Institute on Taxation and Economic Policy

Recent Work

2067 items
State Rundown 5/15: State Tax Debates Carry On in the Midst of Chaotic Federal Tax Landscape

Even as most major headlines have been about the ever-changing landscape of federal tax policy, the latest “ideas of the week," and now the House tax bill, state tax policy continues to be a priority for lawmakers.

Trump’s Proposed Higher Tax Rate on the Richest Taxpayers Would Affect Very Little of Their Income

President Donald Trump has proposed allowing the top rate to revert from 37 percent to 39.6 percent for taxable income greater than $5 million for married couples and $2.5 million for unmarried taxpayers. But many other special breaks in the tax code would ensure that most income of very well-off people would never be subject to Trump’s 39.6 percent tax rate.

With spring in full bloom ,many state lawmakers are reaching tax policy agreements. Out west, lawmakers in North Dakota and Texas have moved major property tax cuts. Meanwhile, in the east and south, Vermont appears likely to pass an expansion to its Child Tax Credit and Earned Income Tax Credit, and South Carolina lawmakers are aiming to make deep, drastic cuts to the state’s income tax.

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What Corporations Have to Gain from the Gutting of the IRS

May 7, 2025 • By Matthew Gardner, Spandan Marasini, Steve Wamhoff

What Corporations Have to Gain from the Gutting of the IRS

Seven huge corporations recently announced that in 2024 they were allowed to collectively keep $1.4 billion in tax breaks from previous years that they had publicly admitted would likely be found illegal if investigated – all because the tax authorities were unable to identify and disallow them before the statute of limitations ran out.

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Maryland’s New Budget Boosts Tax Revenue and Equity

May 6, 2025 • By Miles Trinidad

Maryland’s New Budget Boosts Tax Revenue and Equity

The final budget adopted by the Maryland General Assembly shows progress in advancing tax equity in the state while boosting state revenues to address the state’s budget deficit. To help close a $3.3 billion budget deficit, Maryland legislators enacted much-needed tax reforms and progressive revenue raisers that help meet the state’s needs while making the […]

America Has Left the Building: U.S. Loses from Our Global Tax Policy Choices, Others Could Gain

Countries that once looked to the U.S. for direction on tax policy have concluded they need to form alliances without us. If so, it will often be to the benefit of other people around the globe and to the deficit of U.S. communities.

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Trump 2025 Tax Law: Research and Resources

May 2, 2025 • By ITEP Staff

Trump 2025 Tax Law: Research and Resources

Want to know more about the tax and spending megabill that President Trump recently signed into law? We've got you covered.

State Rundown 5/1: State Tax Debates Wrapping Up, and Just Beginning

The rampant uncertainty this year extends far beyond the national economy and federal policy, as many state legislatures are declaring their tax and budget debates finished, and just getting started, sometimes in the same breath.

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Equitable (and Less Equitable) Washington State Revenue Raisers

April 24, 2025 • By Dylan Grundman O'Neill

Equitable (and Less Equitable) Washington State Revenue Raisers

Washington state came into the year with strong tax justice momentum. Lawmakers’ innovative Capital Gains Excise Tax on the state’s highest-income households was upheld by the state and federal Supreme Courts and was overwhelmingly affirmed by voters despite a well-funded repeal effort. The new tax is bringing in much-needed revenue for schools, child care, and […]

State Rundown 4/24: States Push Tax Cuts Despite Fiscal Uncertainty

While some states are preparing for uncertainty – slowing revenue growth, chaos from unpredictable tariffs, cuts to federal programs, etc. – others continue to move forward with plans for deep tax cuts.   For instance, Georgia Gov. Brian Kemp signed legislation accelerating the cut to the personal income tax rate, which is currently phasing down. […]

Millions of Citizen Children Would be Harmed by Proposal Billed as Targeting Immigrant Tax Filers

Congressional Republicans have floated a proposal to strip the Child Tax Credit from millions of children who are U.S. citizens and legal residents in situations where their parents do not have Social Security numbers. Approximately 4.5 million citizen children with Social Security numbers would lose access to the credit under this proposal.

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The Impact of Trump’s Tariffs

April 23, 2025 • By ITEP Staff

The Impact of Trump’s Tariffs

The tariffs proposed by Donald Trump, which are far larger than any on the books today, would significantly raise the prices faced by American consumers across the income scale.

Missouri is Sleepwalking into a Half-Billion Dollar Tax Cut for the Rich

Missouri lawmakers are debating a tax cut that will mostly benefit the wealthiest in the state, while relying on an unrealistic estimate of what it will cost.

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Taxes on Adult-Use Cannabis in Each State

April 17, 2025 • By Carl Davis

Taxes on Adult-Use Cannabis in Each State

Twenty-three states have legalized the sale of cannabis for general adult use, and sales are already underway in 21 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 can be based on either overall product weight or the amount […]

Ending Direct File Program is a Gift to the Tax-Prep Industry That Will Cost Taxpayers Time and Money

The Trump administration reportedly plans to shutter the IRS Direct File program before it has a chance to get fully off the ground, taking away a free option for people to file their tax returns directly to the agency. Ending Direct File is another gift from this administration to large corporations, this time to the multibillion-dollar tax prep industry that profits from you filing your taxes.

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