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blog
August 29, 2019
ICYMI: A Brief Summary of Our August Blogs and Reports
DESPITE CONTRARY CLAIMS, NUMBERS SHOW TRUMP TAX LAW STILL FAVORS THE WEALTHY GOP leaders continue to misrepresent who benefits from the 2017 Trump-GOP tax law,… -
blog
August 29, 2019
New Analysis: A Third of NC Taxpayers Won’t Benefit from Proposed Tax Refund Plan
North Carolina Senate and House leaders are moving forward with a flawed proposal to spend the majority of the state’s revenue over collections, more than $600 million, to issue tax refund checks of $125 per taxpayer ($250 for married couples).
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blog
August 29, 2019
State Rundown 8/29: August or Ugh-ust Summer Tax Debates?
The hottest, stickiest month of the year has left a grimy feeling on several state tax debates, as Idaho lawmakers find themselves unable to fund the state’s priorities after years of cutting taxes, Alaskans express their support for public investments to their governor’s polling office and then watch the governor slash them anyway, New Jersey lawmakers go to bat for ineffective and corrupt business tax subsidies, and residents of North Carolina watch their representatives pursue cheap political points over sound investments and thoughtful policy. Nonetheless, residents and advocates on the other side of these and other debates have fought long and hard for better policy choices, and will undoubtedly continue to do so.
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blog
August 28, 2019
Updated Estimates from ITEP: Trump Tax Law Still Benefits the Rich No Matter How You Look at It
President Trump’s allies in Congress continue to defend their 2017 tax law in misleading ways. Just last week, Republicans on the House Ways and Means Committee stated that most “of the tax overhaul went into the pockets of working families and Main Street businesses who need it most, not Wall Street.” ITEP’s most recent analysis estimates that in 2020 the richest 5 percent of taxpayers will receive $145 billion in tax cuts, or half the law’s benefits to U.S. taxpayers.
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report
August 28, 2019
TCJA by the Numbers, 2020
The Tax Cuts and Jobs Act (TCJA), signed into law by President Trump at the end of 2017, includes provisions that dramatically cut taxes and provisions that offset a fraction of the revenue loss by eliminating or limiting certain tax breaks. This page includes estimates of TCJA’s impacts in 2020.
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blog
August 22, 2019
Why California’s Cannabis Market May Not Tell You Much about Legalization in Your State
New tax data out of California, the world’s largest market for legal cannabis, tell a complicated story about the cannabis industry and its tax revenue potential. Legal cannabis markets take time to establish, and depending on local market conditions, the revenue states raise can vary significantly.
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blog
August 20, 2019
White House Considers Payroll Tax Cut that GOP Opposed During Obama Years
The Trump Administration is considering cutting the Social Security payroll tax to prevent an economic downturn, something that seemed more justified when enacted in the aftermath of the Great Recession—when congressional Republicans largely opposed it. Here are some things to remember about this tax.
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blog
August 20, 2019
Business Roundtable’s Newfound Devotion to Corporate Responsibility Doesn’t Include Paying Taxes
If you squint really hard, the Business Roundtable’s newly declared fondness for “supporting the communities in which we work” could be read as an acknowledgment of the need for a tax system that can pay for needed services. But it’s not.
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map
August 16, 2019
Which States Allow Deductions for Federal Income Taxes Paid?
Six states allow an unusual income tax deduction for federal income taxes paid. These deductions are detrimental to state income tax systems on many fronts, as they offer large benefits to high-income earners and undercut the adequacy and stability of state income tax systems.
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blog
August 16, 2019
One Tax System for Most Americans, and a Second System for the Wealthiest
Last year, the Walton family’s fortune grew by $100 million a day. This level of wealth is particularly obscene in the context of the Walmart Corporation’s dark store strategy. The company works nationwide to reduce its property tax assessments, which, when successful, deprives local communities of revenue necessary to fund education, libraries, parks, public health and other services.