[Real estate investors] can fall behind on their debts and still face fewer tax penalties for having the debt forgiven than other kinds of investors, according to Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy. Trump took advantage of that, Wamhoff says, when he couldn’t repay debts on his Atlantic City casinos in the 1990s and early 2000s.
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 October 4, 2018 Washington Post: How big developers like Trump benefit from web of tax breaks
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media mention August 23, 2018 New Hampshire Business: Winners and Losers Under the New Tax Plan
The new law also doubles the standard deduction, making it likely that fewer business owners will itemize on their returns, and that could have a negative impact on things like… -
media mention August 15, 2018 Gannette: NJ Suit Over SALT Deduction Would Help the State’s Richest 1.5 Percent the Most
That reality has led some who joined Democrats in complaining about way tax cuts were distributed to criticize efforts to overturn the SALT cap. “The Trump tax law gives away the store to the… -
media mention July 11, 2018 New York Times: $111 Billion in Tax Cuts for the Top 1 Percent
Think of it this way: Income inequality has soared in recent decades, with the wealthy pulling away from everyone else and the upper-middle-class doing better than the working class or… -
media mention July 11, 2018 Vox: America’s Getting $10 Trillion in Tax Cuts, and 20% of Them Are Going to the Richest 1%
The first analysis, from the Institute on Taxation and Economic and Policy, a liberal-leaning think tank, found that from 2001 through 2018, changes to the federal tax code have reduced… -
media mention July 11, 2018 The Hill: Tax Cuts Since 2000 Have Mostly Benefited High Earners
Households in the top fifth of income levels have received 65 percent of the value of tax changes enacted since 2000, according to a report released Wednesday by the left-leaning… -
media mention July 11, 2018 Yahoo! Finance: The Steep Cost of Tax Cuts Since 2001
Tax cuts enacted since the turn of the 21st century have added nearly $6 trillion to the deficit while disproportionately benefiting wealthy households, according to a new study from the… -
media mention May 24, 2018 Washington Post: NJ Democrats Loved the Idea of Taxing the Rich Until They Could Actually Do It
A spokesman for Sweeney, the state Senate president, said families earning over $1.1 million in New Jersey already face an average $738 tax hike under the GOP law, citing data… -
May 15, 2018 The Hill: We Need Real Tax Reform
Following is an excerpt from an op-ed by Steve Wamhoff, ITEP director of federal policy, published in The Hill on May 15, 2018. By now, it’s crystal clear that the… -
media mention January 17, 2018 City & State: Cuomo’s Tax Work Arounds Would Be Challenging
Steve Wamhoff, senior fellow for federal tax policy at the nonpartisan Institute on Taxation and Economic Policy, gave the example that if a person gave $100 to a public radio… -
media mention January 17, 2018 Albany Times-Union: States Release Plans to Shift from Income to Payroll Taxes
But the concept has sparked questions from both sides of the political spectrum. “You are making the state code increasingly complicated and for what?” said Steve Wamhoff, a senior tax… -
media mention January 12, 2018 Bloomberg: Trump’s SALT `War’ Revisited: Most Blue Staters Will Get Tax Cut
n blue New Jersey, for instance, the new law will raise taxes on about 285,000 filers earning between $79,890 and $336,620, with a typical hike of about $1,400, according to an… -
media mention December 22, 2017 Fortune: Real Estate Investors Will Love This Last-Minute Change to the Tax Plan
This is an excerpt from an op-ed by ITEP Senior Fellow Steve Wamhoff that appeared in Fortune. A last-minute change to the just-passed tax plan that would benefit real estate… -
media mention December 20, 2017 The Chicago Tribune: The GOP Tax Plan Has a Nasty Surprise for Parents with College-Age Kids
“I don’t think they gave it a lot of thought,” said Steve Wamhoff, senior fellow for federal tax policy at the Institute on Taxation and Economic Policy. Currently, all parents… -
media mention December 20, 2017 USA Today: The new tax plan will make Trump’s family richer, experts say. Here’s how.
“Usually when people sell property at a profit, that profit is considered income and taxed,” said Steve Wamhoff, senior fellow for federal tax policy at the nonpartisan Institute on Taxation… -
media mention November 30, 2017 New York Times: Trump Says GOP Tax Bill Won’t Benefit Him. That’s Not True
Mr. Trump still has not released his tax returns, so it’s impossible to know to what extent he would personally benefit from the legislation. But there’s little doubt that he… -
media mention October 30, 2017 NPR’s On Point: Who Benefits from GOP Tax Plan
We go to the biggest legislative push yet by the president and Republican Congress: to overhaul American taxes. Details slated to be released this week, with a lightning-fast push through… -
media mention September 1, 2017 CBS News Moneywatch: Can Trump’s Corporate Tax Cuts Help the Middle Class?
Fortune 500 companies now hold about $2.6 trillion in offshore cash, which leads to billions in lost federal taxes, according to the Institute on Taxation and Economic Policy. A set… -
media mention August 23, 2017 Think Progress: Trump Plans Major Tax Cut for the Rich But Americans Want the Exact Opposite
“Regardless of what state you live in, the Trump tax proposals were not created to benefit you unless you are really well-off,” Steve Wamhoff, senior fellow for federal tax policy… -
media mention August 13, 2017 Washington Examiner: Mitch McConnell Faces Dug-in Democrats on Tax Reform
“There’s been more and more awareness that actually C-corporations are not paying 35 percent in taxes,” said Steven Wamhoff, a tax expert at the Institute on Taxation and Economic Policy,… -
media mention July 11, 2017 The Hill: Repealing Obamacare Has Always Been about Tax Cuts for the Rich
Below is an excerpt of an op-ed by ITEP Senior Fellow Steve Wamhoff that was published in The Hill on July 11, 2017 Does moving a tax cut for the…