Select Media Mentions
Yahoo Finance: Democrats Downplay Bonuses Employees Are Getting In Wake Of GOP Tax Law
January 12, 2018
But it’s worth noting that PEPCO, which was acquired by Exelon Corp. in 2016, paid an effective tax rate of negative 27.9 from 2008 to 2015 partly because of various credits and refunds from the government, according to a report by the Institute on Taxation and Economic Policy. Many other corporations similarly pay less in […]
Washington Post: Is the Trump Tax Cut Good or Bad for the Middle-Class?
January 12, 2018
A state-by-state analysis produced by the Institute on Taxation and Economic Policy, a liberal-leaning group, show the vast majority will get some kind of tax cut in Missouri in 2019, but then as much of a third will experience tax increases in 2027. Even more striking is how even the tax cuts shrink. In the […]
Politico: The Progressive Skepticism on the SALT Run-Arounds:
January 12, 2018
The progressive skepticism on the SALT run-arounds: The Institute on Taxation and Economic Policy has a new paper that says it’s understandable why states would try to make sure residents don’t face a tax hike under what it believes to be a horribly flawed law. But ITEP adds that most taxpayers facing the new cap […]
Time: Walmart Shocked Employees By Closing Dozens of Sam’s Club Stores. Here’s What We Know
January 12, 2018
And how much richer will Walmart be in light of the new tax law the company is crediting as the big reason for raises and bonuses for workers? Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, told the New York Times that based on Walmart’s earnings over the past five […]
The Hill: Why You Shouldn’t Pay Attention to What Companies Say about Their Tax Bills
January 9, 2018
Following in an excerpt from an op-ed by ITEP Senior Fellow Matthew Gardner that appear in The Hill: A flurry of announcements by corporate giants such as Goldman Sachs, Morgan Stanley, American Express and others are informing their shareholders of expected “losses” in 2018 because of the new tax law’s requirement that they pay taxes […]
Salon: Apple’s Biggest Innovation Isn’t Gadgets. It’s Dodging Taxes
January 9, 2018
Why would so many American companies register themselves in the Caymans? Elementary. American tax law allows corporations to defer paying taxes on profits earned overseas, until those profits are repatriated back home. So here’s what you do, if you’re a major corporation. You set up a subsidiary in a tax haven. You hide your domestic […]
The Fiscal Times: More States Are Turning to Toll Roads
January 9, 2018
Nineteen states have waited a decade or more since last increasing their gas tax rates. Another 13 states have gone at least two decades, and three states — Alaska, Oklahoma and Mississippi — have not increased their gas tax rates since the 1980s, according to the Institute on Taxation and Economic Policy, a progressive think tank […]
MTPR: Federal Tax Bill Casts Uncertainty on Montana’s Budget
January 8, 2018
The federal tax bill could result in about another one percent loss, under one of the state’s interpretations of the federal law’s impacts. Meg Wiehe is deputy director the left-leaning Washington D.C. based Institute on Taxation and Economic Policy. She says that there was an amendment added to the federal tax bill to prevent a […]
CBS St. Louis: Metro East Gubernatorial Candidate Wants Progressive Income Tax
January 4, 2018
Democrat Bob Daiber, currently Madison County’s Regional Superintendent of Schools, claims Illinois’ tax system is fifth most regressive in the nation — citing the Institute on Taxation and Economic Policy. “There’s an old saying ‘you can’t squeeze blood from a turnip,’ but we continue to try,” Daiber told reporters during a Chicago news conference. “I […]
Philadelphia Business Journal: New Federal Tax Loophole Could Stoke Interest in Private School Donations
January 2, 2018
Changes to the federal tax code could encourage more Pennsylvania businesses to pump money into K-12 private schools instead of paying state taxes. That’s according to an analysis by the nonprofit Institute on Taxation and Economic Policy (ITEP), which says it discovered an expanded loophole in the new law. By cross-referencing federal and state incentives, […]
Select state coverage of ITEP’s analyses of Republican tax Plans
January 1, 2018
Burlington County Times: Will Phil Murphy raise NJ’s taxes (and 4 other political questions for .. Kaplan Herald: This chart exhibits how the GOP tax plan will hit your pockets Wiscnews: Tax cuts increase inequity Patch.com: MacArthur Touts Tax Reform; Will It Help NJ As Much As He Says? NJ.com: Long lines spring up as […]
NPR: This Tax Loophole for Wealthy Donors Just Got Bigger
December 29, 2017
One of the changes, according to the Institute on Taxation & Economic Policy, which advocates for a “fair and sustainable” tax system, allows far more wealthy donors in 10 states to turn a profit through “donations” to private school scholarships. Yes, you read that right. If your income is high enough, you can actually make […]
Nasdaq: The New GOP Tax Law and Millennials
December 29, 2017
