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blog
January 30, 2025
Maryland Gov. Wes Moore’s Tax Plan Boosts Revenue, Increases Fairness
Maryland’s Gov. Wes Moore put forward a tax reform plan that would make the tax system fairer, simpler, and better able to meet the state’s needs. The proposed changes to the income tax ask more of those at the top and provide an average tax cut for those earning less.
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blog
January 30, 2025
State Rundown 1/30: The Revenue Decrease is in the Details
More details on this year’s batch of major tax proposals are emerging from statehouses – and some revenue cuts look like they could be steep. A governor-backed and House-passed plan in Mississippi would phase out the personal income tax, while a recent tax cut proposal out of Idaho is anchored by a $253 million dollar income tax cut.
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blog
January 30, 2025
Tesla Reported Zero Federal Income Tax on $2 Billion of U.S. Income in 2024
Tesla reported $2.3 billion of U.S. income in 2024 but paid zero federal income tax. Over the past three years, the Elon Musk-led company reports $10.8 billion of U.S. income on which its current federal tax was just $48 million.
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blog
January 30, 2025
Maryland's Tax Reform Likely Won't Cause Millionaire Migration
The moment Gov. Wes Moore announced his proposal to reform Maryland’s tax system, in part, by raising income tax rates on high-income households, opponents began predicting that wealthy people would respond by leaving. Experience from other states says that’s not the case.
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blog
January 29, 2025
Trump and Congress’ Tax Package Likely to Worsen Racial Inequities
While the country transitions to a new, yet familiar, presidential administration, lawmakers must keep in mind: fighting racial injustice should still be one of the focal points of this year’s tax debates. In theory, the debate over extending much of 2017’s Trump tax law represents an opportunity to advance racial equity. In practice, the tax package is likely to do the opposite, worsening racial inequities that already exist.
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blog
January 22, 2025
State Rundown 1/22: Tax Policy, Affordability, and Where It Misses the Mark
As state legislative sessions ramp up many lawmakers discuss their prioritization of affordability of necessities like food and housing as they craft their legislative agendas.… -
blog
January 17, 2025
Different Approaches to the Trump Tax Law’s Cap on Deductions for State and Local Taxes (SALT)
President Trump and the Republican majorities in the House and Senate may not extend the $10,000 cap on federal income tax deductions for state and local taxes (SALT), the one part of the 2017 law that significantly limits tax breaks for the rich. And, depending on which proposal they settle on, leaving out the existing cap on SALT deductions could add between $10 billion and over $100 billion each year to the total cost of their tax plan.
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blog
January 17, 2025
Congress Could — But Won’t — Pass a Tax Package That Pays for Itself
If Republican lawmakers were serious about deficit-neutral tax reform, they would focus on increasing taxes for the ultra-wealthy and large corporations. The absence of such proposals in their plan reveals their true priority: delivering enormous tax cuts to the wealthiest Americans while average working families receive crumbs.
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blog
January 15, 2025
State Rundown 1/15: Tax Debates Heat Up Despite Winter Weather
While frigid temperatures expected across a large swath of the country, major tax proposals are heating up in the states. Governors are giving their State of the State addresses and state lawmakers have begun to convene for 2025. New York Gov. Kathy Hochul announced plans to expand the state’s Child Tax Credit earlier this year and has since announced nearly $1 billion in income tax cuts. Maryland Gov. Wes Moore unveiled a new tax proposal aimed at helping close the state’s looming revenue shortfall. The plan would increase taxes on the wealthy and cut taxes for many low- and middle-income households. Meanwhile, lawmakers in Mississippi introduced misguided legislation that would phase out their personal income tax over time and reduce the state sales tax rate on groceries.
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blog
January 14, 2025
Policymakers Unwisely Propose Cutting Property Taxes in Favor of Sales Taxes
Lawmakers across the country are taking aim at property taxes with a new strategy: raising sales taxes instead. Doing so would create a regressive tax shift that puts unfair burdens on renters and reduces the strength of local government revenues.
