Institute on Taxation and Economic Policy

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Mother Jones: Republican Plan Threatens School Funding to Pay for Corporate Tax Cuts

December 8, 2017

In New Jersey, 41 percent of taxpayers write off state and local taxes, averaging a $17,200 deduction. In Texas, 22 percent deduct an average of $7,600 apiece. Taxes and the cost of living are high enough in some blue states that many middle-class taxpayers would see their taxes go up if SALT is repealed. In New Jersey, […]

Politifact: Paul Ryan’s partially accurate claim that House tax bill saves typical Wisconsin household $2,000

December 8, 2017

The $2,081 savings figure is correct, according to experts at four think tanks we contacted: Amir El-Sibaie, an analyst at the Tax Foundation; Chuck Marr, director of federal tax policy at the Center on Budget and Policy Priorities; and Urban-Brookings Tax Policy Center senior fellow Frank Sammartino; and Institute on Taxation and Economic Policy deputy […]

Reuters: Millions Would Stop Bothering with Mortgage, Charity and Property Tax Deductions

December 8, 2017

Millions of households would no longer benefit from federal tax deductions for charity donations, mortgage interest payments and property tax under Republican tax plans being debated in the U.S. Congress, a think tank said on Thursday. The left-leaning Institute on Taxation and Economic Policy said that up to 29 million U.S. households now writing off […]

Inside Sources: GOP Tax Plan Is a Corporate Handout

December 5, 2017

Why are these corporate tax cuts considered “necessary,” when so many big corporations have been posting record profits and have an effective tax rate of less than 20 percent, or even 10 percent. Some corporations don’t pay any federal taxes at all. Yet an analysis by the Institute on Taxation and Economic Policy earlier this […]

New York Times: Trump Says GOP Tax Bill Won’t Benefit Him. That’s Not True

November 30, 2017

Mr. Trump still has not released his tax returns, so it’s impossible to know to what extent he would personally benefit from the legislation. But there’s little doubt that he would. “Lower pass-through rates and the repeal of the alternative minimum tax — those two alone are so hugely beneficial to Trump that I have […]

Wall Street Cheat Sheet: Ted Cruz Sure Loves the Top 1 Percent

November 30, 2017

Because he didn’t really elaborate, it’s hard to understand what Cruz was trying to say here. When Democrats say that the lionshare of the tax breaks in the Senate bill are going to the rich, they do not mean all taxpayers. They mean wealthy Americans. According to Sanders, 60% of the tax breaks in the […]

Quartz: The Republican tax plan takes aim at one of the biggest engines of US growth

November 30, 2017

As Los Angeles Times Jim Puzzanghera pointed out recently, California is already one of a handful of states that pays more to the federal government than it receives. The Republican plan currently being debated in the Senate is likely to make this imbalance even larger. While most of the country can expect to benefit from […]

KQED: UC Grad Students Join National Protest Against GOP Plans to Increase Their Taxes

November 29, 2017

Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, said the decision not to tax waived tuition fees is in line with standard taxation principles. The same logic is at work behind the reason why we don’t tax workers for employer-sponsored health insurance. “When you have income that you can’t really […]

The Atlantic: The Big Blue Losers in the GOP Tax Plan

November 28, 2017

Between the mortgage and SALT limits, the bills hit many upper-middle-class taxpayers, especially in blue states. The Institute on Taxation and Economic Policy calculates that by 2027 the Senate bill would raise taxes on about 45 percent of households between the 80th and 95th income percentiles in California, Virginia, New Jersey, and New York; and […]

Minneapolis Star-Tribune: Luring corporate money from tax havens is a big unknown for reform proposals

November 27, 2017

U.S. companies booked 61 percent of foreign earnings in just 10 low-tax countries in 2014, according to the Institute on Taxation and Economic Policy (ITEP). In five of those countries — Bermuda, the Cayman Islands, the British Virgin Islands, the Bahamas and Luxembourg — American businesses claimed profits that exceeded the value of the nation’s […]

San Francisco Chronicle: GOP tax bills could shield multinationals’ future overseas profits

November 25, 2017

Currently, the U.S. government taxes foreign earnings at the same 35 percent corporate rate charged on domestic profits, but only when the foreign earnings are returned to the United States. Under the bills moving through Congress, overseas profits would be mostly excluded from U.S. taxation. Instead, those profits might be taxed by the nations where […]

Bloomberg: Should the Upper Middle Class Take the Biggest Tax Hit?

