Select Media Mentions
The Fiscal Times: Would a Warren/Sanders Wealth Tax Kill the Economy?
October 3, 2019
Steve Wamhoff, director of federal tax policy at the liberal Institute on Taxation and Economic Policy, said Wednesday cited the public investments that could be financed with revenues from the wealth tax, providing the economy with a much-needed boost. “Industrialized nations with thriving economies all over the world collect far more in tax revenue and […]
Marketplace: The Stock Market Is Not the Economy
September 30, 2019
“The stock market is a market where stocks, a type of investment that represents ownership in a company are traded,” said Jessica Schieder, a federal tax policy fellow at the Institute on Taxation and Economic Policy. “The stock market is where people make bets on what’s going to happen in the economy.” Listen
CNBC: New York Judge Dismisses Blue State Suit Over SALT Tax Deductions
September 30, 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 […]
Bloomberg: Sanders, Warren Compete for Who Can Tax Billionaires the Most
September 26, 2019
“We’re seeing such a dramatic change in the debate,” Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, said. “There is a lot of agreement on the principle of wealth tax, though the average American may not differentiate between the two plans.” Sander’s plan could come with […]
Contra Costa Times: New sales tax proposal for transportation work gets Contra Costa supervisors’ blessing
September 24, 2019
According to an analysis by the Institute on Taxation and Economic Policy, low-income families spend about three quarters of their income on items that are subject to sales taxes while middle-income families spend about half and the most wealthy households just about a sixth. Mitchoff acknowledged that combined with the Measure J half-cent tax that […]
Louisville Courier Journal: Scholarship Tax Credits Are Private School Vouchers and Tax Shelters for the Wealthy
September 24, 2019
In a 2017 analysis, the Institute on Taxation and Economic Policy took a look at how “scholarship tax credit” programs impacted the budgets of the 17 states where they had been put into effect. Taken together, these states were diverting more than $1 billion per year from the public coffers toward private schools via tax […]
New Internationalist: Why is Public Money Propping up Fossil Fuels?
September 19, 2019
Meanwhile, some countries are heading in precisely the wrong direction: over the next five years, the UK’s oil industry is set to receive $6.2 billion more than it pays in taxes, thanks to generous government support. In the US, Republicans’ tax reforms in 2017 handed $25 billion to oil and gas companies, according to the […]
KOAT: How Migrant Workers Pay Taxes
September 18, 2019
The Institute on Taxation and Economic Policy reports that in 2017, such workers paid $1.1 billion in personal income taxes, which can often help strengthen an immigration case. Read more
Newark Star-Ledger: Cory Booker’s New Tax Plan Takes a Cue from … Ronald Reagan?
September 18, 2019
Booker’s capital gains tax plan is aimed at richer residents. Currently, capital gains are taxed at 23.8 percent compared to a top rate for earned income of 37 percent. And 78 percent of capital gains income goes to the richest 1 percent of taxpayers, according to the Institute on Taxation and Economic Policy, a progressive […]
MarketWatch: Here’s What 2020 Democrats Have Said about Universal Basic Income
September 13, 2019
Harris’s proposal would cost more than $270 billion in 2020, according to an estimate by the Washington, D.C.-based Institute on Taxation and Economic Policy. Read more
KTVZ: Wyden Unveils Tax Reform Proposal
September 12, 2019
Alan Essig, Executive Director, Institute on Taxation and Economic Policy: “The term ‘anti-deferral accounting’ probably means little to most Americans now, but the idea, proposed by Senator Wyden today, has the potential to transform our nation’s tax system. Working Americans pay taxes on their income every year. But for very wealthy families, a great deal […]
Detroit Free Press: Trump’s Tax Cuts Are Helping the Wealthy. Here’s How to Help Everyone Else
September 8, 2019
This stark bait-and-switch was on full display with the 2017 “Tax Cuts and Jobs” Act (TCJA). Billed as a way to help workers and create jobs, the federal tax law really helped wealthy residents and corporations get richer. In Michigan for 2019, more than half of the tax benefits of the TCJA went to the […]
OpEd News: Another Cruel–Irony The Homeless Pay for their Homelessness
September 7, 2019
A cursory look at the tax numbers blow the conservative’s tax mythmaking apart. A 2017 study by the Institute on Taxation and Economic Policy found that the poorest of the poor, that’s those with annual income under $19,000 plop in more that 10 percent of the federal tax dollars. Toss in millions more to that […]
Forbes: Corporate America’s Promise To Focus Less On Profits Will Ring Hollow If We Can’t Tax The Rich
September 6, 2019
As Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, puts it in a blog, the joint statement likely reflects more of a fear of shifting political winds rather than some benevolent, introspective change of heart. “The truth is, the new statement reads like something Dr. Frankenstein might have written when […]
The American Prospect: The Republican War on the Capital Gains Tax
September 6, 2019
Also like George W. Bush, Trump has governed like a bog-standard conservative, with only tax cuts and deregulation to show for his first few years. Only one major piece of legislation is likely to get Trump’s signature in his entire first term: the 2017 Tax Cuts and Jobs Act. The effects of those cuts were […]
Common Dreams: Corporations Getting to Zero With GOP’s Inside Help on Tax Avoidance
September 5, 2019
Given the lack of transparency in corporate reporting, it is hard to tell how Aircastle’s strategies compare to those used by other companies. The Institute on Taxation and Economic Policy (ITEP) reported in April, based on 10-Ks submitted to the SEC, that 60 of the Fortune 500 had zero or negative federal income tax payments […]
Kansas City Star: Is There a Property Tax Fix for Next Year?
