latest findings revealed that the sportswear giant was among the companies that were able to evade federal income tax payments […]
Quartz: Nike And FedEx Haven’t Paid Federal Income Tax in Three Years
April 2, 2021
Despite raking in billions in earnings, Nike, FedEx, and two dozen other public companies have paid no federal corporate income tax in the US since 2018, according to a study by the Institute on Taxation and Economic Policy, a Washington-based research organization. The behavior continues what ITEP describes as a decades-long trend of companies finding […]
Forbes: More Than 50 Major U.S. Corporations—Including Nike And FedEx—Paid No Federal Taxes Last Year
April 2, 2021
Benefitting from Trump-era tax cuts and capitalizing on loopholes in the tax code, at least 55 prominent U.S. companies paid $0 in federal corporate income taxes in 2020 on billions of dollars in profits, according to a report published Friday by the Institute on Taxation and Economic Policy. Read more
Business Insider: Nike, FedEx, and 24 Other Companies with $77 Billion of Combined Income Have Avoided Paying Taxes for Years, a New Report Found
April 2, 2021
55 of America’s biggest companies paid $0 in federal taxes last year, a new study from the Institute on Taxation and Economic Policy (ITEP) found. The 55 publicly traded companies would have paid an estimated $12 billion in federal taxes if not for corporate tax breaks in 2020, including $8.5 billion in tax avoidance and […]
The Hill: 55 Major Companies Paid Zero Federal Income Tax in 2020: Watchdog
April 2, 2021
At least 55 major profitable companies didn’t pay any federal corporate income taxes last year, according a report by the left-leaning Institute on Taxation and Economic Policy (ITEP). The group faulted the GOP tax cuts passed in 2017 as well as tax breaks enacted in the first major coronavirus relief bill passed early last year […]
Associated Press: Even with Pretax Profits, Many Big Companies Pay Zero US Tax
April 2, 2021
Just as President Joe Biden is pushing to raise taxes on companies to help pay for his infrastructure plan, a report from a Washington policy group is highlighting how many firms pay zero despite making big pretax profits. More than 50 of the largest U.S. companies paid nothing in federal income taxes last year, with […]
Fast Company: Report: 55 of America’s Biggest Companies Paid Zero Taxes during the Pandemic
April 2, 2021
The stock market boomed last year, despite a pandemic that put 45 million people out of work. But dozens of the biggest, most profitable corporations in the United States still paid $0 in federal taxes, according to a new report. The nonpartisan Institute on Taxation and Economic Policy found that 55 of the largest firms […]
New York Times: No Federal Taxes for Dozens of Big, Profitable Companies
April 2, 2021
Just as the Biden administration is pushing to raise taxes on corporations, a new study finds that at least 55 of America’s largest paid no taxes last year on billions of dollars in profits. The sweeping tax bill passed in 2017 by a Republican Congress and signed into law by President Donald J. Trump reduced […]
The New York Times: Biden Tax Plan Challenges G.O.P. Formula for Economic Growth
March 31, 2021
The Institute on Taxation and Economic Policy, which has long criticized American businesses for managing to avoid paying what they owe, conducted a study of Fortune 500 companies that were profitable and that provided enough information to calculate effective tax rates. The institute found that those companies on average paid 11.3 percent on their 2018 […]
Foreign Policy: To Build Bridges, Biden Plans to Hike Taxes
March 31, 2021
A 2019 study by the Institute on Taxation and Economic Policy found that at least 60 of the largest publicly held U.S. corporations paid no federal income taxes in 2018. The companies included household names like Amazon, Chevron, Netflix, and General Motors. Read more
US News: Biden Wants Corporate America to Pick Up the Tab On His Infrastructure Plan
March 31, 2021
Moreover, a study by the Institute on Taxation and Economic Policy of the effects of the 2017 tax cuts found that 379 companies with combined profits of nearly $766 billion paid effective corporate tax rates on average of 11.3%. Some 91 companies, including household names like Delta Airlines, FedEx, Amazon and Eli Lilly, paid no […]
Washington Post: Power Up: Unions, liberal groups urge Biden to go even bigger on tax hikes for infrastructure plan
March 31, 2021
Some tax experts, however, estimate that the benefits of restoring the deduction would go to the richest Americans: “House Democrats included a provision suspending the cap for 2020 as part of a COVID relief package last year. [The Institute on Taxation and Economic Policy] estimated that this would cost more than $90 billion in a […]
The Street: Cannabis Stocks Rise as New York Moves Closer to Legalization
March 30, 2021
New York would be the 16th state, plus the District of Columbia, to fully legalize marijuana after decades of imprisoning people who participated in the cannabis black market. About one in three Americans live in a state with legal sales of recreational cannabis, according to the Institute on Taxation and Economic Policy. Read more
Daily Wire: Zoom Profits in 2020: $660 Million. Zoom Tax Payment In 2021: $0
March 29, 2021
Zoom hauled in some $660 million in pre-tax profits in 2020, compared to $16 million in profits in 2019, according to the Institute on Taxation and Economic Policy. “Corporations that pay their executives in stock often benefit from a provision in the federal tax code that lets them write off expenses that appear far larger […]
WTTW: Proposals Could Expand Eligibility for Earned Income Tax Credit
March 29, 2021
“[Illinois] just piggybacks off of that by saying if you got the federal credit you get 18% of that for state purposes,” said Lisa Christensen Gee, the director of special initiatives at the Institute of Taxation and Economic Policy. The credit offsets state income tax liability, and if an individual has more credit than the […]
Washington Post: Fact-checking President Biden’s first news conference
March 26, 2021
Biden loves this statistic, but he usually is careful to say “federal taxes.” Simply saying “taxes” makes it wrong, because no matter what the federal tax liability, these companies certainly pay a variety of payroll, real estate and local or state taxes. In a 2019 report, the left-leaning Institute on Taxation and Economic Policy (ITEP) […]
Jackson (Miss.) Clarion-Ledger: Eliminating state income tax would hurt Mississippi working families, widen inequities
March 25, 2021
This is because individual income taxes are the only major tax in which the state’s highest-income earners pay a larger percentage of their income in taxes than the state’s lower-income earners. Not surprisingly, then, the state’s wealthiest households stand to gain the most from eliminating the tax. On average, Mississippians in the lowest 20% of […]
Indy Week: Anti-Poverty Advocates Rejoice Over New Child Tax Credit
March 24, 2021
It’s hard to overstate the significance of the expanded tax credit for low-income families. Information released by the Institute on Taxation and Economic Policy found that more than 2.6 million children in North Carolina stand to benefit from the credit, and the Center on Budget and Policy has calculated that the legislation will move 137,000 […]
Connecticut Post: State Rep. Sean Scanlon (opinion): State child tax credit would ease burden on families
March 24, 2021
The good news for families is that President Biden’s recently passed stimulus bill features a provision long championed by my Congresswoman Rosa DeLauro that not only makes the tax credit fully refundable but also expands the credit from $2,000 to $3,000 for children 6 to 17 and to $3,600 per child under the age of […]
Members of the media rely on ITEP for analysis and insight about how tax policies affect people. If you’re a reporter looking to talk to one of our experts, contact Jon Whiten at [email protected].
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