Institute on Taxation and Economic Policy

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Nevada Current: NV can have a job-creating energy agenda, unless it costs money

February 2, 2021

The bottom 20 percent of Nevadans with an income of less than $20,500 pay 10.2 percent of their daily income in taxes, including 7 percent in sales tax, according to the Institute on Taxation and Economic Policy. However, Nevadans with an income of $473,600 or higher only pay about 2 percent share of their household […]

The (Tacoma) News Tribune: Washington parents would get big tax breaks under Biden’s COVID relief plan

February 2, 2021

The Institute for Taxation and Economic Policy estimated that the second lowest 20% of Washington income earners, those making $28,800 to $53,200, would save an average $2,470. The middle 20%, who make $53,200 to $84,400, would get an average $2,190 break, and the next group of 20% would see an average $2,110 break. They earn […]

Market Place: Caught in the Unemployment Benefits Gap

February 1, 2021

This episode features commentary from Jessica Scheider on the risk of too small a stimulus. Read more: https://www.marketplace.org/shows/marketplace/people-caught-unemployment-benefits-gap/

Law 360: La. Gov. Won’t Support Gas Tax Hike This Year Due To Virus

January 29, 2021

A January report from the American Petroleum Institute said Louisiana’s total per-gallon state taxes and fees of 20.01 cents on fuel rank below the national average of 36.83 cents for gasoline and 37.85 cents for diesel. Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy, told Law360 in November that Louisiana’s […]

Bloomberg: The 2017 Tax Law Report Card: Grading the Big Promises (Podcast)

January 29, 2021

On the latest episode of our weekly podcast, Talking Tax, Bloomberg Tax reporter Lydia O’Neal spoke with Tax Foundation economist Erica York and Institute on Taxation and Economic Policy senior fellow Matt Gardner about which of the law’s stated goals came to fruition. Listen here

Business Insider: Democrats Are Setting the Stage to Propose $300 Monthly Direct Payments for Families with Children under 17

January 27, 2021

The Institute on Taxation and Economic Policy, a left-leaning think tank, released an analysis on Tuesday projecting that the poorest 20% of Americans — or those earning below $21,300 annually — would experience the largest benefit boost with an extra $4,570. The bottom 60% of Americans would receive $3,360 on average, the institute forecast. Read more

The 74: With DeVos Out, Movement for Private School Choice Shifts to State Legislatures

January 27, 2021

The scholarship policies rely on tax credits — from 50 up to 100 cents on the dollar, depending on the state — in return for contributions to assist with private school tuition. The high return rates are “incredibly unusual,” says Carl Davis, research director at the Institute on Taxation and Economic Policy. Most other credits, he […]

Raw Story: Expert Explains Why You Pay More than Corporations — and the People Who Own Them

January 26, 2021

The actual taxes paid in any given year may be less than zero as a company collects refunds on past taxes. Many big companies including Amazon have enjoyed a negative income tax in recent years. Matthew Gardner of the Institute on Taxation and Economic Policy explains more here. Read more  

Bloomberg: The Trump Tax Cuts: Promises Made, Promises Kept?

January 26, 2021

In the waning days of the Trump administration, Bloomberg Tax examined the law’s stated goals and explored which of its seven major promises came to fruition. “The most prominent claims made were often the least serious claims,” said Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy. Read more

The Nation: These Progressives Helped Keep Hope Alive in 2020—and Prepare Us for 2021

January 25, 2021

The Nation’s annual honor roll recognizes progressive activists and leaders who helped keep hope alive and set the groundwork for transformational change in 2021. Since taking over in 2019 as executive director of Citizens for Tax Justice and the Institute on Taxation and Economic Policy, Hanauer has been calling out the economic fallacies that pass […]

Newsweek: Third Stimulus Check of $1,400 Will Likely Be Passed by End of March, Analysts Say

January 25, 2021

A study released earlier in January by the Institute on Taxation and Economic Policy indicated that the bottom 60 percent of U.S. earners would see a “significant” impact to their finances with a $2,000 payment. Read more

MarketWatch: Here’s the Maximum Amount Biden’s Stimulus Checks and Tax Credits Would Deliver to America’s Poorest Families

January 20, 2021

For the bottom 60% of incomes, the new round of direct payments, plus the two expanded tax credits would average $3,520, equaling around 11% of annual income, the Institute on Taxation and Economic Policy researchers said. “We are not out of the COVID-19 situation yet and this is what we need,” according to Steve Wamhoff, […]

The Daily Northwestern: Advocates Against Income Inequality Reassess After the Fair Tax Act’s Failure

January 20, 2021

The Fair Tax Amendment would have introduced a progressive income tax to Illinois. The state currently mandates a flat income tax of 4.95 percent. Illinois ranks eighth in the country for tax inequality, according to the Institute on Taxation and Economic Policy. Throughout the state, the lowest-income 20 percent contribute over 14.4 percent of total […]

