New York
Time: Walmart Shocked Employees By Closing Dozens of Sam’s Club Stores. Here’s What We Know
January 12, 2018
And how much richer will Walmart be in light of the new tax law the company is crediting as the big reason for raises and bonuses for workers? Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy, told the New York Times that based on Walmart’s earnings over the past five […]
Using Private Debt Collectors as a Substitute for the IRS Is a Bad Deal
• By Matthew Gardner
If President Trump is indeed a deal maker, then he should dismantle Congress’s decision to rely on private debt collectors as a substitute for the Internal Revenue Service. This decision, championed for years by Sens. Charles Grassley, R-Iowa, and Chuck Schumer, D-New York, is a lousy deal for everyone--American taxpayers, the federal government--except private debt collectors.
State Rundown 1/4: Will States Show Resolve in a Challenging Year?
• By ITEP Staff
This week marks the beginning of what is bound to be a wild year for state tax and budget debates. Essentially every state is already working to sort through the complicated ramifications of the federal tax cuts passed in December, including Kansas, Michigan, Montana, and New Jersey highlighted below. These and other states will have important decisions to make about how to incorporate, reject, or mitigate various aspects of the new federal law, and will…
Select state coverage of ITEP’s analyses of Republican tax Plans
January 1, 2018
Burlington County Times: Will Phil Murphy raise NJ’s taxes (and 4 other political questions for .. Kaplan Herald: This chart exhibits how the GOP tax plan will hit your pockets Wiscnews: Tax cuts increase inequity Patch.com: MacArthur Touts Tax Reform; Will It Help NJ As Much As He Says? NJ.com: Long lines spring up as […]
Final GOP-Trump Bill Still Forces California and New York to Shoulder a Larger Share of Federal Taxes Under Final GOP-Trump Tax Bill; Texas, Florida, and Other States Will Pay Less
• By Meg Wiehe
Residents of California and New York pay a large amount of the nation’s federal personal income taxes relative to their share of the population. As illustrated by the table below, the final GOP-Trump tax bill expected to be approved this week would substantially increase the share of total federal personal income taxes (PIT) paid by both states. Connecticut, Maryland, Massachusetts, and New Jersey would also see their share of federal PIT increase.
How the Final GOP-Trump Tax Bill Would Affect New York Residents’ Federal Taxes
• By ITEP Staff
The final tax bill that Republicans in Congress are poised to approve would provide most of its benefits to high-income households and foreign investors while raising taxes on many low- and middle-income Americans. The bill would go into effect in 2018 but the provisions directly affecting families and individuals would all expire after 2025, with […]
The Final Trump-GOP Tax Plan: National and 50-State Estimates for 2019 & 2027
• By ITEP Staff
The final Trump-GOP tax law provides most of its benefits to high-income households and foreign investors while raising taxes on many low- and middle-income Americans. The bill goes into effect in 2018 but the provisions directly affecting families and individuals all expire after 2025, with the exception of one provision that would raise their taxes. To get an idea of how the bill will affect Americans at different income levels in different years, this analysis…
Corporations and the Rich Get Everything They Want in Pending Tax Bill, Working People, Not So Much
• By Alan Essig
Nearly 30 years ago, Trump was well connected enough that he was able to go to Congress and testify about how tax changes affected his business. Ordinary working people are rarely lucky enough to talk about their personal experiences in front of a congressional committee. So if they want to make their views known about the catastrophe of 2017, it will have to be in election of 2018.
ITEP Resources for the Tax Reform Debate
• By ITEP Staff
ITEP researchers have produced new reports and analyses that look at various pieces of the tax bill, including: the share of tax cuts that will go to foreign investors; how the plans would affect the number of taxpayers that take the mortgage interest deduction or write off charitable contributions, and remaining problems with the bill in spite of proposed compromises on state and local tax deductions.
All I Want for Christmas is a Clean DREAM Act
• By Misha Hill
As 2017 draws to close, Congress has yet to take legislative action to protect Dreamers. The young undocumented immigrants who were brought to the United States as children, and are largely working or in school, were protected by President Obama’s 2012 executive action, Deferred Action for Childhood Arrivals (DACA). But in September, President Trump announced that he would end DACA in March 2018. Instead of honoring the work authorizations and protection from deportation that currently…
“Compromises” Under Discussion for the State and Local Tax Deduction Do Not Fix Flawed Tax Bills
• By Meg Wiehe, Steve Wamhoff
Republicans in Congress are reported to be considering two versions of a change they claim would “improve” the current bills by making them more generous to residents of higher-taxed states. As illustrated by these estimates, the reality is that these proposals would make little difference on those states and taxpayers hit hardest.
