Select Media Mentions
Bloomberg: Stock Traders Celebrate Nonexistent Tax Cuts
September 28, 2017
Although Republicans say the plan is to reduce the corporate tax rate to 20 percent from the current 35 percent, the Institute on Taxation and Economic Policy found that more than 250 of the largest U.S. companies already paid an effective rate of just 21.2 percent from 2008 to 2015. Read more
Think Progress: Trump’s Plan Gives Corporate Tax Lobbyists Nearly Everything They Want
September 28, 2017
Another key corporate giveaway in the proposal would allow multinational corporations to bring accumulated foreign earnings back to the homeland at a low one-time rate, known as a repatriation tax. The administration has still not announced that rate but officials have reportedly indicated it will be somewhere in the 10 percent range. The non-partisan Institute […]
Fox News: Trump, Republicans reveal tax plan: What to know
September 27, 2017
The Institute on Taxation and Economic Policy last week slammed Trump’s plan as it said it wouldn’t alleviate financial burdens of the middle class. “Vague promises can’t conceal the hard facts: if anything resembling President Trump’s current proposal becomes law, the outcome would be a redistribution of wealth to the already wealthy on a scale […]
New York Times: Will a Corporate Tax Holiday Give Workers Anything to Cheer?
September 26, 2017
Apple alone is sitting on an overseas stash of almost $260 billion, according to Bloomberg, while Microsoft has more than $120 billion parked abroad. The pharmaceutical giant Pfizer does not regularly disclose how much of its offshore profits are stored in foreign tax havens, but the Institute on Taxation and Economic Policy estimates that at […]
New York Times: Nothing Is Too Strange for Cities Wooing Amazon to Build There
September 25, 2017
Tax policy experts are more skeptical of Amazon’s bidding process and how much cities stand to benefit. “Why are they doing this whole dog and pony show? Amazon wants something for nothing,” said Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a nonpartisan think tank. “They would like a package […]
Mother Jones: The 5 Biggest Myths In Republicans’ Quest To Lower Corporate Taxes
September 22, 2017
And then there are the companies that pay far less than the average—or sometimes nothing at all. Earlier this year, the left-leaning Institute on Taxation and Economic Policy found that eighteen profitable Fortune 500 companies, including General Electric and Priceline, had paid no federal corporate taxes from 2008 to 2015.
Associated Press: Doubts Arise on Whether Corporate Tax Cut Would Boost Growth
September 18, 2017
The AT&T executive added that “anything” would be an improvement on the current corporate tax rate of 35%. But like many corporations, AT&T also benefited substantially from tax breaks between 2008 and 2015, saving as much as than $38 billion, according to an analysis by the left-leaning Institute on Taxation and Economic Policy. The administration […]
The Richmond Register: DACA Recipients in Limbo While Congress Debates
September 16, 2017
The Institute on Taxation and Economic Policy (ITEP) revealed dreamers pay an effective state and local tax rate of 9.1 percent of their income. That’s higher than the wealthiest 1 percent in Kentucky who pay just six percent. ITEP puts the total amount of taxes undocumented immigrants of all ages contribute to Kentucky in state […]
International Business Times: There Is a Direct Link Between Tax Evasion and Inequality
September 13, 2017
According to Matthew Gardner, a senior fellow at the Institute on Taxation and Economic Policy, a Washington, D.C.-based think tank, the reason the U.S. exhibits such a high level of wealth inequality, even without hidden holdings taken into account, is that “we have a tax system that’s pretty much designed to help individuals accumulate wealth.” […]
Money Morning: Trump’s Tax Plan Gives Perks to the “1%,” Shirks Everyone Else
September 13, 2017
The White House has just 12 days to fix a glaring flaw in President Donald Trump’s tax plan. That’s because just this morning (Sept. 13), his administration promised to provide further specifics on that plan no later than Monday, Sept. 25. So what’s the flaw? The Institute on Taxation and Economic Policy (ITEP) has found […]
CNBC: Richest Households Get the Biggest Benefit Under Trump Plan
September 13, 2017
This report, using ITEP data, examines which households will benefit most from the White House’s proposed tax plan. https://www.cnbc.com/video/2017/09/13/richest-households-get-biggest-benefits-under-trump-tax-plan-report.html
Fox Business: Trump gives assurances on tax reform,
September 13, 2017
According to an April 2017 report by the Institute on Taxation and Economic Policy, a Washington research organization, the top 1% of income earners in the United States pays an estimated 23.8% share of total taxes. Read more
Marketplace: The American Dream: How Undocumented Immigrants Buy Homes in the U.S.
