Recent Work
2061 items
Tax Foundation’s ‘State Business Tax Climate Index’ Bears Little Connection to Business Reality
October 31, 2022 • By Carl Davis, Matthew Gardner
The big problem with the Index is that it peddles a solution that not only falls short of the goal of generating business investment, but one that actively harms state lawmakers’ ability to provide the kinds of public goods – like good schools and modern, efficient transportation networks – that businesses need and want.
Measures on the November Ballot Could Improve or Worsen State Tax Codes
October 26, 2022 • By Jon Whiten
In a couple of weeks, voters in a handful of states will weigh in on several tax-related ballot measures that could make state tax codes more equitable and raise money for public services, or take states in the opposite direction, making tax systems less fair and draining state coffers of dollars needed to maintain critical […]
More than one in four dollars of wealth in the U.S. is held by a tiny fraction of households with net worth over $30 million. This extreme wealth is geographically concentrated, with the top 10 states accounting for more than 70 percent of nationwide extreme wealth and with New York and California alone accounting for nearly a third.
More than one in four dollars of wealth in the U.S. is held by a tiny fraction of households with net worth over $30 million. Nationally, we estimate that wealth over $30 million per household will reach $26 trillion in 2022 with roughly one-fifth of that amount ($4.5 trillion) held by billionaires.
Although the weather is beginning to cool down in parts of the country, the same cannot be said for many state economies, which are still running hot. That, however, doesn’t mean that the good times are guaranteed to last...
While the Inflation Reduction Act's corporate minimum tax is a huge improvement in our tax system, implementing the global corporate minimum tax would improve it much more. And if other governments implement the global minimum tax, the United States will have an even stronger interest in joining them to ensure that new revenue collected from American corporations flows to the U.S. rather than to other countries.
Congress Should Not Leave Children Out of Possible Year-End Tax Deal
October 3, 2022 • By Steve Wamhoff
If lawmakers believe it’s worthwhile to extend corporate tax breaks, then it would be entirely unreasonable for them to not conclude the same about tax provisions that help low-income children.
Do you remember/the big tax news innn September? Well, if not, we at ITEP got you covered...
How the Inflation Reduction Act’s Tax Reforms Can Help Close the Racial Wealth Gap
September 20, 2022 • By Brakeyshia Samms, Joe Hughes
Lawmakers have many opportunities to pass reforms that will make our tax code fairer and further reduce racial inequity in our economy. The Inflation Reduction Act is a great step forward; better taxing wealth and income from wealth and expanding targeted refundable tax credits would build on this progress.
Boosting Incomes and Improving Tax Equity with State Earned Income Tax Credits in 2022
September 15, 2022 • By Aidan Davis
States continued their recent trend of advancing EITCs in 2022, with nine states plus the District of Columbia either creating or improving their credits. Utah enacted a 15 percent nonrefundable EITC, while the District of Columbia, Hawaii, Illinois, Maine, Vermont and Virginia expanded existing credits. Meanwhile, Connecticut, New York and Oregon provided one-time boosts to their EITC-eligible populations.
More States are Boosting Economic Security with Child Tax Credits in 2022
September 15, 2022 • By Aidan Davis
After years of being limited in reach, there is increasing momentum at the state level to adopt and expand Child Tax Credits. Today ten states are lifting the household incomes of families with children through yearly multi-million-dollar investments in the form of targeted, and usually refundable, CTCs.
Census Data Shows Need to Make 2021 Child Tax Credit Expansion Permanent
September 14, 2022 • By Joe Hughes
The Child Tax Credit expansion led to a 46 percent decline in childhood poverty. That it could be accomplished during the largest economic disruption in most of our lifetimes underscores a basic fact: thoughtful, decisive government action to combat poverty works.
Billionaires Should Pay Taxes on Their Income Every Year Like the Rest of Us
September 13, 2022 • By Steve Wamhoff
The Inflation Reduction Act signed by President Biden last month will crack down on corporate tax dodgers and strengthen enforcement of tax laws already on the books, raising hundreds of billions of dollars to be spent on climate, health and other priorities. But these reforms will not directly raise taxes on even the wealthiest individuals. […]
State Rundown 9/7: Labor Day Week Provides Sobering Reminder of Steps Forward, Back
September 7, 2022 • By ITEP Staff
Though Labor Day has passed, advocates on the ground in states across the country are continuing to uphold the spirit of the labor movement...
Romney Child Tax Credit Plan Would Leave Millions of Children Worse Off and Raise Taxes for the Average Black Family
September 7, 2022 • By Steve Wamhoff
Sen. Romney’s plan would expand the Child Tax Credit and offset the costs by scaling back other tax benefits. All told, it would raise taxes on a fourth of all kids in the U.S. This includes about a fourth of the children among the poorest fifth of U.S. families.
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