Recent Work by ITEP

House Ways and Means Provisions to Raise Revenue Would Significantly Improve Our Tax System But Fall Short of the President’s Plan

September 15, 2021 • By Steve Wamhoff

High-income people and corporations would pay more than they do today, which is a monumental change. But some wealthy billionaires like Jeff Bezos would continue to pay an effective rate of zero percent on most of their income, and American corporations would still have some incentives to shift profits offshore.

State Rundown 9/15: It’s a Little Too Quiet…

September 15, 2021 • By ITEP Staff

Though we can’t fault anyone for being distracted by the major stories of the day, we at ITEP remain committed to keeping you up to date on what’s happening in the tax world around you...

New Census Data Highlight Need for Permanent Child Tax Credit Expansion

September 14, 2021 • By Neva Butkus

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.

A Data-Driven Case for the CTC Expansion in the Ways & Means Committee’s Recent Proposal

September 13, 2021 • By Aidan Davis

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.

Extending Federal EITC Enhancements Would Bolster the Effects of State-Level Credits

September 13, 2021 • By Aidan Davis

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.

Frequently Asked Questions about Proposals to Repeal the Cap on Federal Tax Deductions for State and Local Taxes (SALT)

September 3, 2021 • By Carl Davis, ITEP Staff, Steve Wamhoff

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.

It’s Not About Farms: Don’t Let Lies Crush Biden’s Tax Plan

September 2, 2021 • By Steve Wamhoff

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.  

State Rundown 9/1: Labor Day Edition

September 1, 2021 • By ITEP Staff

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...

Millionaire Sounds Off on Calls to Lift SALT Deduction Cap

August 27, 2021 • By Reggie Rucker

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.

New Report from ITEP Describes Options for Changing the SALT Cap without Repealing It

August 26, 2021 • By Steve Wamhoff

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 Trump as part of the Tax Cuts and Jobs Act.   Because the SALT cap mostly restricts tax deductions for the richest 5 percent of Americans, the best options are to leave the cap as is or replace […]