September 12, 2017
Undocumented immigrants pay as much as $3.6 billion in property taxes each year, according to the Institute on Taxation and Economic Policy which analyzed MPI’s undocumented home ownership data. The data helps dispel the myth that undocumented immigrants aren’t paying taxes, said Meg Wiehe, co-author of the report and a deputy director at ITEP. Even […]
Salon: Donald Trump Uses Hurricane Irma to Argue for Tax Cuts
September 11, 2017
The administration’s plans regarding taxes are still hazy, but based upon the details released thus far, the Institute on Taxation and Economic Policy estimated in July that more than 60 percent of the reductions would go to the top 1 percent of taxpayers. Read more
Politifact: Will Trump’s Decision on DACA Hurt New York’s Economy?
September 10, 2017
A small part of the lost economic contribution is tax receipts. Undocumented immigrants eligible for DACA contribute more than $2 billion in state and local taxes each year, according to research from the Institute on Taxation and Economic Policy. More than $140 million comes from DACA eligible immigrants in New York state. Read more
Time: Formerly Undocumented State Representatives Say Donald Trump Is Threatening the American Dream
September 9, 2017
For a politician to toy with the futures of so many young people is unconscionable. But when you consider the impact that repeal would have on our economy, it’s also reckless. The progressive think tank the Center for American Progress estimated that ending DACA would wipe away at least $433.4 billion from our nation’s GDP […]
Bloomberg: Football Champs and CEOs Alike Sidestep Taxes With Private Jets
September 8, 2017
The result is that airline passengers are subsidizing some of the world’s largest corporations and wealthiest people under the current system, said Matthew Gardner, a senior fellow at the nonprofit Institute on Taxation and Economic Policy. “Pretty clearly, we all feel the pain every time we buy an airline ticket and see how big a […]
Houston Chronicle: Should Low-Tax Texas Have to Shoulder More of Harvey’s Load?
September 8, 2017
Right now, although Texas is a low-tax state overall, that tax burden falls disproportionately on poor people. High property and sales taxes and the absence of an income tax means that folks in the lowest 20 percent of the income spectrum pay 12.5 percent of their earnings in state and local taxes, the seventh highest […]
Arkansas Times: Arkansas to Fare Worse Than Most States under Trump Tax Proposal, Report Says
September 8, 2017
We don’t have an actual tax bill to parse yet, but Arkansas Advocates for Children and Families has a helpful preview of how the cuts outlined by Trump earlier this year would affect Arkansas. It’s based on an analysis by the Institute on Taxation and Economic Policy. The key takeaway is that Arkansas is among the […]
Politico: Why Corporate Tax Reform Is So Messy
September 6, 2017
There is even greater variation among individual companies. Eighteen of the 258 Fortune 500 companies that were consistently profitable between 2008 and 2015 did not pay any federal taxes during those years, according to the Institute on Taxation and Economic Policy, a liberal-leaning group that analyzed their SEC disclosures. Among them: General Electric, Priceline.com and […]
Quartz: The Smart Tax-Reform Idea Aimed at Democrats That Will Also Rile Republicans
September 6, 2017
The Republican proposals include provisions that would lead to huge reductions in taxes paid by the wealthiest Americans—an estimate from the non-partisan Institute on Taxation and Economic Policy suggests the top 1% of earners would receive 60% of the cut. The argument for such cuts is not compelling. Wealthy Americans already pay less than their […]
San Antonio Express News: News of DACA’s End Hits South Texas Immigrants
September 6, 2017
Immigration activists noted that DACA recipients pay $2 billion a year in state and local taxes, including $300 million in Texas, according to a report by the Institute on Taxation and Economic Policy. Read more
Denver 9 News: What’s True About DACA Recipients
September 6, 2017
According to a study by the Institute on Taxation and Economic Policy earlier this year, DACA enrollees contribute an estimated $1.6 billion a year in state and local taxes. Read more
Pittsburgh Tribune-Review: Pennsylvania Leaders Respond to Trump Administration’s DACA Rescind
September 6, 2017
Pennsylvania Gov. Tom Wolf, Democrat “President Trump’s action today is an insult to America and our values. This action is profoundly unjust, immoral and without regard for basic fairness. Tearing apart the lives of these young people will make our nation less safe, and harm our economy. “According to the CATO Institute, deporting Deferred Action […]
CBS News Moneywatch: Can Trump’s Corporate Tax Cuts Help the Middle Class?
September 1, 2017
Fortune 500 companies now hold about $2.6 trillion in offshore cash, which leads to billions in lost federal taxes, according to the Institute on Taxation and Economic Policy. A set of earlier tax reform proposals from Mr. Trump would likely most benefit the richest 1 percent of Americans, the group added. “Assuring working people that […]
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