Select Media Mentions
Associated Press: Why Tax Plan Might Not Put US Firms’ Overseas Cash to Work
November 3, 2017
Apple has more than $230 billion overseas, Microsoft $124 billion, according to the Institute on Taxation and Economic Policy. Returning those overseas profits to America, the Republicans say, would give the economy a healthy jolt as companies put their newly available cash to work. But critics note that a similar one-time “tax holiday” on overseas […]
Vox: 2 Winners and 3 Losers from the Republican Tax Bill
November 3, 2017
The Center on Budget and Policy Priorities, pulling together assessments from the Congressional Budget Office, the Joint Committee on Taxation, the Tax Policy Center, the Treasury’s Office of Tax Analysis, and the Institute on Taxation and Economic Policy, found that workers would only receive a quarter or less of the benefits from tax cuts — […]
Washington Post: Answers to Major Questions about the Republican Tax Plan
November 3, 2017
Boosting corporate income tax rates and squeezing loopholes would hurt other companies, such as capital intensive industries. Oil and gas companies, for example, take advantage of special depreciation rates, two of which are about a century old. International companies – such as pharmaceutical or technology firms – shelter income abroad to avoid taxes in the […]
Dallas Morning News: Was Exxon Mobil’s Tax Rate Last Year Really -5.1%?
November 3, 2017
So, who’s right? “They are both correct,” said Matt Gardner, senior fellow at the Institute on Taxation and Economic Policy. “They’re just measuring different things.” Tax breaks, financial reporting rules and differing tax rates around the world make looking at these numbers a tricky business. In fact, both experts interviewed by The Dallas Morning News on […]
Between the Lines: Trickle Down Hoax Central to GOP Tax Reform Plan
November 1, 2017
Between The Lines’ Scott Harris spoke with Matthew Gardner, senior fellow with the Institute on Taxation and Economic Policy, who assesses the winners and losers in the Republican tax reform plan, and the real world track record which proves that trickle-down economics is a lie. MATTHEW GARDNER: The plan we’re looking at right now, as […]
NPR’s On Point: Who Benefits from GOP Tax Plan
October 30, 2017
We go to the biggest legislative push yet by the president and Republican Congress: to overhaul American taxes. Details slated to be released this week, with a lightning-fast push through Congress as the GOP dream. Who wins, who loses. This hour, On Point: We ask what to look for in the coming GOP tax plan. —Tom […]
Fortune: You’re Better off in a State with High Income Tax
October 27, 2017
Following is an excerpt written by Carl Davis, ITEP’s research director, and published in Fortune. Many lawmakers in Congress and in statehouses around the country peddle the same supply-side theory about income taxes: the lower the tax, the more the economy will grow. But new research from the Institute on Taxation and Economic Policy reveals […]
MarketWatch: Trump-Ryan Tax Plan Will Encourage More Corporate Offshore Tax Avoidance
October 27, 2017
The figures are staggering. At least 366 of the Fortune 500 companies have established subsidiaries in tax-haven countries. The companies pay an average tax rate of 6.1% on their “foreign” earnings, evading a cumulative $750 billion in federal taxes, according to a study by the Institute on Taxation and Economic Policy. Some of these foreign […]
The Week: The GOP’s Head Fake on Taxes
October 27, 2017
But this little adjustment would barely shift the overall effects of the tax plan at all. “Taxpayers with total income exceeding $1 million would receive an average tax cut of $138,000 in 2018” under the original GOP framework, the Institute on Taxation and Economic Policy explained in an analysis. “If this modification is made to […]
Mother Jones: Republicans Fast Track Tax Cut for the Wealthy
October 27, 2017
Most of the Republican opposition came from the GOP’s plan to eliminate deductions for state and local taxes, with 11 Republicans from New York and New Jersey voting against the bill. Eliminating the deduction, which disproportionately affects well-off families in high-tax states, is the main reason why Trump’s plan would raise taxes on one in six Americans, […]
Fusion: Income Tax Is Great
October 27, 2017
A report from the Institute on Taxation and Economic Policy examines the results of a natural experiment on taxation that has emerged within our country: The economic performance of the states that have no income tax versus the economic performance of the states that have the highest income taxes. So just how badly have these […]
The Street: Proposed Gas Tax Increase Could Harm Consumers
October 27, 2017
Since 2013, 26 states have raised their gas taxes with eight alone in 2017, according to a report conducted by the Institute on Taxation and Economic Policy, a non-profit and non-partisan research organization in Washington. Read more
Washington Post: Happy Hour Roundup
October 27, 2017
