Publication Search Results
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report April 2, 2021 Corporate Tax Reform in the Wake of the Pandemic
Read as PDF Note: This report is adapted from written testimony submitted by Amy Hanauer before testifying in person to the Senate Budget Committee on March 25, 2021. In 2020,… -
report March 31, 2021 Taxes and Racial Equity: An Overview of State and Local Policy Impacts
Historic and current injustices, both in public policy and in broader society, have resulted in vast disparities in income and wealth across race and ethnicity. Employment discrimination has denied good job opportunities to people of color. An uneven system of public education funding advantages wealthier white people and produces unequal educational outcomes. Racist policies such as redlining and discrimination in lending practices have denied countless Black families the opportunity to become homeowners or business owners, creating extraordinary differences in intergenerational wealth. These inequities have long-lasting effects that compound over time.
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March 25, 2021 Testimony to Senate Budget Committee on Ending a Rigged Tax Code: The Need To Make the Wealthiest People and Largest Corporations Pay their Fair Share of Taxes
Following is testimony of ITEP Executive Director Amy Hanauer before the Senate Budget Committee to consider “Ending a Rigged Tax Code: The Need To Make the Wealthiest People and Largest… -
report March 7, 2021 Estimates of Cash Payment and Tax Credit Provisions in American Rescue Plan
Update: On March 10, the House passed the Senate version of the COVID relief bill, called the American Rescue Plan Act, and sent it to President Biden for his signature. This means that the Senate version of the bill described herein is the final legislation enacted into law.
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brief March 5, 2021 How Long Has It Been Since Your State Raised Its Gas Tax?
Many state governments are struggling to repair and expand their transportation infrastructure because they are attempting to cover the rising cost of asphalt, machinery, and other construction materials with fixed-rate gasoline taxes that are rarely increased.
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report February 24, 2021 Comparing Flat-Rate Income Tax Options for Alaska
Alaska lawmakers are facing an unprecedented fiscal crisis. The state is more dependent than any other on oil tax and royalty revenues but declines in oil prices and production levels have sapped much of the vitality of these revenue sources. One way of diversifying the state’s revenue stream and narrowing the yawning gap between state revenues and expenses would be to reinstitute a statewide personal income tax. Alaska previously levied such a tax until 1980. This report contains ITEP’s analysis of the distributional impact and revenue potential of a variety of flat-rate income tax options for Alaska, based on draft legislation provided by the Legislative Budget and Audit Committee.
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February 11, 2021 Testimony to Washington State Legislature House Finance Committee on HB 1496
Read as PDF Following is testimony of ITEP Senior State Tax Policy Analyst Dylan Grundman O’Neill submitted to Washington State Legislature House Finance Committee in support of HB 1496. “Hello… -
report January 26, 2021 Child Tax Credit Enhancements Under the American Rescue Plan
President Joe Biden’s coronavirus relief package, the American Rescue Plan, includes a significant expansion of the Child Tax Credit (CTC). The president’s proposal provides a $125 billion boost in funding for the program, which would essentially double the size of the existing federal credit for households with children. Combined with existing law, the CTC provisions in Biden’s plan would provide a 37.4 percent income boost to the poorest 20 percent of families with children who make $21,300 or less a year.
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brief January 15, 2021 ANALYSIS: Cash and Tax Provisions in Biden’s Economic Recovery Plan
The $1.9 trillion economic recovery plan, known as the American Rescue Plan, announced by President-elect Biden contains, among other provisions, expanded cash payments and changes to the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC).
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brief September 25, 2020 State Taxation of Capital Gains: The Folly of Tax Cuts & Case for Proactive Reforms
The federal tax system and every state treat income from capital gains more favorably than income from work. Preferential capital gains tax treatment includes exclusions and seldom-discussed provisions like deferral and stepped-up basis, as well as more direct tax subsidies for profits realized from local investments and, in some instances, from investments around the world. This policy brief explains state capital gains taxation, examines the flaws in state capital gains tax breaks, and proposes reform options that will help make state tax systems more progressive and more equitable.