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New ITEP Report Examines the Path to Equitable Tax Policy in the South
June 22, 2022 • By Kamolika Das
“From the inception of the emerging American nation, the South is a central battleground in the struggles for freedom, justice, and equality. It is the location of the most intense repression, exploitation, and reaction directed toward Africans Americans, as well as Native Americans and working people generally. At the same time the South is the […]
Creating Racially and Economically Equitable Tax Policy in the South
June 21, 2022 • By Kamolika Das
The South's negative outcomes on measures of wellbeing are the result of a century and a half of policy choices. Lawmakers have many options available to make concrete improvements to tax policy that would raise more revenue, do so equitably, and generate resources that could improve schools, healthcare, social services, infrastructure, and other public resources.
With inflation dominating headlines both nationally and locally, state lawmakers around the U.S. are searching for ways to put their revenues to good use, and not surprisingly, some options are better than others...
Rising Prices: Another Reason to Be Wary of Tax Cutting Right Now
June 10, 2022 • By Carl Davis
Many state lawmakers see any economic challenge as an excuse to cut taxes and in 2022, some are citing inflation as a reason to do so. All eyes today are on the inflation rate facing consumers which, spurred on in part by rising corporate profits, is now running at its fastest pace in decades. But […]
State Rundown 6/8: Tax Policy Features Prominently During Budget and Primary Season
June 8, 2022 • By ITEP Staff
As voters head to the polls to weigh in on their state’s primary elections and legislators convene to hash out budget deals, tax policy remains atop the agenda...
While the temperature ticks up outside, the temperature in state legislatures around the country has fallen slightly. But with several states still dealing with ongoing tax and budget issues, this summer could be a hot one...
State Rundown 5/11: Mid-Year Special Elections and Primary Season Kicks Off with Taxes in the Spotlight
May 11, 2022 • By ITEP Staff
As 2022 inches closer to its midpoint, important tax policy decisions are being put in the hands of voters, as special elections and the primary season begin...
Most Senate Democrats Join Republicans in Calling for Corporate Tax Break
May 6, 2022 • By Steve Wamhoff
The vast majority of Senate Democrats joined their Republican colleagues in approving a new corporate tax break related to research in legislation that contains no offsetting corporate tax increases.
While tax discussions among federal lawmakers continue in fits and starts, major tax news continues to make waves across the nation...
Revenue-Raising Proposals in President Biden’s Fiscal Year 2023 Budget Plan
April 26, 2022 • By Steve Wamhoff
President Biden's latest budget plan includes proposals that would raise $2.5 trillion in new revenue. While many of these reforms appeared in his previous budget, some of them are brand new, such as his proposal to prevent basis-shifting in partnerships and his Billionaires Minimum Income Tax.
Biden’s Proposals Would Fix a Tax Code that Coddles Billionaires
April 21, 2022 • By Steve Wamhoff
Billionaires can afford to pay a larger share of their income in taxes than teachers, nurses and firefighters. But our tax code often allows them to pay less, as demonstrated by the latest expose from reporters at ProPublica using IRS data. According to their calculations, Betsy DeVos, the Education Secretary under former President Donald Trump, […]
This Spring looks to be bringing a mix of showers and flowers as states around the nation continue to act on a range of tax proposals...
Eighteen states have legalized the sale of cannabis for general adult use and sales are already underway in 10 of those states. Every state allowing legal sales applies an excise tax to cannabis based on the product’s quantity, its price, or both. Quantity taxes are typically based on weight, though New York measures quantity by the amount of THC sold. ITEP research indicates that taxes based on quantity will be more sustainable over time because prices are widely expected to fall as the cannabis industry matures. Most states allowing for legal cannabis sales apply their general sales taxes to the…
Some Lawmakers Continue to Mythologize Income Tax Elimination Despite Widespread Opposition
April 19, 2022 • By Kamolika Das
One of the most surprising trends this legislative session is that conservative leaders and the business community joined with progressive advocates to oppose income tax repeal plans. There is a general consensus that income tax repeal is a step too far.
Cannabis Taxes Outraised Alcohol by 20 Percent in States with Legal Sales Last Year
April 19, 2022 • By Carl Davis
In 2021, the 11 states that allowed legal sales within their borders raised nearly $3 billion in cannabis excise tax revenue, an increase of 33 percent compared to a year earlier. While the tax remains a small part of state budgets, it’s beginning to eclipse other “sin taxes” that states have long had on the books.
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