As we close out 2024, we want to lift up the tax charts we published this year that received the most engagement from readers. Covering federal, state, and local tax work, here are our top charts of 2024.
Corporate Tax Watch
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blog December 17, 2024 ITEP’s Top Charts of 2024
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brief December 12, 2024 Federal Tax Debate 2025
Congress will soon debate provisions from the Trump tax law that are set to expire at the end of 2025, as well as other tax policies that Trump proposed on the campaign trail. Here we examine what’s at stake as lawmakers consider significant changes to our tax system.
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blog November 8, 2024 Tax Justice in the Crosshairs
Billionaires and businesses have too much power in Washington. Tax revenue is needed to pay for things we all need. If we want economic justice, racial justice and climate justice, we must have tax justice.
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blog October 30, 2024 How Tax Decisions in 2025 Can Advance Racial Justice
In the coming 14 months, federal lawmakers should address longstanding issues of racism in the tax code. With a presidential election this fall and many provisions of 2017’s Trump tax law expiring at the end of 2025, the debate over tax policy and economic fairness is in full swing.
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report October 23, 2024 A Distributional Analysis of Kamala Harris’ Tax Plan
The tax proposals from Vice President Kamala Harris would, on average, lead to a tax increase for the richest 1 percent of Americans and a tax cut for all other income groups.
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blog October 10, 2024 Fifteen Companies Each Avoided More than $1 Billion in Taxes from a Single Trump Tax Cut
The deduction for Foreign-Derived Intangible Income (FDII), one of the tax cuts included in former President Trump’s signature 2017 tax law, provides a lower effective tax rate on income earned from intangible assets, such as patents, trademarks, and other forms of intellectual property. Since the law went into effect in 2018, 15 corporations have separately reported more than $1 billion in tax benefits. Alphabet (the parent company of Google) reported the most, at more than $11 billion in tax breaks from 2018 to 2023. Other beneficiaries include large tech firms such as Meta, Microsoft, Intel, and Qualcomm.
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report October 7, 2024 A Distributional Analysis of Donald Trump’s Tax Plan
Former President Donald Trump has proposed a wide variety of tax policy changes. Taken together, these proposals would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.
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blog July 18, 2024 Five Tax Takeaways from 2024 State Legislative Sessions
Major tax cuts were largely rejected this year, but states continue to chip away at income taxes. And while property tax cuts were a hot topic across the country, many states failed to deliver effective solutions to affordability issues.
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report July 16, 2024 Corporate Tax Breaks Contribute to Income and Racial Inequality and Shift Resources to Foreign Investors
Corporate tax cuts and corporate tax avoidance worsen income and racial inequality in our country. Most of the benefits flow to foreign investors and the richest 20% of Americans.
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report June 27, 2024 Who Benefits and Who Pays: How Corporate Tax Breaks Drive Inequality
Corporate tax breaks and corporate tax avoidance significantly contribute to income and racial inequality and largely benefit foreign investors.
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blog June 20, 2024 SCOTUS Rejects Expansion of Trump’s Corporate Tax Cuts, Leaves Broader Tax Questions for Another Day
The Supreme Court matters, for tax fairness as for every other part of our lives. Whether or not we ever have a government that taxes billionaires as much as it taxes the rest of us will depend on how the Supreme Court rules in the future and who appoints justices to the Court.
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report May 2, 2024 Corporate Taxes Before and After the Trump Tax Law
The Trump tax law slashed taxes for America’s largest, consistently profitable corporations. These companies saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018.
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blog April 1, 2024 Biden Is Right: Corporate Tax Avoidance Has Big Problems That We Can Fix
Sensible reforms to the corporate tax system can help both crack down on corporate tax avoidance and ensure companies that are flourishing are paying their share for the public infrastructure that forms the building blocks of their success.
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report March 12, 2024 Revenue-Raising Proposals in President Biden’s Fiscal Year 2025 Budget Plan
President Biden’s most recent budget plan includes proposals that would raise more than $5 trillion from high-income individuals and corporations over a decade. Like the budget plan he submitted to Congress last year, it would partly reverse the Trump tax cuts for corporations and high-income individuals, clamp down on corporate tax avoidance, and require the wealthiest individuals to pay taxes on their capital gains income just as they are required to for other types of income, among other reforms.
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blog March 7, 2024 Tax Proposals Expected to be in President Biden’s Budget Plan
President Biden discussed multiple tax proposals during the State of the Union address to Congress. Several of these proposals appeared in the budget plan he submitted to Congress last year,… -
report February 29, 2024 Corporate Tax Avoidance in the First Five Years of the Trump Tax Law
The Trump tax law overhaul cut the federal corporate income tax rate from 35 percent to 21 percent, but during the first five years it has been in effect, most profitable corporations paid considerably less than that.
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media mention February 28, 2024 NPR: A Tech Billionaire Is Quietly Buying Up Land in Hawaii. No One Knows Why
Over the last couple of years, a mystery has been brewing in this small mountain town. Someone has been quietly buying hundreds of acres of land — stirring worries about rising housing prices and speculation among locals about what exactly is going on.
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brief February 2, 2024 Impacts of the Tax Relief for American Families and Workers Act
The Tax Relief for American Families and Workers Act passed by the House of Representatives on January 31 is a compromise between lawmakers who want to address child poverty and… -
ITEP Work in Action January 30, 2024 Rep. Rosa DeLauro: Fact Sheets on Tax Deal
“The tax deal fails on equity,” said Congresswoman DeLauro. “It delivers huge tax cuts for giant corporations while denying middle class families the economic security they had under the expanded, monthly Child Tax Credit. It also leaves the poorest families behind because of a policy choice. At a time when a majority of American voters believe tax on big corporations should be increased, there is no reason we should be providing corporations a tax cut while only giving families pennies.”
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report January 17, 2024 Ongoing Use of Offshore Tax Havens Demonstrates the Need for the Global Minimum Tax
Key Findings To avoid taxation, American corporations use accounting gimmicks that make profits appear to be earned in foreign jurisdictions which tax corporate profits very lightly or not at all.… -
brief January 16, 2024 Proposed Tax Deal Would Help Millions of Kids with Child Tax Credit Expansion While Extending Damaging Corporate Tax Breaks
On January 16, Congressional tax writers officially announced the details of a tax policy agreement. The deal includes expansions of the Child Tax Credit (CTC) to improve access for low-… -
blog November 13, 2023 The Latest Convoluted Arguments in Favor of Rich People Not Paying Taxes
Two Senate hearings last week focused on how the richest Americans are avoiding and evading taxes in ways that ordinary Americans could hardly imagine. All the experts brought in to… -
blog November 8, 2023 Year-End Tax Package Must Prioritize Children and Families Over Corporations and Private Equity
While Congress considers extending expired tax provisions, it should first and foremost focus on expanding the Child Tax Credit, a policy with a proven track record of helping families and children.
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brief November 7, 2023 Far From Radical: State Corporate Income Taxes Already Often Look Beyond the Water’s Edge
State lawmakers are increasingly interested in reforming their corporate tax bases to start from a comprehensive measure of worldwide profit. This provides a more accurate, and less gameable, starting point for calculating profits subject to state corporate tax. Mandating this kind of filing system, known as worldwide combined reporting (WWCR), would be transformative, as it would all but eliminate state corporate tax avoidance done through the artificial shifting of profits into low-tax countries.
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blog October 24, 2023 Intuit Receives Millions in Federal Subsidies While Arguing IRS Direct File Would Be Too Costly
The tax preparation industry has for years lobbied to prevent the IRS from providing a tool that would allow Americans to file their taxes online for free. Recent public disclosures…