Select Media Mentions
Chicago Sun-Times: A New Push to Expand the State’s Earned Income Credit Could Include Immigrants
March 21, 2021
Economic Security for Illinois, working with the Institute in Taxation and Economic Policy, estimates that as many as 500,000 households would benefit from the expansion, including 110,000 immigrant households. Read more
The Hill: A Straightforward Way to Pay for Biden’s Recovery Plan (Opinion)
March 18, 2021
Now that President Biden and Congress have enacted a $1.9 trillion COVID-19 relief measure, the president will soon provide details for the second item on his agenda, a major recovery plan. The package could include some of the tax increases on which he campaigned to pay for new spending.
Marijuana Moment: Cannabis Banking Bill Comes Back to Congress
March 18, 2021
An Institute on Taxation and Economic Policy analysis concluded that “cannabis taxes are a small part of state and local budgets, clocking in at less than 2 percent of tax revenue in the states with legal adult-use sales” but are also “one of states’ fastest-growing revenue sources.” Read more
The Hill: Ohio AG Sues Biden Administration Over Pandemic Bill
March 17, 2021
Carl Davis, the research director for the left-leaning Institute on Taxation and Economic Policy, said that the rhetoric from the conservative attorneys general has been overblown. “There’s a lot of potential very positive uses for this money that states and localities could find in this moment,” Davis told The Hill. “It’s not intended to be […]
Newsweek: This Last-Minute Provision Blocks GOP Govs from Using Stimulus Money to Subsidize Tax Cuts
March 17, 2021
“Basically any tax cut done at the state level has doubled in cost,” said Carl Davis, research director at the Institute on Taxation and Economic Policy. For example, if a state enacts a $50 million tax cut, it will lose $50 million in the revenue it won’t collect and another $50 million in federal aid. […]
CNN: Historic Benefits in Stimulus Bill May Answer a Big Question for Democrats
March 16, 2021
In figures provided exclusively to CNN, the Institute on Taxation and Economic Policy, which generally advocates for a more progressive tax code, similarly calculated that households headed by Whites will make up 67% of those receiving the bill’s direct cash payments, 64% of those benefiting from its expanded child tax credit and 62% benefiting from […]
Law360: 3 Questions State Tax Pros Have About The Pandemic Relief Law
March 16, 2021
Policymakers and state tax specialists noticed almost immediately that if states want to take full advantage of the $350 billion cash infusion the ARPA gives state and local governments, it appears they are going to have to give up some autonomy. While those who spoke to Law360 said only explicit guidance from the U.S. Treasury, […]
GeekWire: Capital Gains Tax in Washington State: Is it about Fairness and Funding, or Will it Drive Away Startups?
March 16, 2021
Dylan Grundman O’Neill, a senior state tax policy analyst with the Institute on Taxation and Economic Policy, said that research shows that in Washington, more so than in any other state, “the higher your income, the lower your tax rate.” “The top 1% pay an effective rate of only about 3%,” O’Neill said. “While middle-income […]
Fortune: Biden Plots Tax Hikes on Corporations and High-earners to Fund Ambitious Infrastructure Plan
March 16, 2021
Should the President get the rest of the Democratic caucus on board with his vision of a massive infrastructure bill funded by higher taxes on corporations and wealthy individuals, Biden could have yet another legislative victory on his hands—one even bigger and more significant than his coronavirus stimulus bill, with further-reaching economic consequences that could […]
Business Insider: H&R Block Customers Will Get 3rd Stimulus Check, No Delay
March 16, 2021
H&R Block also gives taxpayers the option to receive their refund on a debit card called the Emerald Card. Anyone who qualifies for the third stimulus check and had their most recent refund sent to an Emerald Card will get their money deposited directly onto the card. The nonpartisan Institute on Taxation and Economic Policy estimated […]
Yahoo News: ‘Helping the Country Prosper’: Undocumented Immigrants Pay Billions in US Taxes Each Year — and Have Been for Decades
March 16, 2021
A report from the office shows that 50% to 75% of undocumented immigrants pay billions in taxes each year — and have been since the Internal Revenue Service created a program 25 years ago allowing people without a Social Security number to file taxes. When it comes to state and local taxes, undocumented immigrants pay […]
The Columbus Dispatch: Undocumented Immigrants Pay Billions in Taxes Each Year — and Have Been for 25 Years
March 15, 2021
When it comes to state and local taxes, undocumented immigrants pay more than $11 billion a year, according to a 2017 report from the Institute on Taxation and Economic Policy, a nonpartisan nonprofit based in Washington, D.C. In Ohio, they paid $83.2 million in state and local taxes in 2017, according to the institute. Read more
Bloomberg: Biden’s Rescue Hasn’t Stopped States’ Tax-the-Rich Rally Call
March 15, 2021
“No amount of federal aid can change the fact that nearly all state tax codes worsen the economic and racial inequalities that this pandemic has laid bare,” said Dylan Grundman O’Neill, senior state policy analyst at the left-leaning Institute on Taxation and Economic Policy. Read more
CNBC: Expecting a $1,400 Stimulus Check by Mail? Here’s What to Watch for
March 15, 2021
Instead, the checks will be signed by a career official at the Bureau of Fiscal Service, which is working with the IRS to deliver the money. This has been the precedent prior to the previous presidential administration, according to a Treasury official. “It’s really unusual to have an individual president’s name on a check,” said […]
MinnPost: Is Minnesota’s Tax System Unfair?
