Select Media Mentions
ORT: 2017 Tax Reform Helps Corporations The Most. Who Knew?
February 13, 2019
The Tax Reform bill of 2017 was supposed to close loopholes which had allowed corporations to avoid paying taxes, but a study by Matt Gardner, Senior Fellow at the Institute on Taxation and Economic Policy (ITEP), of Netflix has shown that it reduced corporate taxes without closing the loopholes. He talks to Jan Miyasaki about the issues and how the trend to shift tax burden to the poor continues.
Cheddar: Netflix’s Tax Hack
February 11, 2019
Following is link to a video featuring Matt Gardner, ITEP senior fellow, discussing Netflix’s zero-tax bill.
NJTV: Lawmakers Introduce Bipartisan Bill to Fully Restore SALT Deduction
February 11, 2019
But analysts with the nonpartisan Institute on Taxation and Economic Policy say it’s inaccurate to isolate the SALT deduction. In reality, the average taxpayer in New Jersey will pay less. On balance, New Jersey will pay $8.1 billion less in federal taxes due to the GOP reform. Their figures show 82 percent of taxpayers will […]
Forbes: Why Some of the Rich Want to Pay More in Taxes
February 11, 2019
Those with the very highest incomes have benefited disproportionately from tax cuts, and that lost revenue is driving the federal deficit ever higher. The Institute on Taxation and Economic Policy estimates that since 2001, “significant federal tax changes have reduced revenue by $5.1 trillion, with nearly two-thirds of that flowing to the richest fifth of […]
Morning Tax: The Latest in Wealth Taxes
February 11, 2019
The Institute on Taxation and Economic Policy noted recently that Netflix logged record profits in the U.S. in 2018, some $845 million, and ended up not owing any federal taxes. (Not only that: The video streamer got a $22 million rebate.) Over at The Guardian, Gene Marks uses an educated guess to predict that Netflix […]
KFDM (CBS Affiliate): Shrinking Tax Refunds Stir Controversy
February 11, 2019
With the benefits of the tax cut spread out across 52 weeks, the gain may have been hard to spot, especially if workers saw increases in health insurance premiums or other costs. According to the Institute on Taxation and Economic Policy, the middle 20 percent of income earners received an average of about $33 more […]
Newsweek: We Shouldn’t Wait for Washington to Tax the Rich: We Can Begin at the State Level
February 11, 2019
Following is an excerpt from an op-ed by ITEP deputy director Meg Wiehe published in Newsweek Magazine: The historic role tax and other policies have played in exacerbating the wealth divide and discussions about how to remedy this injustice is a national conversation that is long overdue. Examining the federal policy landscape is a logical […]
The Guardian: How Did Netflix Get Away with Not Paying Income Tax in 2018
February 9, 2019
According to a blogpost from the Institute on Taxation and Economic Policy, the company posted its largest ever profit in 2018 – $845m – but paid no federal (or state) income tax. “After a year of speculation and spin, the public is getting its first hard look at how corporate tax law changes under the […]
The Daily Mail: Netflix Paid NOTHING in Federal or State Taxes in 2018
February 7, 2019
Netflix didn’t pay a cent in state or federal income taxes last year, despite posting its largest-ever U.S. profit in 2018 of $845million, according to a new report. In addition, the streaming giant reported a $22 million federal tax rebate, according to the Institute on Taxation and Economic Policy (ITEP). Senior fellow at ITEP Matthew Gardner […]
Montana Public Radio: Lawmakers Hear Massive Proposal For Statewide Sales Tax
February 6, 2019
Another D.C. based think tank, the Institute on Taxation and Economic Policy, puts Montana’s current tax system among their top ten most equitable systems in the country, in part because there’s no statewide sales tax. However ITEP research also indicates the poorest 20 percent of families in Montana pay more of a share of their […]
Arkansas Democrat Gazette: Arkansas Senate Panel Fives Fast Nod to Governor’s Tax-cut Plan
February 5, 2019
While the finance department projected the governor’s tax will eventually reduce tax revenue by $97 million a year after it’s fully implemented, Lisa Gee, a senior policy analyst for the Institute on Taxation and Economic Policy in Washington, D.C., said last week that she projected the governor’s income-tax cut would reduce state revenue by $157 […]
Bloomberg Tax: Economic Policy Group Proposes Slew of Progressive Tax Policies
February 5, 2019
The Institute on Taxation and Economic Policy in a new report detailed several potential progressive tax policy proposals—including a revamp of capital gains taxation that would pull in nearly $2.5 trillion. The group previously released an outline of a wealth tax proposal just one day before Sen. Elizabeth Warren (D-Mass.), a likely 2020 presidential contender, […]
Washington Post: Live Commentary on Trump’s SOTU
February 5, 2019
