• blog  September 3, 2020

    Millionaire Population Swells in Blue States Despite Migration Fearmongering

    Although the 2017 Tax Cuts and Jobs Act has created a slew of problems, it is now clear that a mass migration of top earners out of higher-tax blue states is not one of them.

  • blog  September 3, 2020

    The Rich Are Weathering the Pandemic Just Fine: Tax Them

    Reductions in critical state and local investments, including health care and education, would only exacerbate the economic crisis brought on by COVID-19 and worsen racial and income inequality for years to come. Higher taxes on top earners are among the best options for addressing pandemic-related state revenue shortfalls in the coming months.

  • blog  August 26, 2020

    State Rundown 8/26: Progressive Revenue Ideas Featured in Many States’ Fiscal Debates

    Voters could significantly change the tax landscape through ballot measures this November regarding oil taxes in Alaska and a high-income surcharge for education funding in Arizona. Legislators are doing their part to bring progressive tax ideas to the fore as well, including a possible wealth tax in California, a millionaires tax in New Jersey, and a pied-a-terre proposal in New York. And Nebraska lawmakers reached a property tax and business tax subsidy compromise before closing out their session, but did not identify progressive revenue sources to fund it and will likely be back at the bargaining table before long.

  • ITEP Work in Action  August 26, 2020

    South Strong: Racial Equity and Taxes in Southern States

    Southern states have a particularly egregious record on tax equity, rooted partly in racism. Lawmakers baked some of the most egregious and anti-democratic tax policies…
  • blog  August 25, 2020

    Missed Opportunity: Flimsy Paper Touts Flawed Program

    Republicans continue to tout Opportunity Zones as their main vehicle to assist poor people, most recently with a deeply flawed report from President Trump’s White House Council of Economic Advisors and a mention from Donald Trump Jr. in his opening night convention speech. The report purports to compare—as a way of cutting poverty—tax breaks for investors vs food, cash or health insurance coverage for struggling families.

  • blog  August 18, 2020

    Analysis: Trump’s Proposed Capital Gains Break Almost Exclusively Benefits Top 1 Percent

    On Aug. 13, President Trump pledged to cut the top federal income tax for capital gains to 15 percent. The Institute on Taxation and Economic Policy estimates that 99 percent of the benefits would go to the richest 1 percent of taxpayers. This is unsurprising given that only those with taxable income of nearly half a million dollars are subject to a capital gains tax rate higher than 15 percent.

  • blog  August 17, 2020

    Trump’s Executive Order on Social Security Payroll Taxes Is a Mess 

    President Trump’s executive order that would supposedly allow workers to delay paying Social Security taxes, along with his related public statements, have created a situation that is bizarre even by 2020 standards.  

  • blog  August 14, 2020

    Action (lack thereof) on Economic Aid Reflects Longstanding Anti-Government Agenda

    The biggest danger we face right now is that politicians will fail to get this health crisis under control and Americans will continue to die. The second biggest danger is that elected officials will fail to help families and communities, leading to foreclosures, evictions, and impoverishment—and also torpedoing the economy. With their inaction this week, the Senate seems determined to do both. Hold on everyone, we’re in for a sickening ride.  

  • blog  August 12, 2020

    State Rundown 8/12: States Find Themselves in New Unemployment Pickle

    Even in statehouses, many eyes remained on Congress and President Trump this week as state lawmakers advocated for needed federal fiscal relief and debated whether they can afford to join in on the president’s executive order requiring states to partially fund a new version of enhanced unemployment benefits that have otherwise expired.

  • blog  August 12, 2020

    IRS Rule Leaves the Door Open for Private/Religious School Voucher Donation Schemes, Broader SALT Cap Workarounds

    An IRS regulation released last Friday sanctions a widely derided tax dodge that allows profitable businesses to avoid taxes by sending money to private and religious school voucher funds. It also leaves the door open to a brand of state and local tax (SALT) cap workaround that previously appeared to be on its way out.