March 15, 2021
The Institute on Taxation and Economic Policy’s regular assessment of state taxes concludes that just five states and the District of Columbia have positive scores on progressivity: California, Delaware, New Jersey, Vermont and Minnesota. The progressive systems rely less on consumption taxes and more on income taxes, with rates that increase with wealth. They also […]
Washington Post: Joe Biden’s COVID-19 Relief Bill Is an Extraordinary Achievement (Opinion)
March 14, 2021
The American Rescue Plan assumes that almost everyone can use a helping hand. According to the Institute on Taxation and Economic Policy, roughly 85 percent of adults and children will receive a stimulus payment — meaning, as Biden said in his Thursday night speech, that “a typical family of four earning about $110,000 will get […]
Independent Record: GOP Lawmaker Doubles Tax Cut Rate in Montana Senate Bill
March 12, 2021
Under the un-amended bill, a person earning from $40,000-$63,000 would see a reduction of about $14, according to an analysis of the proposal by the Institute on Taxation and Economic Policy. The House Taxation Committee delayed action on another bill that also aims to lower the state’s top income tax rate after hitting snags in […]
Fortune: The COVID Relief Bill Doesn’t Raise Taxes on Gig Workers
March 12, 2021
The new tax revenue is money that should’ve been collected all along, but many workers didn’t have the documentation that serves as a reminder and guide to reporting the incomes they make on these platforms. “You are paying what you owe,” said Steve Wamhoff, director of federal tax policy at think tank the Institute on […]
CNBC: New $1,400 Stimulus Checks Are on the Way. Here’s Who Qualifies for the Money
March 12, 2021
“If you got a full payment last time, you will get the full payment this time,” provided your income has not substantially changed, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy. The $1,400 checks will generally be based on either 2020 or 2019 tax returns, depending on […]
Associated Press: COVID Relief Bill Could Permanently Alter Social Safety Net
March 12, 2021
“The question will be, do they want child poverty to go back up again" by letting that credit expire, said Steve Wamhoff, director of federal tax policy for the liberal Institute on Taxation and Economic Policy.
Forbes: The Historic Child Tax Credit Expansion Could Provide Monthly Payments To Millions Of Households. Here’s How it Would Work
March 11, 2021
The amount of the credit is being increased, but that’s not the whole story. For the first time in history, families will qualify to receive the child tax credit as a monthly stipend. These monthly payments will provide up to $300 per child starting this July through the end of the year (the remaining credit […]
Epoch Times: Biden Administration Eyes Raising Corporate Tax Rate to Pay for Stimulus
March 11, 2021
The tax cuts of 2017, which was signed into law by President Donald Trump, reduced the corporate income tax rate to 21 percent from 35 percent beginning in 2018. It also reduced the tax rates for pass-through businesses and individuals. Progressives criticized the cuts, calling it a giveaway to the rich and corporations. The Institute […]
The Balance: $1.9 Trillion Rescue Bill Hinged On Just 9 Votes
March 11, 2021
The relief package will send stimulus checks of up to $1,400 per taxpayer and $1,400 per dependent, benefiting an estimated 280 million adults and children, according to estimates from the Institute on Taxation and Economic Policy, a nonpartisan nonprofit. Together with the ramped-up rollout of COVID-19 vaccines, the relief package is set to provide the […]
Jacobin: The New COVID-19 Relief Bill Is Good, But Not Good Enough
March 11, 2021
As a spending bill, the ARP’s impact cannot be overstated. It is the mirror opposite of the Trump tax cuts, targeting most of its benefits to the bottom end of the income ladder, rather than the top. It will send stimulus checks up to $1,400 to an estimated 280 million Americans, continue additional $300 weekly […]
The Center Square: Biden Signs $1.9 Trillion Stimulus Bill into Law
March 11, 2021
The $1,400 stimulus checks included in the legislation are expected to reach an estimated 85% of Americans and cost $410 billion, according to the Institute on Taxation and Economic Policy. Read more
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