Select Media Mentions
Barrons: Tighter Eligibility for Stimulus Payments Could Exclude 12 Million More Americans
March 4, 2021
Subscription required: https://www.barrons.com/articles/tighter-eligibility-for-stimulus-payments-could-exclude-12-million-more-americans-51614864561
The Progressive Farmer: Dems Tighten Relief Benefits, Firm Up Support for Virus Bill
March 4, 2021
That means some people who received the last round of $600 relief checks approved in December wouldn’t get anything this time. The liberal Institute on Taxation and Economic Policy estimated that the pared-down Senate eligibility levels means 280 million adults and children would receive stimulus checks, compared to 297 million people under the House plan. […]
Kiplinger Personal Finance: Will You Still Get a Third Stimulus Check Under the New Senate Plan?
March 4, 2021
As a result, under the new Senate plan, the third stimulus check for people with an income above a certain amount will be reduced – potentially to zero – at a faster rate than previously thought. According to the Institute on Taxation and Economic Policy, that means approximately 17 million fewer Americans (adults and children) […]
CNBC: Senate Democrats’ plan to curb eligibility for third stimulus check cuts off 12 million adults
March 4, 2021
The new income caps would mean that 11.8 million fewer adults and 4.6 million fewer kids would receive a third stimulus payment, the Institute on Taxation and Economic Policy calculates. “That being said, for most people it does not make a difference and it basically makes no difference for the bottom 60% of Americans, the […]
KKNX: WA Democrats push for capital gains tax in a year when ‘tax’ doesn’t seem like a bad word
March 1, 2021
Democrats say the system isn’t working and often point to a 2018 study by the liberal Institute on Taxation and Economic Policy (ITEP) that ranked Washington as having the most regressive tax system in the nation. The study found that the lowest 20 percent of earners in Washington spend nearly 18 percent of their income on […]
Marketplace: High-income taxpayers help some states stay above water
March 1, 2021
However, in 22 states, tax revenue actually increased, with revenue in four states — Idaho, Utah, South Dakota and Colorado — up more than 5%. Revenue fell in the remaining states, with seven down more than 10% —Texas, Oregon, Florida, Nevada, North Dakota, Hawaii and Alaska. This disparity has a lot to do with the […]
Bloomberg Tax: ‘Sham Transactions’ Trigger States to Crack Down on Tax Havens
February 26, 2021
Some lawmakers in Hawaii want worldwide reporting to become a hard requirement under H.B. 441 and S.B. 1302, which would transition the state beginning Jan. 1, 2022. The preamble of the legislation points to a 2019 report by the Institute on Taxation and Economic Policy that found offshore tax havens cost Hawaii $38 million annually. […]
WJTV: Experts discuss bill that would eliminate Mississippi’s state income tax
February 26, 2021
According to data from the Institute on Taxation and Economic Policy (ITEP), the proposal to increase the state’s sales tax rate to 9.5 percent would give Mississippians the highest sales tax in the country. Meg Wiehe, deputy executive director of ITEP, was among those who analyzed the data. “By increasing the rate to 9.5 percent […]
CNET: New child tax credit could bring more money than the stimulus check. What to know
February 26, 2021
For the bottom 20% of families in terms of income, the proposed expansion of the CTC would increase income by an average of 9.7% — even higher if you only consider tax filers with children, according to the Institute on Taxation and Economic Policy. The proposal would also lift 4.1 million children above the poverty […]
Politifact: Facebook post misleads about tax bill breakdown
February 24, 2021
Experts say analyzing this claim isn’t easy because the post lacks necessary details. Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, said the post is missing critical information needed to make an accurate comparison — including whether federal and state taxes are being considered. Beyond that, he pointed out the post […]
Market Watch: Billionaire philanthropy is a ‘PR scam,’ says CEO who raised his workers’ minimum pay to $70,000
February 23, 2021
Billionaires pay the lowest tax rate of any income group nationally, Price added. In Washington state, the richest pay 3% of their income on taxes, while the poor pay 18%, he said. (That’s according to a report by the Institute on Taxation and Economic Policy, a left-leaning think tank.) Read more
BGR: Families are going to love this stimulus check news
February 22, 2021
This is what was found by an analysis from a left-leaning nonpartisan think tank called the Institute on Taxation and Economic Policy which looked at both the Biden plan as well as related proposals from the House Ways and Means Committee: Rather than simply providing the poorest Americans with $1,400 stimulus checks, Biden’s coronavirus-related stimulus proposal would actually give […]
Heavy.com: Third Stimulus: Poorest Americans Could See 33% Income Boost
February 21, 2021
The relief bill, proposed last month, allocates $1,400 direct checks to eligible individuals and expands the the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC), CBS News reported. With those three measures, the poorest 20% of Americans could see a 33% boost in their pre-tax incomes, CBS said, citing the Institute on Taxation and […]
