Select Media Mentions
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 […]
Fact Check.org: Trump’s Tax Speech
September 1, 2017
U.S. companies with business overseas do keep some profits in offshore accounts, where it isn’t subject to U.S. corporate taxes until it is repatriated to this country. The profits are declared indefinitely, or permanently, reinvested, which means the companies say they will reinvest the money abroad. If a U.S. company does bring the money back to the […]
The Columbian: Republicans should stick to facts, not rhetoric, on topic of corporate taxes
September 1, 2017
House Speaker Paul Ryan’s visit to the Boeing plant in Everett last week contained plenty of ideology, politicking, and lobbying for Republican efforts to reconfigure the U.S. tax code. But it was woefully short on facts — a situation that should play a role in the upcoming congressional discussion about how much American corporations pay […]
CNBC: Corporate Tax Reform Could Leave These Companies Paying More
August 31, 2017
Earlier this year, the Institute on Taxation and Economic Policy, a nonpartisan think tank, combed through the financial filings of 258 major U.S. corporations to see how much tax they reported paying. The result: more than two-thirds of the companies paid less than 20 percent of their profits in taxes, on average, between 2008 and […]
Politico: Trump Wants to Slash America’s Corporate Tax Rate, But That Rate Is a Myth
August 31, 2017
The Institute on Taxation and Economic Policy examined 258 Fortune 500 companies that were profitable from 2008 to 2015 and found 100 companies paid zero — or less — in federal income taxes for at least one year. Some companies like PG&E (Pacific Gas and Electric Company) didn’t pay taxes at all. Plus, many received […]
Slate: Our Corporate Tax System Is a Mess. Republicans Might Just Make It Worse
August 31, 2017
Earlier this year, the left-leaning Institute on Taxation and Economic Policy released a report in which it analyzed the tax rates paid by members of the Fortune 500 between 2008 and 2015. The authors selected the 258 corporations that were profitable in all eight years to avoid dragging down the average with companies that paid […]
HuffPost: Soda Taxes Create Complicated Rules
August 31, 2017
The arcane rules for taxing beverages point to a broader taxation challenge: Unless state legislatures and city officials target broad categories, all gasoline sales, for example, their efforts to tax individual items often get hung up over how to define what’s taxed, as well as how to weigh concerns from competing constituencies. And the politics […]
Irish Times: Dublin Watches Nervously as Trump Pushes U.S. Tax Reform Agenda
August 31, 2017
A proposal to encourage companies to repatriate the trillions of dollars that are resting offshore is also up for discussion between the White House and Republicans on Capitol Hill, perhaps along the lines of the repatriation holiday offered by the Bush administration in 2004. Whether either of those changes would have a material impact on […]
Vox: Trumps Says the U.S. Has the Highest Corporate Tax Rate in the World
August 31, 2017
Big multinational corporations commonly make use of the deferral loophole, which allows them to avoid taxes on profits made abroad. That exception creates incentives for corporations to use accounting gimmicks to shift profits made at home to overseas subsidiaries and to funnel money through foreign tax havens where they owe little to no tax. According […]
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