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blog
July 20, 2021
Child Tax Credit Expansion Acknowledges There Is More We Can Do for Children
For the next six months, low-, middle- and upper-middle-income families with children are eligible to receive part of their 2021 Child Tax Credit (CTC) in advanced monthly payments. More than putting money in people’s pockets, this policy recognizes “the dignity of working-class families and middle-class families,” as President Biden said last week.
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blog
July 16, 2021
Opposition to Biden’s Tax Plan Has Nothing to Do with Small Businesses or Family Farms
Special interests lobbying against President Joe Biden’s tax agenda claim that his proposed corporate income tax rate hike will harm small businesses and that his proposed capital gains tax reforms will hurt family farms. Both claims are absurd attempts by powerful interests to pretend they are defending the little guy.
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blog
July 16, 2021
Washington Post Confirms that Corporations Are Bolder than Ever in Claiming Dubious Tax Breaks
IRS budget cuts starting in 2010 have forced the agency to reduce its audit rate for corporations with $20 billion or more in assets from 98 percent to 50 percent. The Washington Post found that during the decade, the amount of “uncertain tax benefits” claimed by corporations increased 43 percent, from $164 billion in 2010 to $235 billion in 2020.
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blog
July 16, 2021
The Last Dance for Billionaire Sports Owners?
Comparing athletes to inanimate objects, of course, is incredibly degrading. It’s also standard fare in the sports talk world to compare athletes to stocks in which you want to buy low and trade high to maximize your returns—the greatest return usually being championship trophies. It wasn’t until ProPublica released its latest report, The Billionaire Playbook: How Sports Owners Use Their Teams to Avoid Millions in Taxes, that we were able to see so clearly how the athlete as a stock is not just a dehumanizing concept in team sports at the individual level, but also how owners of sports teams view these players collectively. That is until it comes time to pay their taxes.
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blog
July 15, 2021
Experts Weigh in on the Payoffs of Advanced Child Tax Credit Payments
During a Tuesday webinar (The Child Tax Credit in Practice: What We Know about the Payoffs of Payments) hosted by ITEP and the Economic Security Project, panelists explained why the expanded Child Tax Credit is a transformative policy that should be extended beyond 2021. They highlighted tax policy and anti-poverty research and discussed lessons learned from demonstration projects that have provided a guaranteed income to low-income families.
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blog
July 14, 2021
A Divided and Insufficiently Taxed House Cannot Stand
“It’s not just condominium buildings that are showing their age,” Peter Coy writes in a piece critiquing the condominium form of ownership for underinvesting in maintenance. Coy just as easily could have been describing American democracy that is showing its age in similar ways.
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blog
July 7, 2021
State Rundown 7/7: The New Fiscal Year Starts off With a Bang, And Not Just Fireworks
States were busy over the past week despite the Fourth of July holiday. Many are gearing up for upcoming tax and budget clashes that could shape their futures for some time…
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blog
July 7, 2021
In Drive to Cut Taxes, States Blow an Opportunity to Invest in Underfunded Services
Many states find themselves in a peculiar fiscal situation right now: federal pandemic relief money has been dispersed to states and revenue projections have exceeded expectations set during the pandemic. Meanwhile, more and more workers are returning to jobs as vaccines roll out and typical economic activity resumes. Some states, however, have decided to squander their unexpected fiscal strength on tax cuts.
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July 7, 2021
The Child Tax Credit in Practice: What We Know About the Payoffs of Payments (Webinar)
Join us for a discussion on why tax credits like the Child Tax Credit (CTC) expansion are good economic policy. You’ll hear from anti-poverty experts on why Congress should extend the policy beyond 2021 and what we can learn from an initiative providing low-income mothers in Jackson, Miss., $1,000 cash on a monthly basis, no strings attached. From theory to practice and what it means for American families, this CTC webinar will provide a unique angle through which to view this transformative policy.
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blog
July 7, 2021
Congress Should Follow States’ Lead on Inclusive Economic Recovery
President Joe Biden’s American Families and Jobs plans intend to “build back better” and create a more inclusive economy. To fully live up to this ideal, the final plan must include undocumented people and their families.