Still there remains much confusion on what will happen to Jane and Joe’s taxes. From CBS: Tax experts are combing through the legislation to get a handle on how its new tax brackets and treatments of everything from bonds to charitable donations will impact their clients. Meanwhile, Republican leaders say the tax bill will put more money […]
The Observer: ITEP Responds to MacArthur on GOP Tax Plan
December 28, 2017
Excerpt from op-ed by Meg Wiehe: Rep. Tom MacArthur’s Dec. 27 op-ed cherry-picked data from analyses by my organization, the Institute on Taxation and Economic Policy (ITEP), to bolster his misguided claim that New Jerseyans are against the GOP-Trump tax plan because they don’t have the proper information. This suggestion insults his constituents’ intelligence. Polling […]
The Washington Journal: Greater Washington’s Achilles’ heel on tax cuts: Its pricey real estate
December 28, 2017
Greater Washington’s high median income should have set up the region to reap more than its share of $1.5 trillion in tax cuts passed by Congress and signed by President Donald Trump this month — but the region’s high real estate values will blunt its impact for many regional taxpayers. The D.C. metro area reported […]
The Street: General Electric Has Seen Almost $70 Billion of Its Value Disappear in 2017
December 27, 2017
GE was one of 18 Fortune 500 companies that paid no net federal income taxes between 2008 and 2015, a study by the Institute on Taxation and Economic Policy found. Though GE did report paying some federal taxes in 2010, its overall rate during the period has been negative. In 2016, the company earned $10 […]
Alternet: Republican Tax Plan Opens Backdoor to Federally Supported School Vouchers
December 25, 2017
Another voucher-like provision Republicans put into the tax code will not have as much immediate impact as the 529 extension but may have much more negative and wide-reaching effects long-term. As an analysis by the Institute on Taxation and Economic Policy explains, a loophole added to the tax bill in conference “reward[s] some of the nation’s […]
Vanity Fair: “You All Just Got a Lot Richer”
December 24, 2017
When Donald Trump and the Republican party unveiled its precious tax legislation, outside analysts immediately noted that the bill seemed designed to favor a slim subset of Americans. The Institute on Taxation and Economic Policy, for example, found that almost a third of the plan’s benefits would go to the wealthiest 1 percent of Americans […]
Fortune: Real Estate Investors Will Love This Last-Minute Change to the Tax Plan
December 22, 2017
This is an excerpt from an op-ed by ITEP Senior Fellow Steve Wamhoff that appeared in Fortune. A last-minute change to the just-passed tax plan that would benefit real estate investors like Donald Trump should surprise no one. He loudly opposed 1986 tax reform legislation because it shut down tax shelters for real estate investors […]
Pittsburgh Post-Gazette: Tax Changes Could Help Parochial Schools
December 22, 2017
As a result, a preferred private school gets funding, which it must use to offset tuition for low-income students. The donor loses almost nothing. There are certain tax situations in which business owners can give, say, $10,000 and see their total tax bill drop by more than that amount, said Carl Davis, research director at […]
Investors’ Business Daily: GE Cash Crunch That Hit Dividend May Get Worse Under Trump Tax Cuts
December 22, 2017
Companies had held off on paying income taxes on foreign earnings until those funds are returned, or repatriated, to the U.S. The 35% domestic rate has led several companies to stockpile profits abroad, leading to charges of tax avoidance. Several profitable U.S. companies paid an effective tax rate far less than 35% between 2008 and […]
Associated Press: Windfall for Workers Too?
December 22, 2017
Since the Senate passed its initial tax overhaul, 32 companies have announced share buybacks totaling $83.7 billion, Schumer’s office said. Matthew Gardner, a senior fellow at the liberal Institute on Taxation and Economic Policy, said companies have been sitting on large cash holdings for years that easily could have gone to workers before the tax […]
Washington Post: The Finance 202: Trump pledged to slash a key break for investment managers. Here’s the inside story of how he failed.
December 22, 2017
From the Institute on Taxation and Economic Policy: AT&T’s Tax Rate for Past 8 Years: 8.1% Boeing’s Tax Rate for Past 8 Years: 5.4% The idea that a new lower tax rate is really driving their recent PR stunts is nonsense Read more
CBS News: Bonuses for Some Workers After Tax Bill Passes
December 22, 2017
Matthew Gardner, a senior fellow at the liberal Institute on Taxation and Economic Policy, said companies have been sitting on large cash holdings for years that easily could have gone to workers long before the tax cuts passed Wednesday. Chicago-based Boeing, for example, had $8.8 billion at the end of 2016. “If these companies had […]
WJLA: Republicans Predict Voters Will Like Tax Bill Once They See Benefits
December 21, 2017
Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, said it is important to look beyond the headlines to put these bonuses in context. An ITEP study found AT&T paid an average effective tax rate of 8.1 percent from 2008 through 2015, for example. “There really weren’t any impediments, in the […]
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