The Institute on Taxation and Economic Policy releases a report showing that states with higher personal income taxes have higher economic growth, higher wage growth, and lower unemployment than states with lower taxes. Read more
NY Daily News: D.C.’s Budget Takes Dead Aim at NYC
October 27, 2017
The Institute on Taxation and Economic Policy finds that 84% of the tax cuts received by New York State residents would go to the richest 1% of households here — those with income of at least $872,000. The one-percenters would get an average tax break of nearly $104,000, or 314 times the $330 that a […]
City Pages: Emmer, Paulsen, and Lewis Decide the Deficit Isn’t So Important After All
October 27, 2017
The 1 percent gets served first, of course. The wealthiest Minnesotans will receive 62 percent of the state’s tax cuts next year for an average of $66,000, according to the nonpartisan Institute on Taxation and Economic Policy. Middle-class Minnesotans get 7 percent of cuts, or an average of $370. Unfortunately, this presents a new problem. […]
American Prospect: Republicans Want to Make Corporate Tax Avoidance Easier
October 26, 2017
According to a recent report by the Institute on Taxation and Economic Policy and the U.S. PIRG Education Fund, 73 percent of Fortune 500 companies have subsidiaries in a low-tax country. All told, American corporations have steered more than $2.6 trillion in earnings into offshore tax havens. The specter of corporate profit-shifting has become more […]
Star-Ledger: You’re Now More at Risk of Losing Your Property Tax Break
October 26, 2017
The loss of the state and local tax deduction would mean higher taxes for 26.4 percent of New Jersey taxpayers, according to a study by the Institute on Taxation and Economic Policy, a progressive research group in Washington. That was second to Maryland, at 30.5 percent, the group said. Read more
International Business Times: Do Lower Taxes Spur Economic Growth? What Happened In No-Tax States
October 26, 2017
Researchers at the non-partisan and non-profit Institute on Taxation and Economic Policy compared the nine states without personal income taxes, which include Florida, Texas and Washington, to the nine states with the highest top marginal tax rates over the last decade, which include California, New York and Oregon. They found the states with the highest […]
CNN: How Trump’s Policies Could Hurt the Rust Belt
October 25, 2017
Rust Belt states Ohio, Michigan and Indiana are not home to large populations of $1 million household income earners. Rather, they’re in the middle or bottom of the pack, according a summary from the Institute on Taxation and Economic Policy. States with a higher percentage of millionaire earners voted for Hillary Clinton in the 2016 […]
Forbes: Which U.S. Companies Have the Most Tax Havens
October 24, 2017
Every year, U.S.-based multinational corporations use tax havens to avoid paying an estimated $100 billion in federal income tax. According to a report from the Institute on Taxation and Economic Policy, 366 of the country’s 500 largest companies maintain at least 9,755 tax haven subsidiaries where they hold over $2.6 trillion in accumulated profits. Apple is […]
Wall Street Cheat Sheet: 15 People Who Will Cash in Big from the Trump Plan
October 23, 2017
According to the the Institute on Taxation and Economic Policy, it would be a tale of two classes. The top 1% (those earning over $600,000) would see an average tax cut of $145,000. Americans earning less than $66,200 would get an extra $1,250. Financial analysts from the country’s top banks predict the plan would add over […]
Think Progress: Trump’s Tax Bill Is a Swamp Monster
October 19, 2017
Piper was among several Fierce lobbyists working for Apple on the bill in the Senate, House, and the Executive Office of the President. Apple — the company that had over $230 billion overseas as of 2016 — has been lobbying to allow multinational corporations like itself to bring such accumulated foreign earnings back to the U.S. […]
CNN: America Needs Higher Wages, Not Lower Taxes
October 19, 2017
There’s no argument over who benefits from the current Republican proposal to cut taxes, if you put aside ideology and honestly look at the numbers. According to analyses from the Tax Policy Center and the Institute on Taxation and Economic Policy, more than two-thirds of the tax cuts would benefit the richest 1% of Americans […]
NPR’s Marketplace: Can You Convince Americans to Support Lower Corporate Taxes by Promising Them a Pay Raise?
October 18, 2017
Another reason Trump’s message may not land? Many economists don’t think that corporate tax cuts will lead to higher wages. “It’s a pretty far-fetched claim,” said Matthew Gardner of the Institute on Taxation and Economic Policy. Gardner said the corporate tax cuts would likely mean bigger payouts for shareholders, but there’s no guarantee anything would […]
Reveal: The Fight for Public Education
October 17, 2017
In this radio interview, ITEP research director Carl Davis discusses the downfalls of using tax credits for private education. Carl is featured around the 8:40 mark. Read more
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