December 12, 2017 • By Steve Wamhoff
In his inaugural speech, President Trump told the world that Washington would be driven by a principle of “America First.” But the tax plans moving through Congress only put the richest Americans first. Everyone else comes after foreign investors.
December 12, 2017 • By Steve Wamhoff
Treasury Secretary Steven Mnuchin claimed for weeks that his department would release a study showing that the $1.5 trillion tax cut moving through Congress would “pay for itself.” On Monday he released a one-page memo that asserts, without evidence, that economic growth resulting from President Trump’s policies would raise enough revenue to more than offset the costs of the tax cuts.
December 10, 2017 • 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.
December 10, 2017 • 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.
December 7, 2017 • By ITEP Staff
Though most eyes were on Congress rather than states this week, several states have been taking stock of their fiscal situations. Wyoming lawmakers considered ways to resolve budget shortfalls, Kansas and New Mexico legislators got some minor good news about their states' revenues, their counterparts in Minnesota and Vermont grappled with less encouraging revenue news, and those in West Virginia were just happy to hear their revenues had at least met expectations for once.
December 7, 2017 • 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.
December 6, 2017 • 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.
December 4, 2017 • By Jenice Robinson
The hand-written scrawls in the margins of the hastily written 500-page Senate tax bill had barely dried when lawmakers began to reveal the true motivation behind their rush to fundamentally overhaul the nation’s tax code.
December 1, 2017 • By Carl Davis
The U.S. Senate will soon be voting on a bill that would, among other things, allow so-called “pass-through” businesses to pay significantly lower taxes than their employees...If the Senate “pass-through” deduction is enacted into law, dozens of states will be forced to confront the possibility of reduced revenue collections, more regressive tax codes, and increased tax avoidance.
December 1, 2017 • 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.