For decades, profitable Fortune 500 companies have been able to manipulate the tax system to avoid paying even a dime in tax on billions of dollars in U.S. profits. This ITEP report provides the first comprehensive look at how the new corporate tax laws that took effect after the passage of the 2017 Tax Cuts and Jobs Act affects the scale of corporate tax avoidance.
Tax Cuts and Jobs Act
report April 11, 2019
Corporate Tax Avoidance Remains Rampant Under New Tax Law
blog February 13, 2019
Fact-Checking on Trump Tax Law Needs a Fact Check
The Tax Cuts and Jobs Act (TCJA), enacted by President Trump and Congressional Republicans at the end of 2017, has caused quite a bit of confusion, and a recent “Fact Checker” column by the Washington Post’s Glenn Kessler does not help. TCJA created real problems that can’t be resolved without real tax reform. To begin that process fact checkers, lawmakers, and everyone else need to be clear about what TCJA did, and did not, do to our tax system.
blog January 30, 2019
Why We Should Talk about Progressive Taxes Despite Billionaires’ ObjectionsIt was the tone-deaf remark heard ‘round the world. Last week on CNBC’s Squawk Box, Commerce Secretary Wilbur Ross suggested that furloughed government employees who hadn’t been paid in a…
blog December 7, 2018
Morgan Stanley Report Confirms Tax Cut Promises Made Are Promises UnkeptAlmost a year after lawmakers hastily enacted the Tax Cuts and Jobs Act, evidence continues to mount that it is providing far more tax cuts than jobs. A new Morgan…
report October 11, 2018
Race, Wealth and Taxes: How the Tax Cuts and Jobs Act Supercharges the Racial Wealth Divide
A newly released report by Prosperity Now and the Institution on Taxation and Economic Policy, Race, Wealth and Taxes: How the Tax Cuts and Jobs Act Supercharges the Racial Wealth Divide, finds that the TCJA not only adds unnecessary fuel to the growing problem of overall economic inequality, but also supercharges an already massive racial wealth divide to an alarming extent.
blog August 15, 2018
1964: Unconditional War on Poverty; 2018: Unconditional War on the PoorDuring his first State of the Union address in January 1964, Lyndon Baines Johnson declared a War on Poverty in response to a national poverty rate of more than 19…
news release July 11, 2018
65 Percent of Federal Tax Cuts Since 2000 Have Gone to Richest 20 Percent
Since 2000, Congress has passed several rounds of tax cuts that have increased the federal deficit by nearly $6 trillion and disproportionately benefited the top 20 percent of households, which received nearly two-thirds (65 percent) of the value of all tax changes.
blog February 20, 2018
Why We’re Not Eternally Grateful for $1,000 Crumbs
Two narratives that intentionally obscure who benefits from the tax law are emerging. One focuses on the personal income tax cuts that will result in an increase in net take-home pay for many employees once their employers adjust withholding. Anecdotes abound of working people getting a $100 or more increase, after taxes, per paycheck, but the reality is that most workers will receive a lot less than that. Meanwhile, the wealthiest 1 percent of households will receive an average annual tax break of $55,000, an amount that nearly eclipses the nation’s median household income.
blog December 4, 2017
They Can’t Help Themselves: GOP Leaders Reveal True Intent Behind Tax Overhaul
The hand-written scrawls in the margins of the hastily written 500-page Senate tax bill had barely dried when lawmakers began to reveal the true motivation behind their rush to fundamentally overhaul the nation’s tax code.