Select Media Mentions
CNBC: Here’s How the Tax Bill Will Affect the Richest 1 Percent in All 50 States
December 21, 2017
On Wednesday, the House approved a sweeping overhaul of the nation’s tax code. President Donald Trump is expected to sign the legislation soon. As for how it will affect individuals, in general, the more you earn, the more you’ll save on taxes. “There’s clearly no question that the benefits of this tax break are going […]
The Chicago Tribune: The GOP Tax Plan Has a Nasty Surprise for Parents with College-Age Kids
December 20, 2017
“I don’t think they gave it a lot of thought,” said Steve Wamhoff, senior fellow for federal tax policy at the Institute on Taxation and Economic Policy. Currently, all parents can take a $4,150 tax exemption for each child up to age 19 or up to 24 if the child is in college. That reduces […]
USA Today: The new tax plan will make Trump’s family richer, experts say. Here’s how.
December 20, 2017
“Usually when people sell property at a profit, that profit is considered income and taxed,” said Steve Wamhoff, senior fellow for federal tax policy at the nonpartisan Institute on Taxation and Economic Policy. “But some investors are able to set up deals so that technically they are just ‘trading’ one property for another, and they […]
The Hill: The most surprising winners from Trump’s ‘America First’ tax plan are not American
December 20, 2017
Following is an excerpt from an op-ed by ITEP Senior Fellow Matthew Gardner: When President Trump announced in his inauguration speech that he would pursue a policy of “America First,” some people probably liked it while others feared it sounded too isolationist or perhaps even xenophobic. But even his most ardent supporters might be taken […]
Newsweek: Trump’s Huge Tax Cuts for the Rich Betray Working People
December 20, 2017
Following is an excerpt from an op-ed by ITEP Executive Director Alan Essig: The Institute on Taxation and Economic Policy (ITEP) analyzed the final House and Senate bill. Households in the top 5 percent will receive more than half of the tax cuts in 2019, and families in the richest 1 percent will reap a […]
Between the Lines: Unpopular GOP Tax Code Revision Rewards Party Donors, Exacerbates Inequality
December 20, 2017
ALAN ESSIG: It’s basically a Christmas gift to the most profitable corporations and the wealthiest Americans. It is a bill that has been written for and geared towards – and most benefits – that group. There are individual tax cuts included in this also. The individual tax cuts as a share are much smaller than […]
CNBC: Tax Expert: Middle-Income Families an ‘Afterthought’
December 19, 2017
Tax expert: Middle-income families an ‘afterthought’ in GOP tax plan from CNBC.
Washington Post: The Tax Bill Is Worse Than Bad, It’s Corrupt
December 19, 2017
For most taxpayers who use the existing deduction, this doesn’t solve their problem. One estimate from the Institute on Taxation and Economic Policy found that 1.89 million Californians would still see their taxes rise under the new provision, only a modest drop from the 2.36 million who would have had a tax increase under the […]
Bloomberg: These Are the Tricks States May Use to Get Around the SALT Deduction
December 19, 2017
Republican Senate and House negotiators in Washington agreed last week on a $10,000 cap on state and local tax deductions, or SALT. In high-tax states, that’s bad news. Personal taxes are poised to rise for 13 percent of New Yorkers and 11 percent of California and New Jersey residents, according to an analysis by left-leaning […]
CNBC: Here’s How the Final GOP Tax Bill Would Hit Your Wallet
December 19, 2017
Your odds of being hit with a bigger bill depend on a number of provisions in the more than 500 pages of new rules. To better show the impact of these factors, analysts at the Institute on Taxation and Economic Policy crunched the numbers and came up with an estimate of how individual households may […]
New Republic: The Republican Tax Bill Is a Gift to the Washington Blob
December 19, 2017
Corker, who is already under federal investigation for alleged insider trading involving a real-estate firm, spent the weekend making a series of less-than-convincing statements justifying his switch. He first told IBT that he hadn’t read the bill. Then he wrote an angry letter to Senate leaders questioning how this provision got into the bill. As […]
International Business Times: Senator Orrin Hatch Says He Wrote Tax Provision At Center Of Corker Controversy
December 19, 2017
Experts familiar with the specific workings of how the tax break is formulated said that while there are some general similarities between the House bill and the conference report, Hatch sculpted a brand new provision for the final bill — one that was not in the previous versions of the legislation. “The mechanism that suddenly […]
BBC: Will Trumps Plan Trigger a Tax War?