September 4, 2019
“Circuit breakers help offset the unfairness of a regressive property tax by identifying the individual taxpayers for whom property taxes are most burdensome and reducing their tax to a manageable level,” says the Institute on Taxation and Economic Policy. No homeowner should lose his or her residence because of an exorbitant property tax bill. Read […]
Press Herald: Think Tank Says Maine Has Reached ‘Tax Fairness’ Milestone
September 4, 2019
The center cited a 2018 report by the Washington, D.C.-based Institute on Taxation and Economic Policy that said only five states and the District of Columbia had tax codes in which the bottom 20 percent paid a lower average effective tax rate than the top 1 percent. It said legislative changes this year in Maine […]
The Capital Times: Labor Report Chronicles Severe Decline of Unions in Wisconsin
August 31, 2019
On the gap between rich and poor, the report cites an Institute on Taxation and Economic Policy analysis that shows that the top 1% of Wisconsin earners pay and average of 7.7% of their income in state and local taxes. Nearly all other families pay more than 10 percent, which continually widens the gap. The […]
Washington Post: Why the U.S. Economy Is Worse Than It Seems
August 27, 2019
The situation looks very different at the high end of the economic scale. Over the past decade, the nation’s highest earners (the 95th percentile) saw their wages grow at almost four times the rate of those whose earnings put them in the middle of the pack (the 50th percentile). Even more remarkably, the top 1 […]
NPR: California Says Its Cannabis Revenue Has Fallen Short Of Estimates, Despite Gains
August 23, 2019
“After adjusting for population, the Golden State raised the second-least amount of revenue from cannabis taxes during the second quarter among states with legal sales, ahead of only Massachusetts,” according to the Institute on Taxation and Economic Policy. The result was a departure from the spikes seen in states such as Colorado, Washington and Oregon […]
The Hill: Conservatives Push Trump Tariff Relief over Payroll Tax Cuts
August 23, 2019
And conservatives aren’t the only critics of a potential payroll tax reduction. Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy, said there are more targeted ways to boost consumer spending among low- and middle-income people. “It is inaccurate to think of a payroll tax cut as an […]
BBC: Three Ways Trump Could Juice the Economy
August 22, 2019
The policy was last used during the Obama administration in the wake of the 2008 financial crisis when it faced huge pushback from Congressional Republicans. In 2011 and 2012, the former president lowered the payroll tax from 6.2% to 4.2%, immediately giving American workers more disposable income. The White House is nervous that something bad […]
Fortune: What Trump’s Brief Flirtation With a Payroll Tax Cut Says About the State of the Economy
August 21, 2019
“The administration based the big 2017 tax cut on the idea that it would spur economic growth,” says Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a non-partisan think tank based in Washington, D.C. “At a time when there’s little evidence that it’s doing so, they’re under pressure to find […]
Politico Morning Tax: Moderately Short
August 21, 2019
In all, the Congressional Research Service found in 2016 that the seven states collect some $563 million a year in taxes on internet access, and some experts worry that the budget math in those capitals could be more difficult next year without those revenues. “It could prove to be a very ill-timed tax cut, from […]
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