Recent Work by ITEP
Ahead of the ‘Bring Chicago Home’ Vote, Remember That Local Mansion Taxes are Tried and Tested
March 14, 2024 • By Andrew Boardman, Kamolika Das
As Chicago and other localities look for ways to shore up resources for critical public investments, it's important to remember that over a dozen cities and counties have already benefited from policies like mansion taxes.
Local Mansion Taxes: Building Stronger Communities with Progressive Taxes on High-Value Real Estate
March 14, 2024 • By Andrew Boardman
More than one dozen cities and counties levy progressive taxes on high-price real estate transactions — sometimes called mansion taxes — and over a dozen more are considering such policies. By asking buyers and sellers with greater financial means to contribute more to the common good, these policies are equipping communities with resources to make progress on critical challenges of local and national concern.
Revenue-Raising Proposals in President Biden’s Fiscal Year 2025 Budget Plan
March 12, 2024 • By Steve Wamhoff
President Biden’s most recent budget plan includes proposals that would raise more than $5 trillion from high-income individuals and corporations over a decade. Like the budget plan he submitted to Congress last year, it would partly reverse the Trump tax cuts for corporations and high-income individuals, clamp down on corporate tax avoidance, and require the wealthiest individuals to pay taxes on their capital gains income just as they are required to for other types of income, among other reforms.
Some states have improved tax equity by raising new revenue from the well-off and creating or expanding refundable tax credits for low- and moderate-income families in recent years. Others, however, have gone the opposite direction, pushing through deep and damaging tax cuts that disproportionately help the rich. Many of these negative developments are quantified in […]
President Biden discussed multiple tax proposals during the State of the Union address to Congress. Several of these proposals appeared in the budget plan he submitted to Congress last year, but at least two appear to be new proposals. Raise Corporate Tax Rate from 21 Percent to 28 Percent 10-Year Revenue Impact in President’s Previous […]
Anti-tax interests finally found the end of the tax cutting appetite in a few states this week...
Tax Cuts Fail Again in Kansas and Wisconsin; Lawmakers Should Pivot to Proven Investments
March 6, 2024 • By Neva Butkus
The governors of both Kansas and Wisconsin recently stood up to legislators who tried to push through costly tax cuts that would overwhelmingly benefit the most well-off. Lawmakers in those states and others should shift their focus from expensive, top-heavy tax cuts to tried and true policies that help middle-class and low-income families.
While many state lawmakers have spent the past few years debating deep and damaging tax cuts that disproportionately help the rich, more forward-thinking lawmakers have improved tax equity by raising new revenue from the well-off and creating or expanding refundable tax credits for low- and moderate-income families.
Corporate Tax Avoidance in the First Five Years of the Trump Tax Law
February 29, 2024 • By Matthew Gardner, Spandan Marasini, Steve Wamhoff
The Trump tax law overhaul cut the federal corporate income tax rate from 35 percent to 21 percent, but during the first five years it has been in effect, most profitable corporations paid considerably less than that.
State legislative sessions are in full swing with New Jersey and Oklahoma both particularly active this week...
ITEP in the News
AP News: Ohio Budget Bill With Browns Stadium Funding, LGBTQ+ Restrictions Heads to Gov. Mike DeWine
CNBC: How the Republican Megabill Targets Immigrant Finances
The Wall Street Journal: The Tax Bill Would Deliver a Big Win for Private Schools – and Investors
USA Today: Trump Orders ICE to Expand Efforts in NYC, LA, Chicago: See How Many Immigrants Live in Major Metros
WHYY News: ‘Every dollar counts’: Critics Say Plan to Increase Fees, Taxes and Tolls Will Disproportionately Hurt Poor Delawareans
ITEP Work in Action
NC Budget & Tax Center: It’s Time for a Millionaire’s Tax in North Carolina
Nebraska Legislature: Poverty Elimination Action Plan
Video: ITEP's Amy Hanauer Discusses 2025 Tax Bill on Power at Work Blogcast
League of Women Voters: What's Happening with Medicaid, Tax Cuts, and Budget Bills?
EdTrust: The Great American Heist: Taxing Education, Not Billionaires or Corporations
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