December 19, 2017
To offset the revenue losses, the US is imposing a one-time tax on profits held abroad, levied at 15.5% for cash and 8% for illiquid assets. Depending on your perspective, the measure either captures tax that firms otherwise would have avoided, or provides companies with a major break on what they would have otherwise owed. […]
CBS: Here’s a Surprising Winner in the Tax Bill
December 19, 2017
One of the biggest beneficiaries of the tax overhaul bill progressing through Congress might not seem obvious. But foreign investors stand to come out ahead. Although President Donald Trump seeks to tighten immigration standards and get tough on international trade agreements, the tax bill — which he supports — treats non-American shareholders in US companies […]
BBC: Will Trump’s Tax Plan Trigger a Tax War?
December 17, 2017
Depending on your perspective, the measure either captures tax that firms otherwise would have avoided, or provides companies with a major break on what they would have otherwise owed. “Allowing them to pay a low rate is basically a get-out-of-jail halfway free card,” said Matthew Gardner, senior fellow at the Institute on Taxation and Economic […]
Associated Press: Will U.S. Companies Put Overseas Cash to Work? Don’t Bet on It.
December 15, 2017
The left-leaning Institute on Taxation and Economic Policy notes that the lower one-time rate would amount to a corporate tax break worth $454 billion in the Senate bill and $458 billion in the House version. No sector would benefit more than tech companies. Collectively, they held $669 billion outside the U.S. at the end of […]
Politifact: Permanent tax cuts for the rich, eventually tax hikes for all middle-class families?
December 15, 2017
The net tax cuts going to the richest 1 percent increases from about 34 percent in 2019 to 47 percent in 2027 under the House bill, according to the Institute on Taxation and Economic Policy. That’s partly because the tax cuts titled to the wealthiest are permanent. Read more
Boston Globe: What You Need to Know about the Most Recent Changes to the GOP Tax Bill
December 15, 2017
So when the standard deduction gets bigger, as it would under the Republican bill, itemizing will inevitably become more rare. Likely much more rare. Here in Massachusetts, the number of people expected to continue itemizing will drop from roughly 37 percent of filers to more like 13 percent, according to the Institute on Taxation and […]
Los Angeles Times: Let the Games Begin
December 14, 2017
In the compromise most recently reached by House and Senate Republicans, taxpayers would be able to deduct up to $10,000 in state and local taxes, including property taxes. That’s an improvement over some of the original proposals, which would have wiped out the deductions entirely, but not much of one. The share of California taxpayers […]
PBS: Working Long Hours Adds Hurdle for Undocumented Students
December 14, 2017
Currently, about 87 percent of the young people in the DACA program are employed, and America’s 1.3 million DACA-eligible youth, including those who haven’t enrolled, contribute an estimated $2 billion in state and local taxes, according to a report by the Institute on Taxation and Economic Policy. One of the express purposes of DACA, beyond […]
Reuters: Don’t Expect a Post-Card Size Tax Return
December 14, 2017
A key driver of this, according to independent analyzes, would be a proposed doubling of the standard deduction and a curtailment of the deduction for state and local tax payments. In combination, these two changes would mean that about 29 million people would no longer benefit from itemizing. So they would stop writing off their […]
Boston Globe: Look our Wealthy Boston Suburbs, Here Comes the GOP Tax Bill
December 8, 2017
Most Massachusetts taxpayers would see their taxes go down in 2019, by an average of over $2,000. But a study by the left-leaning Institute on Taxation and Economic Policy predicts that roughly 200,000 Massachusetts households earning between $83,000 and $333,000 would face higher taxes, with the average increase in 2019 approaching $1,500. Read more
CNBC: This Chart Shows How the GOP Tax Plan Will Hit Your Wallet
December 8, 2017
To better show the impact of these factors, analysts at the Institute on Taxation and Economic Policy crunched the numbers and came up with an estimate of how individual households may fare under the new rules. These estimates aren’t definitive; the new rules are so complex that two taxpayers in the same neighborhood with the […]
Salon: There’s a Reason Why “Corporate America” May Be a Stretch
December 8, 2017
So when taxes of “American” corporations are cut, foreign investors get a windfall. The Institute on Taxation and Economic Policy estimates that the Senate majority’s tax bill would give foreign investors a tax cut of $31 billion in 2019. The House bill would give them $50.4 billion. That’s money that foreign investors would otherwise be […]
New Republic: Tax Reform to Own the Libs
December 8, 2017
According to analysis from the Institute on Taxation and Economic Policy, New York, New Jersey, Maryland, and California would pay $17 billion more in taxes by 2027, while Texas and Florida, two large states that Trump won, would pay $31 billion less. “You can definitely see the ideological tilt here,” Carl Davis, the institute’s research […]
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