Recent Work by ITEP

State Rundown 5/3: Progressive Revenue Solutions to Fiscal Woes Gaining Traction

May 3, 2018 • By ITEP Staff

This week, Arizona teachers continued to strike over pay issues and advocates unveiled a progressive revenue solution they hope to put before voters, while a progressive income tax also gained support as part of a resolution to Illinois's budget troubles. Iowa and Missouri legislators continued to try to push through unsustainable tax cuts before their sessions end. And Minnesota and South Carolina focused on responding to the federal tax-cut bill.

New UK Law May Shut Down the Biggest Tax Havens — Aside from the U.S.

May 2, 2018 • By Steve Wamhoff

The United Kingdom’s parliament has enacted a new law requiring its overseas territories — which include notorious tax havens like Bermuda, the Cayman Islands, and the British Virgin Islands — to start disclosing by 2020 the owners of corporations they register. This could shut down a huge amount of offshore tax evasion and other financial crimes because individuals from anywhere in the world, including the United States. have long been able to set up secret corporations in these tax havens to stash their money.

Apple’s Three-Month Tax Savings under President Trump’s New Tax Law: $1.68 Billion

May 2, 2018 • By Matthew Gardner

By now, it should come as no shock that profitable Fortune 500 corporations are reaping huge benefits from the corporate tax cuts enacted last December. But as first quarter earnings reports are released, we’re learning just how big.

Newly Unveiled Ballot Initiative Aims to Tax Arizona’s Top 1 Percent to Fund Education

May 1, 2018 • By Aidan Davis

Today marks Day 4 of the Arizona teachers’ walkout. After decades of tax cuts and underfunding of public education, education advocates are now driving the debate and urging lawmakers to act. Their newest proposal would raise taxes on incomes above half a million dollars for married couples, or above $250,000 for single taxpayers—that is, the same wealthy taxpayers that just received a generous tax cuts under last year’s federal tax overhaul.

No Need for the MythBusters, the Millionaire Tax Flight Myth is Busted Again

May 1, 2018 • By Dacey Anechiarico

One of the most repeated myths in state tax policy is called “millionaire tax flight,” where millionaires are allegedly fleeing states with high income tax rates for states with lower rates. This myth has been used as an argument in state tax debates for years but Cristobal Young argues in his book, “The Myth of the Millionaire Tax Flight,” that both Democrats and Republicans are “searching for a crisis that does not really exist,” and that there is no evidence to support this myth.

State & Local Tax Contributions of Young Undocumented Immigrants

April 30, 2018 • By Meg Wiehe, Misha Hill

This report specifically examines the state and local tax contributions of undocumented immigrants who are currently enrolled or immediately eligible for DACA and the fiscal implications of various policy changes. The report includes information on the national impact (Chart 1) and provides a state-by-state breakdown (Appendices 1 and 2).

State Rundown 4/27: Arbor Day Brings Some Fruitful Tax Developments, Some Shady Proposals

April 27, 2018 • By ITEP Staff

This Arbor Day week, the seeds of discontent with underfunded school systems and underpaid teachers continued to spread, with walkouts occurring in both Arizona and Colorado. And recognizing the need to see the forest as well as the trees, the Arizona teachers have presented revenue solutions to get to the true root of the problem. In the plains states, tax cut proposals continue to pop up like weeds in Kansas and threaten to spread to Iowa and Missouri, where lawmakers are running out of time but are still hoping their efforts to pass destructive tax cuts will bear fruit.

Trump Administration’s Spending Priorities Echo Tax Cut Priorities: Punish the Poor and Lavish the Rich

April 27, 2018 • By ITEP Staff, Jenice Robinson, Misha Hill

In 2017, the Trump Administration released a budget proposal filled with loaded language about “welfare reform” and moving able-bodied people from welfare to work. This narrative is designed to perpetuate the pernicious idea that poor people have personal shortcomings and are taking something that rightly belongs to others.

15 Companies Report Tax Savings of $6.2 Billion in First Three Months of 2018

April 26, 2018 • By Matthew Gardner

In reports released over the past week, covering the first three months of 2018, a few of the biggest and most profitable Fortune 500 corporations acknowledge receiving billions in tax cuts in the first quarter of 2018 alone. Fifteen of these companies collectively disclosed reducing their effective tax rates by $6.2 billion compared to the rates they faced in the first quarter of last year.

State Rundown 12/31/9999: IRS Glitch and Legislative Impasses Extend Tax Season

April 20, 2018 • By ITEP Staff

This week the IRS website asked some would-be tax filers to return after December 31, 9999. State legislators don't have quite that much time, but are struggling to wrap up their tax debates on schedule as well. Iowa legislators, for example, are ironically still debating tax cuts despite having run out of money to cover their daily expenses for the year. Nebraska's session wrapped up, but its tax debate continues in the form of a call for a special session and the threat of an unfunded tax cut going before voters in November. Mississippi's tax debate has been revived by…