Select Media Mentions
Fox Business: Biden to Unveil Tax Proposal Targeting Corporations, Wealthy
December 4, 2019
Under Biden’s plan, companies like Amazon, Netflix, General Motors, JetBlue and IBM, which reported net income of more than $100 million in the U.S. but paid zero or negative federal income taxes, would be hit with a 10 percent minimum levy on book income. The minimum tax, which Biden’s campaign expects to impact 300 companies, […]
The News Tribune: How Did Tacoma Do Under Trump Tax Cuts? You Can Calculate it for Yourself
November 26, 2019
President Donald Trump has said it’s time to consider another tax cut — as evidence mounts that wealthier taxpayers in the Tacoma area and around the nation benefited a lot more than others from his first one. … Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, pointed out that the […]
CNBC: Blue States File Appeal in Legal Battle Over SALT Tax Deductions
November 26, 2019
Whether the final rule will ultimately deter people from donating to these funds remains to be seen. “If you’re really passionate about private school vouchers in Georgia, you donate and you still get 100% of your donation back,” Carl Davis, research director at the Institute on Taxation and Economic Policy, told CNBC earlier. “You just […]
The Oracle: Big Corporate Tax Loopholes Strain Florida Budget
November 25, 2019
A 2019 report from the Institute on Taxation and Economic Policy, for instance, examined data from the IRS and Congressional Budget Office, estimating that Florida loses $1.1 billion annually from state corporate tax loopholes. $1.1 billion might seem small compared to the state’s $90 billion budget, but even small funding changes can have big impacts. The […]
Vanity Fair: “My Reserve Of F–Ks To Give Is Really Depleted”: How Teflon Tim Cook Gets Away With Enabling Donald Trump
November 25, 2019
Cook runs the biggest company on earth, with a current market cap of $1.16 trillion, and yet, according to the Institute on Taxation and Economic Policy, a nonprofit, nonpartisan tax-policy think tank, Apple has been playing America for billions in taxes for years. Read more
Business Insider: From Amazon To GM, Here Are all the Major Tech and Transportation Companies who Avoided Federal Income Tax Expenses Last Year
November 24, 2019
The Institute on Taxation and Economic Policy, a nonprofit think tank, analyzed SEC filings of Fortune 500 companies and identified 60 major corporations that didn’t report any federal income tax expenses in 2018. Of those, 11 do business in the tech or transportation industries. Read more
The New York Times: How FedEx Cut Its Tax Bill to $0
November 17, 2019
“Something like $1.5 billion in future taxes that they had promised to pay, just vanished,” said Matthew Gardner, an analyst at the liberal Institute on Taxation and Economic Policy in Washington. “The obvious question is whether you can draw any line, any connection between the tax breaks they’re getting, ostensibly designed to encourage capital expenditures, and what […]
Orlando Sentinel: As Florida Cuts Corporate Taxes, Your Tax Burden Rises … and Schools, Mental Health, Roads Suffer
November 15, 2019
Families that make less than $50,000 a year pay between 8.1% and 12.7% of their income in local and state taxes, according to the Institute on Taxation and Economic Policy, while families that make $200,000 or more pay between 2.3% and 4.5%. Read more
PolitiFact: Viral Post Says Democrats Spent $40 Million on Impeachment. That’s False
November 15, 2019
Tax policy experts told us they aren’t sure how much the impeachment inquiry has cost since Speaker Nancy Pelosi announced it Sept. 24. “I can’t think of anyone who’s tried to calculate this cost,” said Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, in an email. Read more
USA Today: Trump Is Floating Another Tax Cut. But the Last Thing We Need Is More Breaks for the Rich.
