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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
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 […]
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
October 17, 2017
Carl Davis for the Institute on Taxation and Economic Policy: In announcing a tax cut framework in Indianapolis that was negotiated with House and Senate leaders, President Trump said, “Indiana is a tremendous example of the prosperity that is unleashed when we cut taxes and set free the dreams of our citizens … In Indiana, […]
October 17, 2017
A study by the Institute on Taxation and Economic Policy in Washington DC found about 60 percent of the proposed tax cuts would benefit the top 1 percent of income earners in Wisconsin. Ryan said Monday he hadn’t seen that report, but maintained his stance that cutting taxes on businesses would help middle-income people by creating more jobs. […]
October 17, 2017
New research has revealed that 73% or 366 companies on the Fortune 500 list, including brands as big as Nike, Apple and Citigroup, used tax havens to avoid US taxes in 2016. A new report, published on Tuesday (17 October) by the Public Interest Research Group (PIRG) Education Fund and the Institute on Taxation and […]
October 17, 2017
The Institute on Taxation and Economic Policy (ITEP), a nonpartisan organization, has warned, “Corporations would have even greater incentives to engage in accounting gimmicks to make their U.S. profits appear to be earned in offshore tax havens such as Bermuda and the Cayman Islands, where corporate profits are not taxed.” The logic for companies is […]
October 17, 2017
A new report by the U.S. Public Interest Research Group Education Fund and the Institute on Taxation and Economic Policy finds that nearly three-quarters of Fortune 500 companies used offshore tax havens in 2016. The report says that four companies — Apple, Pfizer, Microsoft and General Electric — account for a quarter of the $2.6 […]
October 17, 2017
The report, released Oct. 17 by the left-leaning U.S. Public Interest Research Group Education Fund and the Institute on Taxation and Economic Policy, “undermines the case for any tax proposal that would allow companies to repatriate their U.S. profits at a special low tax rate,” according to a news release. In addition to a lower […]
October 13, 2017
The rulings on Amazon and Apple — which those companies are disputing — are byproducts of a race among governments to lure corporate giants to their shores in the hunt for new sources of revenue. That cutthroat competition is the reason that 73 percent of Fortune 500 companies have a subsidiary in a low-tax haven, […]
October 11, 2017
Here’s the problem: The draft Republican plan would raise a lot of people’s taxes. Estimates from the Tax Policy Center suggest that limiting tax deductions and going from seven tax brackets to three would cause tax increases for about 12 percent of taxpayers,1 including a third with incomes between $150,000 and $300,000, who would pay […]
October 10, 2017
The Sentinel: Trump Tax Even in Harrisburg Will Feature Truckers The Columbus Dispatch: 15% of Ohioans Could See Tax Increase Under GOP Plan KGW Portland: Richest Oregonians Benefit Most from Proposed Tax Cuts Raleigh News & Observer: The Racial Wealth Divide Could Grow with Tax Changes Northwest Indiana Times: Hoosiers Would Lose in Trump Tax […]
October 7, 2017
Ralph and Alan Essig, Executive Director of Citizens for Tax Justice break down President Trump’s Tax Reform proposal and insurance expert, Robert Hunter, returns to explain what’s going on with hurricane and flood insurance in the wake Harvey, Irma and Maria. Read more
October 7, 2017
http://www.eclectablog.com/2017/10/episode-53-everything-you-need-to-know-about-the-trump-tax-scam.html
October 5, 2017
For the third time in eight days, a new study has found that President Donald Trump’s tax plan is a major handout to the richest Americans. On Wednesday, the left-leaning Institute on Taxation and Economic Policy estimated that the top 1 percent of Americans would get 67 percent of the benefits from the Republican tax plan released last […]
October 4, 2017
The tax cut framework suggests that Republicans will eventually define some corporate tax loopholes to close. They haven’t done so yet because that will unleash a host of corporate lobbyists to fight against them, which is all the proof we should need that the statutory tax rate, as it exists today, is meaningless. The real […]
October 2, 2017
Currently the U.S. taxes corporate profits worldwide, no matter where they’re earned. That approach — which makes America unique among developed nations — comes with a large asterisk: Companies can defer paying tax on their overseas earnings until they return that income to the U.S., a process known as repatriation. The repatriation quirk has prompted […]
September 30, 2017
But that’s assuming nothing changes. If Trump moves forward with the policies he campaigned on, especially his tax “reform” plan, the gap surely grows. Trump’s tax plan is heavily skewed toward providing massive tax breaks for the ultra-wealthy. Half of the proposed cuts will go to millionaires, according to the Institute on Taxation and Economic […]
September 28, 2017
And now, it’s time for the Trump tax plan. A miracle for the middle class, the president said in Indianapolis yesterday. He’s selling hard. But there are knowns and unknowns here. Known: upper-income households would get large tax cuts. Known: lower-income households would get none. Unknown: how exactly the middle class would make out. Or […]
September 28, 2017
Wealthy businesses and individuals will benefit from the proposal in other ways as well, including a reduction in the corporate tax rate from 35 percent to 20 percent. On the other hand, the outline also proposes eliminating many corporate deductions, which primarily benefit the largest enterprises. According to research by the left-leaning Institute on Taxation and […]
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