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State Rundown 8/10: Pump the ‘Breaks’ on Sales Tax Holiday Celebrations
August 10, 2023 • By ITEP Staff
August is here, school is starting, and with that comes back to school shopping...
Weakening the SALT Cap Would Make House Tax Package More Expensive and More Tilted in Favor of the Wealthiest
August 7, 2023 • By Steve Wamhoff
The three tax bills that cleared the House Ways and Means Committee in June are reportedly stalled due to some House Republicans’ demands that the package include provisions weakening the $10,000 cap on deductions for state and local taxes (SALT). Modifying the House tax package in this way would make it much more expensive while benefiting the richest fifth of taxpayers almost exclusively.
The number of states with sales tax holidays on the books fell to 19 in 2023 from 20 in 2022. Yet even as slightly fewer states have them, they are estimated to cost much more. In 2023, sales tax holidays will cost states and localities nearly $1.6 billion in lost revenue, up from an estimated $1 billion just a year ago.
A Lot for A Little: Gimmicky Sales Tax Holidays Are an Ineffective Substitute for Real Sales Tax Reform
August 3, 2023 • By Marco Guzman
This year, 19 states will forgo a combined $1.6 billion in tax revenue on sales tax holidays—politically popular, yet ultimately ineffective gimmicks with minimal benefits and significant downsides.
Sales Tax Holidays: An Ineffective Alternative to Real Sales Tax Reform
August 2, 2023 • By Marco Guzman
Nineteen states have sales tax holidays on the books in 2023, and these suspensions will cost nearly $1.6 billion in lost revenue this year. Sales tax holidays are poorly targeted and too temporary to meaningfully change the regressive nature of a state’s tax system. Overall, the benefits of sales tax holidays are minimal while their downsides are significant.
The Dog Days of summer are upon us, and with most states out of session and extreme heat waves making their way across the country, it’s a perfect time to sit back and catch up on all your favorite state tax happenings (ideally with a cool drink in hand)...
States and Localities are Making Progress on Curbing Unjust Fees and Fines
July 18, 2023 • By Andrew Boardman
Too many state and local governments tap legal-system collections, rather than adequate tax systems, to fund shared essentials like public safety and education. But a growing number of states and localities are choosing a better approach. Momentum for change has continued to build in 2023, with no fewer than seven states enacting substantial improvements.
Most state legislatures have adjourned for 2023, and that means it’s a perfect time to look at the tax policy trends that have formed thus far...
We can make modest reforms to better tax those who are taking a larger share of our wealth and income in order to reinforce a major pillar of our promise to Americans.
‘Fair Share Act’ Would Strengthen Medicare and Social Security Taxes
July 11, 2023 • By Joe Hughes, Steve Wamhoff
The Medicare and Social Security Fair Share Act would reform the taxes that Americans pay to finance these two important programs so that the richest 2 percent of Americans pay these taxes on most of their income the way that middle-class taxpayers already do.
Nearly one-third of states took steps to improve their tax systems this year by investing in people through refundable tax credits, and in a few notable cases by raising revenue from those most able to pay. But another third of states lost ground, continuing a trend of permanent tax cuts that overwhelmingly benefit high-income households and make tax codes less adequate and equitable.
State lawmakers continue to make groundbreaking progress on state tax credits, with 17 states creating or enhancing Child Tax Credits or Earned Income Tax Credits so far this year. These policies have the potential to boost family economic security and dramatically reduce the number of children living below the poverty line.
Minnesota’s Tax Battle of 2023 Signals a Turning of the Tide Against Corporate Tax Avoidance
July 7, 2023 • By Matthew Gardner
The qualified success of Minnesota’s GILTI conformity—to say nothing of the state’s serious dalliance with the game-changing worldwide combined reporting--sends a clear signal that the days may be coming to an end when big multinationals can scare state lawmakers into allowing them to game the tax system.
State Rundown 7/6: Tax Policy Keeping Governors Busy from Coast to Coast
July 6, 2023 • By ITEP Staff
From coast to coast, state governors have been busy inking their signature on a growing list of consequential budget and tax bills...
Corporations Reap Billions in Tax Breaks Under ‘Bonus Depreciation’
June 29, 2023 • By Matthew Gardner, Steve Wamhoff
Since TCJA expanded tax breaks for “accelerated depreciation” starting in 2018, it has reduced taxes by nearly $67 billion for the 25 profitable corporations that benefited the most. Congress is now looking at extending this policy.
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