November 21, 2017

And maybe they should. Higher taxes on the upper middle class make sense to some liberal tax experts—but only if the proceeds are used the right way, they said, for things like better health care, more affordable college, and rebuilding infrastructure. Under the House bill, though, any new tax revenue is used to offset tax […]

Washington Post: For Some GOP Women, the Ultimate Women’s Issue Right Now Is the GOP Tax Plan

November 20, 2017

However, according to the Institute on Taxation and Economic Policy, Alabama voters may be taking a bit of a risk by assuming that a vote for the GOP tax plan is in their best interest. According to the non-profit, non-partisan research organization, nearly half — 48 percent — of the federal tax cuts would go to the […]

American Prospect: We Should All Be Sick and Tired of This Tax Debate

November 20, 2017

That’s because this “tax cut” is actually a tax increase for millions of Americans. According to the Joint Committee on Taxation, Congress’ official scorekeeper on tax issues, the Senate’s version of the bill would increase taxes on all income groups making under $75,000 per year. The Institute on Taxation and Economic Policy says the bill […]

Washington Post: Almost Third of Marylanders Are Set to Pay Higher Taxes

November 18, 2017

The Institute on Taxation and Economic Policy has determined that 30.5 percent of Marylanders would pay substantially higher taxes under the Republican plan. The capping of deductions for state and local taxes would make this bill onerous to Maryland residents. The removal of the tax deduction for student loan interest is mean-spirited and anti-education. Read […]

The Guardian: Drug Traffickers Taught the Rich How to Hide Money in Tax Havens

November 18, 2017

A study by the Institute on Taxation and Economic Policy published this year shows that 366 of the 500 American companies with the highest revenue (those that are part of the Fortune 500) use subsidiaries located in tax havens to reduce their income taxes. Among these are important banks, financial institutes, pharmaceutical corporations, and multinational […]

Washington Post: The GOP Tax Plan Is Moving Forward. It’s a Big Scam on Trump’s Base

November 17, 2017

While this JCT document doesn’t say exactly how many people will see their taxes rise, other analyses give us a hint. For instance, the Institute on Taxation and Economic Policy estimates that under the Senate plan, 19 million households will see a tax increase in 2019, and more than 23 million will get a tax […]

Associated Press: Derided by Critics, Trickle-Down Economics Gets Another Try

November 17, 2017

In the view of Carl Davis, research director at the left-leaning Institute on Taxation and Economic Policy, the track record for supply-side economics “is not particularly inspiring.” In 1981, in the midst of a deep recession, President Reagan pushed through an aggressive tax cut. The economy did rebound strongly over the next few year. But […]

New York Times: Confused by Tax Bills?

November 17, 2017

Compared with current law, the House bill, which was passed Thursday, would raise personal federal income taxes on California, New Jersey, New York and Maryland residents by $16.7 billion in 2027, according to an Institute on Taxation and Economic Policy analysis. Florida and Texas, however, would get $31.2 billion in cuts. Read more

San Francisco Chronicle: Tax Reform–Look out Californians

November 17, 2017

Another point to consider: The corporate tax cuts are permanent, while the individual tax cuts are not. Nationwide, only one income group — individuals making $20,000 to $30,000 — would still be receiving a tax cut by 2027. An analysis by the Institute on Taxation and Economic Policy projected that Californians would be paying a […]

New York Times: Billionaires Desperately Need Our Help

November 16, 2017

Now it’s fair to complain that the tax plan over all doesn’t give needy billionaires quite as much as they deserve. For example, the top 1 percent receive only a bit more than 25 percent of the total tax cuts in the Senate bill, according to the Institute on Taxation and Economic Policy. Read more

The Washington Post (Morning Plum): Tax Plan Favors Trump States

November 16, 2017

The House GOP tax plan nixes most state and local deductions, hitting higher-taxed states harder. Jim Tankersley reports on a new analysis by Carl Davis of the Institute on Taxation and Economic Policy in Washington: The House bill would raise personal taxes on Californians and New Yorkers by a combined $16 billion in 2027, Mr. […]

New York Times: Republican Tax Plan Puts Corporations over People

November 16, 2017

The plans also differ on their treatment of state and local tax deductions. The Senate would kill them entirely. The House would maintain them only for property taxes and cap the deduction at $10,000 a year. Economists generally say that those tax breaks are inefficient. But eliminating them, in the context of the House bill, […]

Vox: Republicans Are Weaponizing the Tax Code

November 16, 2017

The Republican tax plan supercharges these changes. To a striking degree, the changes are about benefiting not just the well-off but those who are well-off because they own capital, as the Institute on Taxation and Economic Policy notes in its analysis of the Senate bill. That’s because the plans are tilted toward corporate income tax […]

Denver Magazine: How the House and Senate Tax Plans Would Affect Coloradans

November 16, 2017

To pay for its extensive perks for the wealthy, the House bill adds $1.5 trillion to the national deficit over 10 years, according to the Institute on Taxation and Economic Policy (ITEP). It also cuts or caps popular middle-class tax deductions for homeowners, families, and students, and intentionally excludes millions of low-income children from modest […]

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].