Yahoo!Money: Here’s Who Gets a Payment under Biden’s $1,400 Stimulus Check Proposal

January 16, 2021

The $2,000 stimulus checks would also mean a big increase in income for America’s poorest families. The 20% of households with the lowest incomes would see their annual income increase by 29% if Congress passed the Democrats’ $2,000 stimulus check proposal, the Institute on Taxation and Economic Policy (ITEP) found. The effect of Biden’s plan […]

WWD: Execs Flag ‘Concerns’ Over Corporate Taxes Amid Rising Inequality

January 14, 2021

“The lack of accessible child care, climate change, inequality…all these things are pretty basic existential threats for American workers, families and America as a nation,” said Gardner. “And the only way they can be meaningfully solved is through government spending and intervention, and an effective government requires an effective tax system.” Corporate income tax revenues […]

Business Insider: The poorest quintile of Americans will get a 29% income boost if $2,000 stimulus checks become a reality, a new report finds

January 12, 2021

Low-income Americans can expect to see a significant income boost if the Caring for Americans with Supplemental Help Act passes in the Senate. The House passed the CASH Act on Dec. 28, which would increase stimulus payments from $600 to $2,000, among other measures. According to a report published last week by the Institute on […]

Yahoo! Finance: $2,000 stimulus checks would be a massive boost for America’s poorest

January 12, 2021

America’s poorest families would see their incomes grow by more than quarter if the $2,000 stimulus check proposal that President-elect Joe Biden supports passes, according to a new analysis. The 20% of households with the lowest incomes would see their annual income increase by 29% if Congress passes the provision under the CASH Act, the Institute on […]

Newsweek: $2,000 Stimulus Checks Would ‘Significantly’ Help 60% With Lowest Income: Report

January 12, 2021

A $2,000 payment would give a 60 percent majority of Americans, those with annual incomes under $65,000, an average income boost of 11 percent, according to a reportreleased last week by the Institute on Taxation and Economic Policy. The bottom 20 percent, those with incomes below $21,300 per year, would see a substantial average income […]

Robesonian: Tax Debates Feature Many Myths

January 12, 2021

On the other hand, our federal tax code, even after the Bush-era and Trump-era tax changes, is rather progressive. It taxes the wealthy at much higher rates than the nonwealthy. If you combine the effects of all taxes — and you should because we all pay taxes at multiple levels and because lots of federal […]

Jacobin: Joe Manchin and Mitch McConnell’s Case Against $2,000 Checks Is Complete Garbage

January 12, 2021

In all, the bottom 60 percent of income earners — who made less than $65,000 in 2020 — “would see an average income increase of 11 percent by a $2,000 payment,” according to the report from the nonpartisan Institute on Taxation and Economic Policy (ITEP). That compares with just a 3 percent increase with only the […]

MarketWatch: Already Spent Your $600 Stimulus Check? Another May Be on the Way

January 12, 2021

If passed, the CASH Act — in combination with the latest round of $600 stimulus checks — would boost the incomes of the poorest 20% of Americans by an estimated 28.7%, according to research published by the Institute on Taxation and Economic Policy, a left-leaning think tank. These Americans had projected incomes of less than […]

The Business Times: The Wealth Tax Is Going Global

January 9, 2021

There’s no income tax in Washington state, home to some of the world’s richest people: Amazon.com founder Jeff Bezos; his ex-wife, MacKenzie Scott; and Microsoft founder Bill Gates and former CEO Steve Ballmer. That’s led to a system that is the most regressive in the US, according to the left-leaning Institute on Taxation and Economic […]

Law360: ITEP Says Incomes Of Poorest Would Rise 29% With $2K Checks

January 8, 2021

ncreasing economic payments to $2,000 from $600 as part of a coronavirus stimulus bill would have a “significant impact” on the households of lowest-income Americans, a report from the Institute on Taxation and Economic Policy has found.The study, published Wednesday, found that the poorest 60% of households — those with incomes of less than $65,000 […]

The Hill: Democrats vow to deliver $2K checks with control of Senate

January 8, 2021

But Democrats argue that the more-direct assistance to Americans is needed at a time when many are struggling to cover basic expenses. According to an analysis released Thursday by the left-leaning Institute on Taxation and Economic Policy, people in the bottom 60 percent of income would on average see their income rise by 11 percent […]

The Wall Street Journal: Biden Tax-Increase Agenda Revived as Democrats Win Senate

January 7, 2021

Now, some of Mr. Biden’s ideas are much more likely to become law, said Steve Wamhoff of the progressive Institute on Taxation and Economic Policy, who said that the president-elect’s plans are less far-reaching than some Democratic alternatives and are broadly popular with the public. “The issue was always, could Democrats get something on the […]

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].