Select Media Mentions
New York Times: Face It, You Probably Got a Tax Cut
April 15, 2019
Other analyses reached similar conclusions. The Joint Committee on Taxation — Congress’s nonpartisan team of tax analysts — found that every income group would see a tax cut on average. So did the Institute on Taxation and Economic Policy, a left-leaning think tank that was sharply critical of the law. In fact, that group went […]
WBUR On Point: When The IRS Is Gutted, It’s Low-Income Americans Who Are Hit Hardest
April 15, 2019
“At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP […]
Bloomberg: Big Tech’s Big Tax Ruse: Industry Splurges on Buybacks
April 15, 2019
Spending on research and development climbed slightly. Capital expenditures rose because Alphabet Inc. and Facebook Inc. almost doubled spending in that category. Apple Inc. and its partners have yet to bring manufacturing back to the U.S., as President Donald Trump had hoped. And there was no surge in tech hiring, according to data compiled by […]
Money: Happy Tax Day: Here Are 60 Giant Corporations That Paid Less in Taxes Than You Did
April 15, 2019
Tax Day 2019 is here! Monday, April 15, is when taxes are due, so you are probably keenly aware of how much you pay in taxes right now. It may come as a shock to also learn that some of America’s biggest corporations pay less in taxes than you do — in fact, they are […]
Yahoo! Finance: 9 Popular Companies that Paid $0 in Taxes for 2018
April 15, 2019
A new report reveals that some American companies didn’t just pay no taxes last year — they paid negative taxes. The report by D.C.-based think tank Institute on Taxation and Economic Policy (ITEP) looked at how Fortune 500 companies have been affected by U.S. President Donald Trump’s 2017 Tax Cuts and Jobs Act (TCJA) and found that 60 of America’s biggest […]
San Jose Mercury News: Which Bay Area Companies Didn’t Pay Federal Income Tax in 2018?
April 15, 2019
Corporations — they’re just like us. They, too, have to file income taxes every year. But unlike most of us, they have teams of accountants who can minimize their tax burden as much as possible. Three of the Bay Area’s Fortune 500 companies — Chevron, Netflix and Salesforce — paid no federal taxes in 2018, […]
Salt Lake Tribune: It’s Tax Day. If you’ve procrastinated, there are some things you should know
April 15, 2019
A recent report by the Institute on Taxation and Economic Policy says low- and middle-income Utahns pay an overall effective tax rate that is higher than the rate paid by upper-income residents for state and local taxes. For example, the top 1 percent of Utah income earners pay 6.7 percent of their income to state […]
Minnesota Public Radio: Are Minnesotans Happy with President Trump’s Tax Cuts?
April 15, 2019
Carl Davis, ITEP’s research director, participated in this half-hour segment on how the public feels about the 2017 Trump-GOP tax cuts. Listen here or get more info here: https://www.mprnews.org/listen?name=/minnesota/podcasts/kerri-miller/2019/04/15tax_day_20190415_64.mp3
Hill Reporter: Corporations Getting Hundreds Of Millions In Tax Rebates, Thanks Mainly To Trump
April 14, 2019
At least 60 companies reportedly owed nothing on their federal taxes for the year 2018, according to research compiled by the Institute on Taxation and Economic Policy. That number is twice as much as the previous year’s findings. The report found that the companies identified by ITEP were collectively “able to zero out their federal […]
Connecticut Post: Pot Tax Rate Key to Driving Down Illegal Market in Conn.
