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report
July 11, 2018
Federal Tax Cuts in the Bush, Obama, and Trump Years
Since 2000, tax cuts have reduced federal revenue by trillions of dollars and disproportionately benefited well-off households. From 2001 through 2018, significant federal tax changes have reduced revenue by $5.1 trillion, with nearly two-thirds of that flowing to the richest fifth of Americans.
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blog
July 10, 2018
Building on Momentum from Recent Years, 2018 Delivers Strengthened Tax Credits for Workers and Families
This is the second post in a retrospective series of blogs reviewing major trends in state tax policy in 2018. You can find the first… -
blog
July 10, 2018
State Rundown 7/10: Budget Brinksmanship and Ballot Battles
New Jersey avoided a second consecutive shutdown and proved that even against staunch opposition, progressive solutions to states’ fiscal issues are attainable, and Arizona voters will likely have a chance to solve their education funding crisis in a similar way. Budget and tax debates remain to be resolved, however, in Maine and Massachusetts. Meanwhile, voters are gaining a clearer picture of what questions they will be asked on ballots this fall as signature drives conclude in several states.
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press release
July 5, 2018
New Report Highlights Growing Tax Breaks for Wealthy Real Estate Investors Like Donald Trump
Following is a statement by Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, regarding the report released… -
blog
July 3, 2018
An Update on State Responses to the Federal Tax Bill
With many state fiscal years beginning July 1, most states that will make decisions this year about federal tax conformity have now done so, so it is now time for an update on how well state policymakers have kept to, or veered from, the path we charted out earlier this year. Most states that have enacted laws in response to the federal changes have adhered to some but not all of the principles we laid out, with a few responding rather prudently and a handful charting a much more treacherous course of unfair, unsustainable policy based on unfounded promises of economic growth.
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blog
July 2, 2018
ITEP Summer Reading (and Listening) List
Ah, summertime – a season synonymous with sunshine, backyard barbecues and mercury rising. Outside of our day jobs analyzing tax policy, we occasionally take a… -
blog
June 28, 2018
State Rundown 6/28: Budget Deals Reached in Nick of Time
This week, lawmakers in Louisiana, Pennsylvania, Rhode Island, Vermont, and the District of Columbia wrapped up their budgets in time for the new fiscal year that starts July first in most states, with some of these resolutions coming after contentious debates and repeated special sessions. New Jersey’s debate is not yet finished as leaders clash over spending priorities and the taxes on millionaires and corporations needed to fund them. Meanwhile, signature drives to put tax-related questions on fall ballots are heating up in several other states. And our “What We’re Reading” section includes helpful resources on implications of the Supreme Court’s Wayfair online sales tax decision last week.
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blog
June 27, 2018
Rigging the System and Poor Shaming (Rightly) Are Incompatible Political Strategies
The absurdity of blaming poor and moderate-income people for their circumstances is close to running its course as an effective political tool, particularly as some… -
report
June 27, 2018
The Other SALT Cap Workaround: Accountants Steer Clients Toward Private K-12 Voucher Tax Credits
On May 23, 2018, the IRS and Treasury Department announced that they “intend to propose regulations addressing the federal income tax treatment of certain payments… -
blog
June 26, 2018
Gas Taxes Rise in Seven States, Including an Historic Increase in Oklahoma
A rare sight is coming to Oklahoma. The last time the Sooner State raised its gas tax rate, the Berlin Wall was still standing, and Congress was debating whether to ban smoking on flights shorter than two hours. Fast forward 31 years, and Oklahoma is finally at it again. On Sunday, the state’s gas tax rate will rise by 3 cents and its diesel tax rate by 6 cents. Both taxes will now stand at 19 cents per gallon—still among the lowest in the country. But Oklahoma isn’t the only state where gas taxes will soon rise.