November 14, 2019
Why is it so important that the rich pay more? Those at the top benefit much more from all the public investments we finance with our tax dollars. President Donald Trump has again hinted that another tax cut may be on the way. It does not appear he has any actual plan to provide one, which is […]
Orlando Sentinel: In Florida, 99% of Companies Pay No Corporate Income Tax — with Lawmakers’ Blessing
November 13, 2019
A leaky corporate income tax ultimately shifts more of the cost of Florida government from corporations onto others, including low- and middle-income families, said Matt Gardner, a senior fellow at ITEP. “Every million dollars you’re not collecting that way is a million dollars that local governments are trying to collect through speed traps or dog-catcher […]
Washington Post: Pete Buttigieg Proposes Free College for Americans Earning Under $100,000 in his New Economic Plan
November 8, 2019
Democratic candidate Julián Castro, the former secretary of housing and urban development in the Obama administration, has also proposed expanding the EITC. Castro would go further and also make the child tax credit fully refundable, another benefit to lower-income families that Buttigieg did not include in his plan. Sens. Kamala D. Harris (D-Calif.) and Cory […]
The Washington Post: Pete Buttigieg Proposes Free College for Americans Earning Under $100,000 in His New Economic Plan
November 8, 2019
Democratic candidate Julián Castro, the former secretary for housing and urban development in the Obama administration, has also proposed expanding the EITC. Castro would go even further and also make the child tax credit fully refundable, another benefit to lower-income families that Buttigieg did not include in his plan. Sens. Kamala D. Harris (D-Calif.) and […]
Capitol and Main: Trump Boasts of Economic Growth as Inequality Deepens
November 7, 2019
A second term for Trump would likely mean a doubling down on his inequality exacerbating tax and regulatory agenda. “There will be more tax cuts and further inequality,” said Steven Wamhoff, the director of Federal Tax Policy at the Institute on Taxation and Economic Policy. Republicans have already proposed legislation to make Trump’s 2017 tax […]
Fast Company: While Trump Boasts of Economic Growth, Inequality Deepens
November 7, 2019
“There will be more tax cuts and further inequality,” said Steven Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy. Republicans have already proposed legislation to make Trump’s 2017 tax cuts permanent, because many provisions will otherwise expire at the end of 2025. While the bill would protect cuts […]
The News-Tribune: We in Washington Pay Highest Estate Tax in the Nation. There’s a Reason, Officials Say
November 1, 2019
“Low income and middle income (earners) pay much higher proportions of their incomes than the wealthy, mostly because we don’t have the income and the capital gains tax, and we’re really dependent on the sales tax and the (business and occupation) tax,” said state Sen. Christine Rolfes, the Bainbridge Island Democrat who is chairwoman of […]
Albuquerque Journal: Tax Reforms Restore Fairness and Set Up Reliable Revenue
November 1, 2019
Recent analysis by the non-partisan Institute on Taxation and Economic Policy confirms what we expected from income tax changes signed into law this year by Gov. Michelle Lujan Grisham – that we have taken a large step toward improving the fairness of our tax system and helping our working families in New Mexico. Read more
Bloomberg: Treasury Plans to Weaken Rules Meant to Stop Corporate Tax Avoidance
November 1, 2019
The Treasury Department should tread cautiously in weakening these rules now while Democratic lawmakers are eager to repeal large portions of the 2017 tax overhaul, said Matt Gardner, a senior fellow at the left-leaning Institute on Taxation and Economic Policy. If the next Congress makes changes to the overhaul, these rules might be an important […]
WXIA 11Alive: How Much Do Undocumented Immigrants Contribute in Taxes?
November 1, 2019
Let’s take the state of Georgia as an example. Per ITEP, in 2017, undocumented immigrants contributed more than $351 million in local and state taxes – just in Georgia. According to ITEP, undocumented immigrants pay an estimated $11.7 billion in state and local taxes per year. Watch/Read more
The Hill: Left-leaning Group: Taxes on Financial Trades Could Reduce Inequality
October 28, 2019
In its report, the Institute on Taxation and Economic Policy (ITEP) argued it’s possible that the higher costs of financial trades produced by an FTT would be fully borne by investors, and that a portion of the higher costs are borne by the owners and employees of financial institutions. Under either of those options, an FTT would […]
The Sacramento Bee: California Democrat Wants to Make PG&E Pay a Penalty if it Gives Executive Bonuses
October 28, 2019
Harder’s bill would revive a tax called the alternative minimum tax for utilities that offer executive bonuses but have failed to invest in climate-resilient infrastructure. The bill is written to specifically target PG&E, which has not paid federal income taxes in the past decade due to tax loopholes on depreciation, according to the Institute on Taxation […]
Las Cruces Sun News: Income Tax Changes Benefit Most Families in New Mexico
October 27, 2019
Recent analysis by the non-partisan Institute on Taxation and Economic Policy confirms what we expected from income tax changes signed into law this year by Gov. Michelle Lujan Grisham — that we have taken a large step toward improving the fairness of our tax system and helping working families in New Mexico. Read more
ProPublica: How a Tax Break to Help the Poor Went to NBA Owner Dan Gilbert
October 24, 2019
The upside for an investor such as Gilbert “could be huge,” said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a liberal-leaning think tank. “This seems to be a situation where someone is going to get tax breaks for something they were going to do anyway.” Read more
Wall Street Journal: Rising California Gasoline Prices Highlight Growing Divide in U.S.
October 23, 2019
A dozen states raised gas taxes earlier this year, including Illinois, Ohio, California, Maryland and Michigan, according to the Institute on Taxation and Economic Policy, a state and federal tax-policy think tank. Read more
The Hill: Senate Rejects Dem Measure to Overturn IRS Rules on SALT Deduction Cap
October 23, 2019
Lawmakers will have a major opportunity to revisit the GOP tax law at the end of 2025, when the SALT deduction cap and the law’s other tax changes to the individual code expire. But a future Democratic president and Congress may want to reexamine the cap and the tax law as a whole sooner than […]
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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