April 14, 2019
But potency-based taxation requires good laboratories and technology to accurately test THC levels, said Uetake who teaches marketing at Yale’s School of Management. “Reliability and replicability of testing remain problematic,” wrote Carl Davis, Misha E. Hill and Richard Phillips of the Institute on Taxation and Economic Policy in a 2019 policy paper. “Cannabis testing laboratories […]
The Intercept: Don’t Fall for the Right’s Favorite Lie About Taxes
April 13, 2019
So what does the overall U.S. tax system look like when you take all of this into account? The Institute on Taxation and Economic Policy, or ITEP, a progressive Washington, D.C. think tank, is the only organization that studies this in detail. Each year, they publish a report called “Who Pays Taxes in America?” This […]
CBS News: 60 of America’s Biggest Companies Paid no Federal Income Tax in 2018
April 12, 2019
Big companies have long relied on strategies to reduce their tax bills. But the new tax law is making it even easier, with a new analysis finding that 60 profitable Fortune 500 companies paid no taxes on a total of $79 billion of profits earned in 2018. The companies, which include tech giants such as […]
New York Times: Let Undocumented Immigrants Drive
April 12, 2019
There are an estimated 725,000 undocumented immigrants in New York State, making up more than 5 percent of the labor force in 2016, according to the Pew Research Center. They pay $1.1 billion in state and local taxes each year, the Institute on Taxation and Economic Policy estimates. Read more
Virginia Business Magazine: Dominion, PFG, Gannett paid no federal income taxes in 2018
April 12, 2019
Some of Virginia’s biggest companies did not pay any federal income tax this year, according to a new report from a nonpartisan think tank. Dominion Energy, Performance Food Group and Gannett paid no federal income tax for 2018 U.S. income, a report from the Institute on Taxation and Economic Policy (ITEP) shows. The companies did […]
Sacramento Observer: California Must Champion the Working Class
April 12, 2019
Aside from major expenses, such as the skyrocketing cost of housing, exacerbating the problem is California’s high regressive taxes, such as those on sales and gasoline. Lower-income workers pay a disproportionately higher amount of their income on regressive taxes – hurting their ability to support themselves in expensive areas across the state. According to the […]
Think Progress: Trump Tax ‘Cut’ Actually Increased Taxes for 10 Million American Families, Report Finds
April 12, 2019
The Center for American Progress released its calculations on Friday, based on data from the non-partisan Institute on Taxation and Economic Policy. It found that 10,260,263 American families saw a tax hike last year, thanks to the president’s 2017 Tax Cut and Jobs Act. (ThinkProgress in an editorially independent news site housed at the Center […]
Paste Magazine: Meet the 60 Giant Corporations Who Didn’t Pay a Dime in Federal Taxes Under Trump’s Plan
April 12, 2019
As someone who just came face-to-face with his 2018 tax bill this very morning, and whose hands have stopped shaking just enough to accurately pound the keys on this keyboard, the information I’m about to convey is somewhere between “vexing” and “wildly infuriating,” and is only somewhat mitigated by the fact that the injustice is […]
Yahoo! Finance: Not Just Amazon: 60 Big Companies Paid $0 in Taxes under Trump Law
April 12, 2019
Big businesses are faring better than ever under the Trump era tax law, the Tax Cuts and Jobs Act (TCJA). According to analysis from the Institute on Taxation and Economic Policy (ITEP), 60 Fortune 500 companies avoided paying all federal income tax in 2018 (with their total average effective tax rate being roughly -5%). That’s more than three […]
Washington Post: Elizabeth Warren Wants to Make It Simpler to File Taxes
April 12, 2019
Under current law, corporations can report large sums of annual profit to Wall Street and investors, while still using loopholes to pay no taxes to the feds. According to a study released Thursday by the Institute on Taxation and Economic Policy, at least 60 Fortune 500 companies paid nothing to the federal government in taxes […]
Alternet: Twice as Many Companies to Pay Zero Taxes for 2018 Due to Trump’s Tax Gift to the Rich and Powerful
April 12, 2019
You may owe taxes on your salary over the last year, but many Fortune 500 companies won’t pay squat on billions in profits, according to an analysis by the Institute on Taxation and Economic Policy. The 2018 tax rate for at least 60 profitable Fortune 500 companies will be virtually nothing or even less—which is about […]
The Fiscal Times: More Big Companies Paying Zero Taxes
April 12, 2019
Sen. Warren’s corporate tax proposal came the same day as a new report from the Institute on Taxation and Economic Policy that says at least 60 large U.S. companies paid no taxes in 2018 – twice the number the group found in 2017, before the GOP tax cuts went into effect. Those 60 companies had […]
Investor’s Business Daily: Amazon And Walmart Have A Titans’ Spat Over Minimum Wage, Taxes
April 12, 2019
The story cited a report from the Institute on Taxation and Economic Policy that Amazon will pay nothing in federal income taxes for the second year in a row. Read more
TPM: Warren Unveils Plan for $1 Trillion in Taxes on Corporations
April 12, 2019
Warren’s plan is aimed at large corporations — ones that have generally paid lower tax rates than smaller companies in recent years. The GOP tax cut law nearly doubled the number of publicly held companies that paid no federal taxes from 30 to 60 in the last year alone, according to a recent study from […]
The Intercept: Elizabeth Warren Has a Novel Idea
April 12, 2019
Under President Donald Trump’s tax overhaul, the Tax Cuts and Jobs Act, the corporate tax rate dropped from 35 percent to 21 percent, making it easier for companies to avoid paying taxes. This year, twice as many companies are paying zero taxes on their billions of profit, NBC News reported. At least 60 companies reported […]
Huffington Post: 60 Top Corporations Paid $0 Federal Taxes Under Trump Tax Law
April 12, 2019
President Donald Trump’s new tax law aided corporations so radically that twice as many companies paid no federal taxes whatsoever in 2018, despite billions of dollars in profit, according to a new study. Amazon, Netflix, Chevron, Eli Lilly, Delta Airlines, General Motors, IBM and Goodyear were among the tax-free corporate titans, according to an analysis by […]
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