Even with Potential SALT Compromises, Senate Bill Forces California and New York to Shoulder a Larger Share of Federal Taxes While Texas, Florida, and Other States Will Pay Less
• By Meg Wiehe, Steve Wamhoff
The Senate tax bill, with or without either of the compromises that could be added to it, would shift personal income taxes away from Florida and Texas to states like California and New York, which are already paying a high share relative to their populations.
New Republic: Tax Reform to Own the Libs
December 8, 2017
According to analysis from the Institute on Taxation and Economic Policy, New York, New Jersey, Maryland, and California would pay $17 billion more in taxes by 2027, while Texas and Florida, two large states that Trump won, would pay $31 billion less. “You can definitely see the ideological tilt here,” Carl Davis, the institute’s research […]
Charitable, Property Tax, and Mortgage Interest Deductions Would Be Wiped Out for Two-Thirds of Current Claimants Under Congressional Tax Plans
• By Carl Davis
In the ongoing debate over major federal tax legislation, there is significant focus on how House and Senate bills would eliminate the deduction for state income tax payments and cap the deduction for property taxes at $10,000 per year. At the same time, tax writers have retained deductions for charitable gifts and mortgage interest with what appear to be comparatively minor changes, at least at first glance.
How the House and Senate Tax Bills Would Affect New York Residents’ Federal Taxes
• By ITEP Staff
The House passed its “Tax Cuts and Jobs Act” November 16th and the Senate passed its version December 2nd. Both bills would raise taxes on many low- and middle-income families in every state and provide the wealthiest Americans and foreign investors substantial tax cuts, while adding more than $1.4 trillion to the deficit over ten years. The graph below shows that both bills are skewed to the richest 1 percent of New York residents.
National and 50-State Impacts of House and Senate Tax Bills in 2019 and 2027
• By ITEP Staff
The House passed its “Tax Cuts and Jobs Act” November 16th and the Senate passed its version December 2nd. Both bills would raise taxes on many low- and middle-income families in every state and provide the wealthiest Americans and foreign investors substantial tax cuts, while adding more than $1.4 trillion to the deficit over ten years. National and 50-State data available to download.
Fiscal Policy Institute: Dream Act: What’s At Stake for New York
• By ITEP Staff
There are 76,000 young immigrants who were potentially eligible for DACA that call New York home. They currently contribute a total of $115 million to local and state taxes annually through sales and excise taxes, property taxes and income tax. Read more
New ITEP Report Explains How Tax Reform Should Eliminate Breaks for Real Estate Investors Like Trump
• By Steve Wamhoff
A new report from ITEP provides more details on the many breaks and loopholes for wealthy real estate investors like Trump and what a true tax reform would do to close them.
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 […]
A Corporate Tax Cut Would Benefit Coastal Investors, Not the Heartland
• By Carl Davis
The centerpiece of the House and Senate tax plans is a major tax cut for profitable corporations that the American public does not want, and that will overwhelmingly benefit a small number of wealthy investors living in traditionally “blue” states. New ITEP research shows that poorer states such as West Virginia, Oklahoma, Alabama, and Tennessee would be largely left behind by a corporate tax cut, while the lion’s share of the benefits would remain with…
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 […]
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 […]
Resources for Your Thanksgiving Dinner Tax Policy Debates
• By ITEP Staff
ITEP has analyzed each of the tax proposals advanced by the House and Senate in recent weeks. While some details have changed, the bottom line is the same: The plans would disproportionately benefit corporations and the wealthy. The Senate tax plan ITEP’s latest analysis examined the proposal that passed the Senate Finance Committee on Nov. […]
Revised Senate Plan Would Raise Taxes on at Least 29% of Americans and Cause 19 States to Pay More Overall
• By ITEP Staff
The tax bill reported out of the Senate Finance Committee on Nov. 16 would raise taxes on at least 29 percent of Americans and cause the populations of 19 states to pay more in federal taxes in 2027 than they do today.
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