Bond Buyer: Direct Aid to Local Governments Is on the Way
February 16, 2021
Nationally the expansion of the EITC for workers without children would be the largest since 2009. “The Institute on Taxation and Economic Policy estimates that such expansions along with direct assistance would provide an average income boost of 33% for the poorest 20% of households,” said Rep. Richard Neal, D-Mass., chairman of the Ways and […]
CBS News: Stimulus bill would boost incomes of poorest Americans by nearly $4,000
February 16, 2021
nder the plan advancing in the House Ways and Means Committee, the next stimulus bill would send $1,400 to eligible people, as well as expand the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC). Altogether, the three programs would provide a 33% boost to the pre-tax incomes of the poorest 20% of Americans […]
NEXSTAR Media Wire: Biden stimulus plan would boost incomes for poorest, analysis shows
February 16, 2021
President Joe Biden’s $1.9 trillion American Rescue Plan would benefit millions of Americans, but it would have an outsized impact for the people who make up the poorest fifth of the population, according to an analysis by the Institute on Taxation and Economic Policy (ITEP). The nonpartisan, nonprofit think tank that studies tax policy analyzed […]
The New York Times: California: Liberal Model or Cautionary Tale?
February 16, 2021
Below is an excerpt of an LTE by ITEP Research Director Carl Davis: Of course, the very richest people in California pay more tax than they would if they lived in Texas or Washington. But these top earners can afford to live wherever they want. The best available research concludes that top earners rarely […]
Nasdaq.com: World Reimagined Podcast
February 16, 2021
An analysis by the Institute on Taxation and Economic Policy (ITEP) showed that U.S. President Joe Biden’s $1.9 trillion American Rescue Plan would benefit millions of Americans and would have an outsized impact for the people who make up the poorest fifth of the population. Read more
Fox Business: Biden’s $1.9T stimulus would give almost $3,600 to poorest Americans, analysis finds
February 15, 2021
The Institute on Taxation and Economic Policy (ITEP), a left-leaning nonpartisan think tank, analyzed the cash payment and tax proposals from the House Ways and Means Committee as part of Biden’s stimulus proposal last week. For the poorest 20% of Americans making less than $21,300, the ITEP analysis found they would, on average, pocket $3,590 […]
Thestranger.com: The Choice Is Clear for Washington Democrats: Pass Progressive Taxes or Perpetuate a Racist Tax Code
February 15, 2021
In their analysis of a new report from the Institute on Taxation and Economic Policy, the Budget and Policy Center showed that the effective state and local tax rate for Black, Hispanic, Indigenous, and Pacific Islanders is between half a point and one point higher than it is for white people. “While these differences may […]
Progressive.org: A Chance for New Beginnings
February 15, 2021
Besides doing essential work, undocumented workers contribute $11.7 billion a year in state and local taxes, according to a 2017 estimate by the Institute on Taxation and Economic Policy. Read more
CNBC: A new child tax credit expansion could provide monthly income. Some question whether the help is too much or too little
February 14, 2021
The credit would phase out for those making above those levels, where it would be reduced and then plateau at $2,000 per child. It would be capped for individuals with $200,000 in income and couples with $400,000, the same thresholds in place for the credit today. “The idea is the current $2,000 that people get […]
Washington Post: Drug Companies Seek Billion-dollar Tax Deductions from Opioid Settlement
February 12, 2021
“A settlement has not been reached, and, therefore, we applied significant judgment in estimating the ultimate amount of the opioid litigation settlement that would be deductible,” the company said. Matthew Gardner, a senior fellow at the nonprofit Institute on Taxation and Economic Policy, said these disclaimers suggest the companies are making conservative estimates. “That’s one […]
New York Amsterdam News: To dismantle white supremacy we must tax the rich
February 11, 2021
To further compound racial inequality, other parts of our tax code essentially function as giveaways to the wealthiest white households. Take the tax deduction for income earned from pass-through businesses. Over half of the savings from this deduction alone accrues exclusively to the top 1% of households, who are mostly white. Similarly, the Institute on […]
Yahoo! Lifestyle: This Chart Explains What Your Family Will Get From The Stimulus Package
February 10, 2021
The economic repercussions of the pandemic have devastated many families: from teachers who have no choice but to return to the classroom toretail workers who find themselves out of work due to closed storefronts, most families are feeling the pinch. President Biden’s $1.9 trillion stimulus package, called the American Rescue Plan, has been somewhat of […]
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