ITEP – Page 16 – Informing tax policy debate nationwide

brief November 2, 2023
America Used to Have a Wealth Tax: The Forgotten History of the General Property Tax

Over time, broad wealth taxes were whittled away to become the narrower property taxes we have today. These selective wealth taxes apply to the kinds of wealth that make up a large share of middle-class families’ net worth (like homes and cars), but usually exempt most of the net worth of the wealthy (like business equity, bonds, and pooled investment funds).The rationale for this pared-back approach to wealth taxation has grown weaker in recent decades as inequality has worsened, the share of wealth held outside of real estate has increased, and the tools needed to administer a broad wealth tax have improved.
blog October 31, 2023
Power to the People: How Workers Can Fight Tax Inequity

Workers of all races and ethnicities are confronting a tax code that puts them at a disadvantage relative to those with immense wealth, and people of color and women are among those most likely to be negatively impacted by this injustice.
blog October 30, 2023
Free Tax Filing Option from the IRS Would Benefit People of Color, Contrary to Corporate Warnings

There’s a patchwork of programs and preparers for people of color to turn to when filing taxes, and most come from corporations that profit from providing a service that the government could provide more effectively and efficiently for free. The Direct File program can change that and is a great step forward in the IRS’ work addressing racism in the tax code.
blog October 30, 2023
Three Localities are Boosting Communities with Refundable EITCs; Others Should Follow Suit

Most states already offer their own Earned Income Tax Credits, typically matching a certain percentage of residents’ federal EITC, but this is still a rarity among localities.
report October 30, 2023
Local Earned Income Tax Credits: How Localities Are Boosting Economic Security and Advancing Equity with EITCs

Leading localities are using refundable EITCs to boost incomes and reduce taxes for workers and families with low and moderate incomes. These local credits build on the success of EITCs at the federal and state levels, reduce economic hardship and improve the fairness of the tax code.
blog October 26, 2023
State Rundown 10/26: Off-Year Ballot Measures and State & Local Tax Policy

November elections are creeping closer and closer and while that typically means a new batch of lawmakers are elected, it also means voters have another chance to help shape state and local tax policy…
blog October 25, 2023
On Corporate Tax Avoidance, Critics Take Aim at ITEP – and Miss

In identifying companies that avoid taxes, ITEP presented evidence that our federal corporate income tax was not working the way most Americans think it should work. The public and lawmakers paid attention, including President Biden who then made the case that this demonstrated the need for reform. As a result, Congress enacted the corporate minimum tax, to make the tax system a bit closer to what most Americans want it to be. If you look closely at this, you might just see an example of democracy working.
blog October 24, 2023
Intuit Receives Millions in Federal Subsidies While Arguing IRS Direct File Would Be Too Costly
The tax preparation industry has for years lobbied to prevent the IRS from providing a tool that would allow Americans to file their taxes online…
blog October 24, 2023
2023's State and Local Tax Ballot Measures: Voters to Weigh in on Property Taxes, Wealth Taxes, and More

Even in this slow year for candidate elections, the decisions that voters in states and cities make could strengthen or weaken revenue for needs in their communities and could change how taxes are distributed across the income spectrum. In the places where tax fairness is on the ballot, much is at stake.
blog October 19, 2023
Eliminating Indiana’s Income Tax Would Jeopardize Public Services & Create a Windfall for the Well-Off

Meaningful investments in Indiana’s future require a smart, and fair, tax code that recognizes current economic realities and can raise a sustainable stream of funding from those most able to pay.