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blog
January 5, 2023
State Rundown 1/5: State Taxes Coming in Hot in New Year
The new year often brings with it new goals and a desire to take on complex problems with a fresh perspective. Unfortunately, that doesn’t always apply to state lawmakers when considering tax policy…
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blog
January 4, 2023
Trump's Tax Shenanigans Show Need for Real Reforms
Congress should unite around a basic principle that Republican, Democratic, and independent voters support: the wealthiest, whether they are presidents, CEOs, or just rich heirs, should pay their fair share. Using Trump’s tax maneuvering as a guidebook could make the tax code much fairer for all of us.
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blog
December 21, 2022
The European Union Moves Forward on Global Minimum Tax. Time for the U.S. to Follow.
The European Union has reached unanimous agreement to implement a global minimum tax beginning in 2024. With the EU and UK fully on board, it’s time for Congress to follow suit and implement the plan negotiated by the Biden administration. Doing so would improve the corporate tax system here and around the world while making the United States economy stronger and more competitive.
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blog
December 20, 2022
The Tax Deal That Wasn’t: Congress Decides Corporate Tax Cuts Are Too Expensive if it Means Also Helping Children
Congressional leaders announced their long-awaited omnibus spending package which will fund the government through September 2023. The good news: the bill does not include needless corporate tax giveaways. The bad news: it also leaves out any expansion of the child tax credit.
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blog
December 19, 2022
ITEP’s Top 5 Charts of 2022
Covering federal, state, and corporate tax work, here are our top 5 charts of 2022. It’s worth noting that the biggest tax news of 2022 – the adoption of a federal 15 percent corporate minimum tax in the Inflation Reduction Act – should make some of these charts look much better after the new law is implemented.
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blog
December 15, 2022
State Rundown 12/15: State Priorities for 2023 Begin to Take Shape
State leaders have begun to release budget projections for 2023 and a familiar theme has emerged once again: big revenue surpluses, which have many state lawmakers pushing for another round of tax cuts despite the monumental challenges that we as a country face that call for sustainable revenues…
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blog
December 14, 2022
Guide to a Potential Year-End Tax Bill in Congress
Any tax legislation enacted before this Congress ends should prioritize policies that have a proven track record of helping workers and children rather than policies that cut taxes for corporations or for individuals who are already well-off. It’s not clear right now whether lawmakers will do that – or whether they will enact any tax legislation at all before the year ends, but here we take a look at the key tax issues that lawmakers are discussing.
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blog
December 8, 2022
Lawmakers Seek to Extend Tax Break for “Research” that Corporations Use to Develop Frozen Foods, New Beer Flavors, Casino Games and Tax Avoidance
If Congress creates a tax break to encourage businesses to conduct research that benefits society, should Netflix be eligible for it? There is no shame… -
blog
December 6, 2022
Reversing the Stricter Limit on Interest Deductions: Another Huge Tax Break for Private Equity
Private equity is doing fine on its own and does not need another tax break. Congress should keep the stricter limit on deductions for interest payments —one of the few provisions in the 2017 tax law that asked large businesses to pay a little bit more.
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blog
December 5, 2022
Bipartisan Retirement Proposals Are Mostly Just More Tax Cuts for the Wealthy
The EARN Act and SECURE Act 2.0, two bipartisan retirement bills working their way through Congress, are major disappointments. They would mainly provide more tax breaks for the well-off who will most likely retire comfortably regardless of what policies Congress enacts. The bills would provide modest assistance for those who really need help to save.
