Select Media Mentions
Detroit Metro Times: Five Top Michigan Corporations Paid $0 in Taxes
April 17, 2019
ou may have paid federal taxes, but four Fortune 500 companies in Michigan did not. In fact, they received hundreds of millions of dollars in refunds collectively. DTE Energy, Penske Automotive Group, Whirlpool, and General Motors are among 60 corporations nationally that paid $0 in federal taxes in 2018 despite billions in profits. That’s partly […]
InsideSources: How the GOP Tax Law Benefited Big Tech
April 17, 2019
Big Tech companies like Amazon, IBM and Netflix paid no federal income tax this year according to data compiled by the Institute on Taxation and Economic Policy (ITEP), and some rushed to blame Republicans’ Tax Cuts and Jobs Act (TCJA) for handing out more tax breaks to corporations instead of ordinary Americans. Read more
Texas Monthly:The Governor Wants to Replace Property Taxes With ‘Consumption’ Taxes. That’s a Terrible Idea.
April 16, 2019
The trick, of course, is that consumption taxes are regressive, and property taxes are not. Again, because there’s no state income tax, the burden of funding state government falls disproportionately on poor and middle-class folks. The poorest half of Texans pay more than 10 percent of their annual income on state and local taxes, according […]
CBS News Money Watch: Bernie Sanders: Amazon, Netflix are a “disgrace” for not paying taxes
April 16, 2019
The 60 companies that didn’t pay taxes last year, including tech giants such as Amazon and Netflix, relied on a number of legal strategies to eliminate their taxes, according to the left-leaning Institute on Taxation and Economic Policy. At the same time, the Tax Cuts and Jobs Act slashed the corporate tax rate to 21 […]
Wall Street Journal: Cuomo Paid Less Tax Under Federal Overhaul He Has Ripped
April 16, 2019
The 2017 tax law also lowered federal tax rates, narrowed the alternative minimum tax and increased the size of both the standard deduction and child tax credit. Because of these provisions, supporters of the law say many people will see their tax liability go down, even if they pay more than $10,000 in state and […]
Business Insider: Bernie Sanders says it’s a ‘disgrace’ that Amazon and Netflix pay nothing under Trump’s tax bill
April 16, 2019
A recent report from the Institute on Taxation and Economic Policy said Amazon used “tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes.” Read more
Rolling Stone: Billions in Profits, No Taxes: How the Trump Tax Code Let 26 Companies Off the Hook
April 16, 2019
We knew President Trump’s 2017 tax bill favored corporate America, but this is ridiculous. According to a new study, a group of 60 companies in the Fortune 500 booked nearly $80 billion in total profits in 2018, but each owed $0 in taxes. Worse: Many of these companies actually got rebates from Uncle Sam, totaling […]
New York Post: Want to get out of taxes? Just make $79B
April 16, 2019
While millions of Americans had to cut Uncle Sam a check this year to pay their tax bill, 60 of the Fortune 500 companies paid zero taxes on their revenue, a new report finds. In 2018, 60 of America’s biggest corporations zeroed out their federal income taxes on $79 billion in US pretax income. Instead […]
Newark Star-Ledger: Tax Day 2019 More Taxing for 400k NJ Households
April 16, 2019
Only California, New York, Texas and Florida saw a greater number of households paying more in taxes, according to the report, based on data from the Institute on Taxation and Economic Policy. Read more
CBS Radio News: Taxes, the Why and How Much
April 15, 2019
ITEP senior fellow was featured on this Tax Day podcast. To listen, visit: https://www.newsweek.com/republican-tax-cuts-trump-wage-increases-879800
New York Times: Their Tax Rate Is Zero
April 15, 2019
Amazon. Delta Air Lines. Chevron. IBM. General Motors. Molson Coors. Eli Lilly. What do these companies have in common? They paid no federal taxes last year. Thanks to President Trump’s 2017 tax law, the number of Fortune 500 companies that pay no federal taxes roughly doubled last year, to 60, according to an analysis by […]
CNN: Four Ways Trump’s Tax Cuts Changed the Economy
April 15, 2019
Congress has yet to take up spending cuts to big-ticket items like Medicare and Social Security that the White House had proposed to curb deficits. Still, mounting debt makes conversations around future expenditures more difficult. Lawmakers have choked on passing a large infrastructure package, for example, because there’s no plan to pay for it. “In […]
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
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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