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report
April 13, 2017
10 Things You Should Know on Tax Day
Every year around Tax Day, ITEP updates some of its key reports to help put the nation’s tax system in proper context. This year, as people around the country march to demand President Trump release his tax returns and as policymakers consider overhauling our federal tax system, these reports are especially critical. Read 10 Things You Should Know on Tax Day.
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report
April 13, 2017
Who Pays Taxes in America in 2017?
All Americans pay taxes. Most of us pay federal and state income taxes. Everyone who works pays federal payroll taxes. Everyone who buys gasoline pays federal and state gas taxes. Everyone who owns or rents a home directly or indirectly pays property taxes. Anyone who shops pays sales taxes in most states.
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report
April 13, 2017
Fifteen (of Many) Reasons We Need Corporate Tax Reform
Profitable Fortune 500 companies in a range of economic sectors have been remarkably successful in manipulating the tax system to avoid paying even a dime in tax on billions of dollars in U.S. profits. This ITEP report examines a select, diverse group of 15 corporations’ tax situations to shed light on the widespread nature of corporate tax avoidance. As a group, these companies paid no federal income tax on $21 billion in profits in 2016, and they paid almost no federal income tax on $111 billion in profits over the past five years. All but one received federal tax rebates in 2016, and almost all paid exceedingly low rates over five years.
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blog
April 12, 2017
State Rundown 4/12: Season in Transition as Some States Close, Others Open Tax Debates
This week in state tax news we see Louisiana‘s session getting started, budgets passed in New York and West Virginia, Kansas lawmakers taking a rest… -
report
April 10, 2017
The U.S. Is One of the Least Taxed Developed Countries
The most recent data from the Organization for Economic Cooperation and Development (OECD) show that the United States is one of the least taxed developed nations.
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report
April 10, 2017
U.S. Collects Smaller Share of Corporate Taxes Than Developed Country Average
Corporate income taxes in the United States as a share of the economy are well below the average among developed nations, according to an analysis of the most recent data from the Organization for Economic Cooperation and Development (OECD). Data from the OECD show that U.S. corporate taxes as a percentage of GDP are 2.2 percent, which is 24 percent less than the 2.9 percent weighted average among the 34 other OECD countries for which data were available.
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blog
April 7, 2017
How to Shut Down Offshore Corporate Tax Avoidance, Full Stop
A new bill introduced this week by Rep. Mark Pocan (D-WI), the Tax Fairness and Transparency Act, would rip out the offshore corporate tax avoidance… -
blog
April 6, 2017
Two New Bills Would Plug Major Loopholes in Our Offshore Corporate Tax System
A new pair of bills introduced by Representative Lloyd Doggett (D-TX) this week would crack down on loopholes that allow corporations and individuals to avoid… -
blog
April 5, 2017
State Rundown 4/5: Focus on Major Tax Bills Intensifies
This week in state tax news we saw a destructive tax cut effort defeated in Georgia, a state shutdown avoided in New York, and lawmakers… -
report
April 4, 2017
Testimony before the Alaska House Labor & Commerce Committee On House Bill 36
Thank you for the opportunity to testify on the changes House Bill 36 would make to Alaska’s tax treatment of pass-through income. The taxation of pass-through business entities has been a focal point of state and federal tax reform debates for over a quarter century, with a dual focus on minimizing the role of tax laws in determining the choice of business entity and on ensuring that the income of all business entities is subject to at least a minimal tax. My testimony makes two main points:
1. Alaska is one of a small number of states that do not currently impose either an entity-level tax or a personal income tax on the income generated by pass-through businesses. 2. But Alaska fully taxes the income of traditional C corporations, creating a clear incentive for businesses to structure as pass-throughs to avoid income tax.
In the absence of a statewide personal income tax, imposing an entity-level tax on the net income of pass-through businesses, as HB36 would do, is a straightforward approach to leveling the playing field between different types of business entities, while ensuring these businesses help to fund public investments.