E.J. DIONNE JR., 9:27 p.m.: “A massive tax cut for working families.” Really? “If you look at the richest 1 percent, they’re getting more than the bottom 60 percent of Americans,” said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy. Read more
City Lab: The Airbnb Effect: It’s Not Just Rising Home Prices
February 4, 2019
And cities with less stringent Airbnb regulations might also be losing out on a lot of tax revenue. Traditional lodging entities (when combining city, state, and county taxes), are taxed at an average rate of 13 percent in the 150 largest cities. But Airbnb is treated differently in different jurisdictions, and is trusted to self-report […]
Washington Post: Warren’s Push for a Wealth Tax Could Be a Game Changer
January 29, 2019
Many on the right are already lashing out at Warren’s proposal. (On Fox News, it was preposterously likened to Venezuelan socialism.) Others have argued that it would be unconstitutional, a dubious claim that relies on a controversial 1895 Supreme Court ruling that, as the Institute on Taxation and Economic Policy explains, “has been limited to […]
The Hill: Warren Stakes out Ground with Wealth Tax Proposal
January 28, 2019
Steve Wamhoff, director of tax policy at the Institute on Taxation and Economic Policy, said middle-income Americans are essentially already taxed on their wealth because most of it is in their homes, which come with property taxes. For the rich, however, homes tend to comprise a smaller percentage of their financial assets. Warren’s proposal would […]
Arizona Republic: Fact Check on Immigration
January 28, 2019
“It sounds extraordinarily high to me,” Meg Wiehe, deputy director at the nonpartisan Institute on Taxation and Economic Policy told NBC. Read more
Chicago Sun-Times: 47th Ward Candidate for Alderman
January 28, 2019
We need more progressive revenue sources to help address our pension obligations. Our state’s combination of a flat income tax, high sales taxes, and heavy local reliance on property taxes is the basis for the Institute on Taxation and Economic Policy ranking of Illinois as having the fifth most regressive tax system in the United […]
Bloomberg: Warren’s Tax Proposal Aims at Assets of Wealthiest Americans
January 25, 2019
Her plan would do more to relieve inequality than New York Democratic Representative Alexandria Ocasio-Cortez’s idea to raise the top income tax rate to 70 percent, according to Steve Wamhoff, the director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. New research indicates that raising marginal income rates wouldn’t do […]
Washington Post: Elizabeth Warren to Propose Wealth Tax
January 25, 2019
Estimates of how much money can be raised by taxing the very rich vary dramatically. The Institute on Taxation and Economic Policy, a left-leaning think tank, published a report on Wednesday finding that a 1 percent wealth tax on the wealthiest 0.1 percent of Americans would raise $1.3 trillion over a decade. That would affect […]
Wall Street Journal: Democrat Elizabeth Warren Proposes Wealth Tax
January 24, 2019
That is roughly 10 times the revenue that the current estate and gift taxes are projected to raise, but Ms. Warren’s “ultramillionaire-tax” proposal on the top 0.1% isn’t just about generating money to pay for government programs. It marks Democrats’ intense emphasis on inequality as the party tries to reclaim the White House in 2020. […]
CNBC: Elizabeth Warren proposes ‘wealth tax’ on Americans with more than $50 million in assets
January 24, 2019
While the 1 percent of Americans with the highest incomes receive about 20 percent of the total income in the United States, the top 1 percent of wealth holders collectively own more than 40 percent of the nation’s total wealth, according to a report published Wednesday by the Institute on Taxation and Economic Policy arguing […]
New York Times: Warren’s Plan Is Latest Push by Democrats to Raise Taxes on the Rich
January 24, 2019
Ms. Warren appears to be the first declared Democratic candidate to release a plan for a wealth tax, but the idea is quickly gaining steam among liberal activists and policy experts. Two think tanks, the Institute on Taxation and Economic Policy and the Washington Center for Equitable Growth, released wealth-tax-themed policy briefs this week in […]
Politico: Let’s Talk Wealth Tax
January 24, 2019
Steve Wamhoff at the Institute on Taxation and Economic Policy projects that a wealth tax could raise well over $1 trillion in a decade, and notes that wealth inequality far outpaces income inequality in the U.S. “The goals of raising revenue and addressing inequality will be difficult to achieve if federal tax policy continues to […]
Bloomberg: Cannabis Excise Tax Revenue Could Eclipse Alcohol Revenue in 2019
January 23, 2019
Excise tax revenue from marijuana sales is expected to surpass alcohol excise collections in 2019, according to the co-author of a new report. Carl Davis, a research director at the Institute on Taxation and Economic Policy, noted in his report that state and local retail marijuana excise tax collections already rivaled alcohol tax collections in […]
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