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blog
September 14, 2021
New Census Data Highlight Need for Permanent Child Tax Credit Expansion
The status quo was a choice, but the Census data released today shows that different policy choices can create drastically different outcomes for children and families. It is time for our state and federal legislators to put people first when it comes to recovery.
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blog
September 13, 2021
A Data-Driven Case for the CTC Expansion in the Ways & Means Committee's Recent Proposal
The move toward permanent full refundability and inclusion of all immigrant children are crucial components of the future of the CTC. Together they will help ensure that the credit reaches the children most in need, making a vital dent in our nation’s unacceptably high rate of child poverty.
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blog
September 13, 2021
Extending Federal EITC Enhancements Would Bolster the Effects of State-Level Credits
The EITC expansion targets workers without children in the home. In 2022 it would provide a $12.4 billion boost, benefiting 19.5 million workers who on average would receive an income boost of $730 dollars.
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blog
September 3, 2021
Frequently Asked Questions about Proposals to Repeal the Cap on Federal Tax Deductions for State and Local Taxes (SALT)
Even though Democrats in Congress uniformly opposed the TCJA because its benefits went predominately to the rich, many Democratic lawmakers now want to give a tax cut to the rich by repealing the cap on SALT deductions.
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blog
September 2, 2021
It’s Not About Farms: Don’t Let Lies Crush Biden’s Tax Plan
Several former Democratic members of Congress have joined a campaign to misrepresent President Biden’s proposal to close a huge tax loophole for wealthy people with capital gains. This proposed reform is the cornerstone of the president’s tax plan. If lawmakers fall for the lies, Biden’s plan will collapse. Instead, they should do what is both popular and fair: enact the plan intact so that millionaires and billionaires no longer escape the federal income tax.
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blog
September 1, 2021
State Rundown 9/1: Labor Day Edition
Labor Day is around the corner and in the spirit of celebrating the achievements of workers around the country, we here at ITEP want to call attention to the states (and territories) that are using tax policy to support workers and residents alike…
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blog
August 27, 2021
Millionaire Sounds Off on Calls to Lift SALT Deduction Cap
We asked New York state resident Morris Pearl, former Blackrock executive and current chair of the Patriotic Millionaires, a few questions to hear straight from the mouth of a millionaire how the SALT cap and its proposed repeal would affect his life.
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blog
August 26, 2021
New Report from ITEP Describes Options for Changing the SALT Cap without Repealing It
A new report from ITEP provides policy recommendations to modify the $10,000 cap on federal tax deductions for state and local taxes (SALT), which was signed into law by President… -
report
August 26, 2021
Options to Reduce the Revenue Loss from Adjusting the SALT Cap
If lawmakers are unwilling to replace the SALT cap with a new limit on tax breaks that raises revenue, then any modification they make to the cap in the current environment will lose revenue and make the federal tax code less progressive. Given this, lawmakers should choose a policy option that loses as little revenue as possible and that does the smallest amount of damage possible to the progressivity of the federal tax code.
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brief
August 25, 2021
The One Thing Missing From the Qualified Business Income Deduction Conversation: Racial Equity
When crafting tax policy, lawmakers and bill authors often work backward, using a patchwork of changes to help achieve their stated goal. One important consideration that is routinely left out is what impact the change will have on racial equity. Such is the case with the qualified business income deduction, which is helping to further enrich wealthy business owners, the overwhelming majority of whom are white. At present, white Americans own 88 percent of private business wealth despite making up only 60 percent of the population. Meanwhile, Black and Hispanic families confronting much higher barriers to entrepreneurship each own less than 2 percent, despite making up 13 percent and 19 percent of the population, respectively.
