Steve Wamhoff
Steve Wamhoff is ITEP’s director of federal tax policy. In this role, he is responsible for setting the organization’s federal research and policy agenda. He is the author of numerous reports and analyses of federal tax policies as well as in-depth policy briefs that outline how the federal income tax and corporate tax code can be overhauled to improve tax fairness.
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media mention March 29, 2022 MarketWatch: Can Biden turn his ‘billionaire minimum income tax’ into law?
The minimum tax payments would count as a “prepayment,” credited against future capital-gains taxes, the Treasury Department said. That way, when the asset was finally sold off, it would not… -
media mention March 29, 2022 Fortune: President Biden says his ‘Billionaire Minimum Income Tax’ would raise $360 billion. How does it work?
The highest likelihood is through “reconciliation” — a budget process for passing fiscal legislation with a simple majority of Senate votes. That will require buy-in from West Virginia Sen. Joe… -
media mention March 11, 2022 McClatchy: Would a gas tax break help drivers save that much money? Here’s what experts say
According to the American Petroleum Institute, the federal tax on gas is about 18 cents per gallon. National gas prices average about $4 per gallon as of March 11, according… -
media mention February 25, 2022 Politifact: States’ Pursuit of Top-Heavy Tax Cuts Is Disconnected from Reality
Steve Wamhoff, the director of federal tax policy at the Institute on Taxation and Economic Policy, said that group includes many retirees or people with disabilities who are collecting Social Security benefits,… -
media mention November 8, 2021 Star-Ledger: On SALT, Dems push tax relief for the rich, not the middle class
It’s true: Eliminating the limit on the SALT deduction would be more costly than the other parts of Biden’s social spending agenda, including the extension of the child tax credit,… -
media mention November 3, 2021 Washington Post: Democrats look at expanding minimum tax on wealthy in exchange for state and local tax break
“The majority of benefits from repealing the SALT cap just go to the 1 percent,” said Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy. “If… -
media mention November 3, 2021 Newsmax: Dems Consider Upping Minimum Tax on Rich in Exchange for SALT Deduction Cap
Steve Wamhoff, an expert on taxes with the Institute on Taxation and Economic Policy, said that “the majority of benefits from repealing the SALT cap just go to the 1… -
media mention October 30, 2021 CNBC: Democrats still weighing changes to limit on state and local taxes deduction
One proposal, for example, removes the cap for 2022 and 2023 and restores it for 2026 and 2027, after it’s scheduled to sunset per the Tax Cuts and Jobs Act.… -
media mention October 28, 2021 Wall Street Journal: Corporate Minimum Tax Resurfaces
But there is little evidence that immediate expensing significantly encourages more investment, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a progressive… -
media mention October 28, 2021 The Wall Street Journal: Biden Stock Buyback Tax: What to Know About the Latest Proposal
Supporters of the buyback tax acknowledge companies can instead shift spending to regular or special dividends, which would be taxed to the recipients. “Isn’t that the issue with stock buybacks?”… -
media mention October 22, 2021 Bloomberg: How Democrats Could Tax Companies More—Without Undoing Trump’s Tax Cuts
However, Democrats would need to take a much more aggressive approach if they want to raise revenue to cover some of the gap from a company, according to Steve Wamhoff,… -
media mention October 22, 2021 Marketwatch: As Democrats’ tax proposals evolve, the outlook for the super-rich is improving
“There is no doubt that wealthy people are talking Democratic lawmakers into doing things that are not popular with the American public,” said Steve Wamhoff, director of federal tax policy… -
media mention October 13, 2021 Fast Company: Is the Global Minimum Tax Enough?
The result of many months of negotiations, the decision means companies doing business abroad will have to pay a minimum tax of 15% on their overseas profits, leaving little advantage… -
media mention October 12, 2021 McClatchy: Biden’s spending plan has big income tax changes. Here are the Californians who would benefit
Chief beneficiaries of tax cuts would be parents and very low-income workers without children who are among the lowest 20% of income earners, which means those making less than $29,100… -
media mention October 10, 2021 Associated Press: How US states help rich foreigners shield assets
The Pandora Papers revealed how hundreds of politicians, celebrities, religious leaders and drug dealers have used shell companies and trusts to hide their wealth and investments. “The Pandora Papers is… -
media mention October 8, 2021 Associated Press: ‘Pandora Papers’ bring renewed calls for tax haven scrutiny
“The Pandora Papers is all about individuals using secrecy jurisdictions, which we would call tax havens, when the goal is to evade taxes,” said Steve Wamhoff, director of federal tax… -
media mention October 8, 2021 Politico: Democrats likely to throw billions in tax hikes overboard as spending plans shrink
“Democrats need to think about reforms to capital gains that prevent rich people from avoiding capital gains,” said Steve Wamhoff, a former tax aide to Sen. Bernie Sanders (I-Vt.) now… -
media mention September 14, 2021 The Hill: House Democrats take step back from Biden on tax hikes
Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, said the committee’s proposal would be a “huge improvement” over the current tax code. But… -
media mention September 13, 2021 Daily Tax Report: House Democrats’ International Tax Plan More Modest in Aim
“It’s definitely more corporate-friendly than the Biden plan,” said Steve Wamhoff, director of federal tax policy for the left-leaning Institute on Taxation and Economic Policy. But in big-picture terms, he… -
media mention September 8, 2021 Wall Street Journal: Heirs, Estates and the Step-Up in Basis Rule
Following is an excerpt from a letter to the editor published in the Wall Street Journal by Steve Wamhoff, ITEP federal policy director. Under current law, America’s wealthiest people can… -
media mention September 2, 2021 The Hill: Progressives prepare to launch counterattack in tax fight
“Clearly what is happening is that some lawmakers are responding to a lobbying campaign by corporations and very wealthy people, and that campaign is really kicking into gear now,” said… -
media mention August 25, 2021 Bloomberg Law: Wyden Plan Retains Tax Boost But Mulls Foreign Tax Credit Perk
But public opinion supports the idea of companies paying higher taxes on their offshore profits, said Steve Wamhoff, director of federal tax policy for the Institute on Taxation and Economic… -
media mention July 29, 2021 Common Dreams: 73 Major Corporations Paid Just 5.3% Federal Tax Rate Between 2018 and 2020: Report
Thirty-nine U.S. corporations reaping over $120 billion in profits between 2018 and 2020—the first three years of the so-called “GOP tax scam”—paid no net federal income tax, or claimed refunds… -
media mention July 23, 2021 CNBC: Between stimulus checks and expanded tax credits, here’s how much federal money you could get
Between cash hitting bank accounts — in the form of stimulus payments and advance child tax credits — and the expanded earned income tax credit, the value is an average… -
media mention July 22, 2021 CNBC: Between stimulus checks and expanded tax credits, here’s how much federal money you could get
t looks like the combination of stimulus checks and at least two expanded tax credits will be a boon to most U.S. households. Between cash hitting bank accounts — in…