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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.
State Rundown 6/28: Movement on Refundable Credits Remains Hot Topic in 2023
June 28, 2023 • By ITEP Staff
The trend of state lawmakers taking big steps on important tax credits like the Child Tax Credit and Earned Income Tax Credit is coming out in full force this week...
State Action on Child Tax Credits and Earned Income Tax Credits in 2023
June 28, 2023 • By ITEP Staff
In 2023 so far, 17 states have either adopted or expanded a Child Tax Credit or Earned Income Tax Credit. Both these policies can help bolster the economic security of low- and middle-income families and position the next generation for success.
Congressional Republicans Distort a New Report on the Global Minimum Tax
June 22, 2023 • By Steve Wamhoff
The notion that we are better off allowing our corporations to pretend their profits are earned in the Cayman Islands or Ireland simply defies logic and the facts. There is no scenario in which the U.S. would be better by ditching the international agreement that the government already negotiated.
Summer is here and many states nearing the end of their legislative sessions. Temperatures are rising in more ways than one in some state legislatures while others seem to be cooling off.
As the sweet days of summer pass, the scent of jasmine isn't the only thing blowing through the minds of state lawmakers, as tax policy discussions remain at the forefront...
Expanding the Child Tax Credit Would Help Nearly 60 Million Kids, Especially Those in Families with Low Incomes
June 13, 2023 • By Joe Hughes
Restoring the federal Child Tax Credit to 2021 levels would benefit nearly 60 million children. Three-quarters of the benefit would go to families in the bottom three quintiles, consisting of households with less than $86,600 in income.
Illinois Voucher Tax Credits Don’t ‘Invest in Kids,’ They Invest in Inequality
June 12, 2023 • By Carl Davis
By allowing their school privatization tax credit to expire at the end of the year, Illinois lawmakers can take a meaningful step toward better tax and education policy, and a clear show of support for our nation’s public education system.
Trio of GOP Tax Bills Would Expand Corporate Tax Breaks While Doing Little for Americans Who Most Need Help
June 11, 2023 • By Steve Wamhoff
The trio of tax bills that cleared the House Ways and Means Committee in June include tax cuts that would mostly benefit the richest one percent of Americans and foreign investors.
Letter to IRS on Section 1001 Regulation in 2023-2024 Priority Guidance Plan
June 9, 2023 • By ITEP Staff
Read as PDF Re: Recommendation for Inclusion of Section 1001 Regulation in 2023-2024 Priority Guidance Plan To Whom It May Concern, We are writing to respectfully urge that the IRS return to the work it left unfinished in 2019 when it issued final regulations on “Contributions in Exchange for State or Local Tax Credits” (RIN: […]
Across the country, the marathon budget season has held pace, with a steady stream of bills continuing to cross the finish line...
This op-ed was originally published by Route Fifty and co-written by ITEP State Director Aidan Davis and Center on Budget and Policy Priorities Senior Advisor for State Tax Policy Wesley Tharpe. There’s a troubling trend in state capitols across the country: Some lawmakers are pushing big, permanent tax cuts that primarily benefit the wealthy and […]
Debt-Limit Deal’s Provision to Let Tax Cheats Off the Hook Will Increase the Deficit
June 1, 2023 • By Jon Whiten
The latest debt-limit bill in Congress includes a provision to claw back important IRS funding meant to crack down on wealthy tax cheats. This cut in funding would actually increase the deficit while continuing the rig the system in favor of the most well-off.
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