The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in the District equally. The richest one percent of District of Columbia residents would receive 83.8 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $1,022,000 next year. The framework would provide them an average tax cut of $147,500 in 2018, which would increase their income by an average of 4.9 percent.
Trump-GOP Tax Law
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in The District of Columbia with 83.8 Percent of the State’s Tax Cuts
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in Delaware with 52.9 Percent of the State’s Tax Cuts
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Delaware equally. The richest one percent of Delaware residents would receive 52.9 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $497,100 next year. The framework would provide them an average tax cut of $49,370 in 2018, which would increase their income by an average of 2.7 percent.
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in Colorado with 59.3 Percent of the State’s Tax Cuts
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Colorado equally. The richest one percent of Colorado residents would receive 59.3 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $637,800 next year. The framework would provide them an average tax cut of $86,480 in 2018, which would increase their income by an average of 4.7 percent.
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in California with 81.7 Percent of the State’s Tax Cuts
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in California equally. The richest one percent of California residents would receive 81.7 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $864,900 next year. The framework would provide them an average tax cut of $90,160 in 2018, which would increase their income by an average of 3.3 percent.
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in Arkansas with 58.8 Percent of the State’s Tax Cuts
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Arkansas equally. The richest one percent of Arkansas residents would receive 58.8 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $490,000 next year. The framework would provide them an average tax cut of $51,370 in 2018, which would increase their income by an average of 3.8 percent.
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in Arizona with 60.1 Percent of the State’s Tax Cuts
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Arizona equally. The richest one percent of Arizona residents would receive 60.1 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $470,200 next year. The framework would provide them an average tax cut of $59,210 in 2018, which would increase their income by an average of 4.4 percent.
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in Alaska with 51.8 Percent of the State’s Tax Cuts
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Alaska equally. The richest one percent of Alaska residents would receive 51.8 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $615,800 next year. The framework would provide them an average tax cut of $77,880 in 2018, which would increase their income by an average of 5.5 percent.
-
October 4, 2017 GOP-Trump Tax Framework Would Provide Richest One Percent in Alabama with 56.2 Percent of the State’s Tax Cuts
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Alabama equally. The richest one percent of Alabama residents would receive 56.2 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $501,800 next year. The framework would provide them an average tax cut of $49,830 in 2018, which would increase their income by an average of 3.5 percent.
-
blog September 29, 2017 Indiana’s Tax Cuts Under Mike Pence Are Not a Model for the Nation
In announcing a new tax cut framework this week in Indianapolis that was negotiated with House and Senate leaders, President Trump claimed that “Indiana is a tremendous example of the prosperity that is unleashed when we cut taxes and set free the dreams of our citizens …. In Indiana, you have seen firsthand that cutting taxes on businesses makes your state more competitive and leads to more jobs and higher paychecks for your workers.”
-
brief September 18, 2017 Fact Sheet: The Consequences of Adopting a Territorial Tax System
President Trump and Republican leaders in Congress have proposed a “territorial” tax system, which would allow American corporations to pay no U.S. taxes on most profits they book offshore. This would worsen the already substantial problem of corporate tax avoidance and result in more jobs and investment leaving the U.S. Lawmakers should know some key facts about the territorial approach.
-
blog September 14, 2017 Census Data Reveal Modest Gains for Working People; GOP Tax Overhaul Could Reverse These Gains
On the surface, census poverty and income data released Tuesday reveal the nation’s economic conditions are improving for working families. The federal poverty rate declined for the second consecutive year… -
report September 13, 2017 Trump Proposals Would Reduce the Share of Taxes Paid by the Richest 1%, Raise It for Everyone Else
The tax proposals released by the Trump Administration in April would reduce the share of total federal, state and local taxes paid by America’s richest 1 percent while increasing the share paid by all other income groups. This clearly indicates that the tax system would be less progressive under the president’s approach.
-
blog September 6, 2017 New ITEP Report: Trump’s Proposed Territorial Tax System Would Increase Corporate Tax Dodging
While promoting his ideas for overhauling our tax code today in North Dakota, President Trump said that Congress should adopt a territorial tax system which, he argued, would result in more investment in the United States. You’re not alone if you’re not sure what “territorial” means in this context. It’s a euphemism used by some politicians to describe a proposal that will be wildly unpopular once voters understand what it really means.
-
report September 6, 2017 Turning Loopholes into Black Holes: Trump’s Territorial Tax Proposal Would Increase Corporate Tax Avoidance
The problem of offshore tax avoidance by American corporations could grow much worse under President Donald Trump’s proposal to adopt a “territorial” tax system, which would exempt the offshore profits of American corporations from U.S. taxes. This change would increase the already substantial benefits American corporations obtain when they use accounting gimmicks to make their profits appear to be earned in a foreign country that has no corporate income tax or has one that is extremely low or easy to avoid.
-
blog August 31, 2017 Tax Reform Principles Released by GOP in August Raise More Questions Than They Answer
Before Wednesday, you may have forgotten about tax reform given that President Trump’s remarks on the Charlottesville white supremacist rally, as well as the first U.S. solar eclipse since 1979, and Hurricane Harvey, overshadowed most other news. But Republicans on the House Ways and Means Committee, which in theory is the starting place for any tax legislation, certainly tried to get the public to focus on their vision for tax reform. They released a “reason for tax reform” each day in August. Unfortunately, these “reasons” are a combination of ideas that their proposals fail to address and misleading assertions.
-
blog August 31, 2017 Trump (Sort of) Used Our Data on Corporate Tax Avoidance, But He Missed the Point
On Wednesday, reporters waiting to write about President Trump’s much-ballyhooed tax reform speech in Missouri received a fact sheet from the White House informing them that, “Fortune 500 corporations are holding more than $2.6 trillion in profits offshore to avoid $767 billion in Federal taxes, according to the Institute on Taxation and Economic Policy.”
-
blog August 30, 2017 Sorting Through the Fallacies in Trump’s Missouri Tax Speech
President Donald Trump spoke in Springfield, Missouri today about the need for a tax reform that provides “more jobs and higher wages for America” and “tax relief for middle-class families.” But the proposals the Trump administration has released so far would cut taxes for companies moving investment offshore and would provide most tax cuts to the richest one percent of taxpayers.
-
blog August 22, 2017 Inaccuracies Pile Up During Speaker Ryan’s Town Hall Meeting
On Monday, House Speaker Paul Ryan participated in a live-broadcast town hall meeting in his district in Wisconsin where he discussed tax reform, among other issues. One could credit Ryan for holding such a meeting, but sadly, anyone wishing to learn about the rationale for Ryan’s ideas on taxes would have been disappointed.
-
blog August 17, 2017 Context Is Everything
Today, the economic climate is starkly different, but it seems GOP leaders are relying on messaging and luck to push through the biggest tax package since 1986. The White House, Republican leaders and anti-tax advocates all have been toeing the same erroneous line: their plans to cut individual and corporate taxes will benefit middle class families and grow the economy. This is, of course, baloney.
-
August 17, 2017 In North Carolina 42.4 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
A tiny fraction of the North Carolina population (0.5 percent) earns more than $1 million annually. But this elite group would receive 42.4 percent of the tax cuts that go to North Carolina residents under the tax proposals from the Trump administration. A much larger group, 50.8 percent of the state, earns less than $45,000, but would receive just 5.9 percent of the tax cuts.
-
August 17, 2017 In North Dakota 44.5 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
A tiny fraction of the North Dakota population (0.5 percent) earns more than $1 million annually. But this elite group would receive 44.5 percent of the tax cuts that go to North Dakota residents under the tax proposals from the Trump administration. A much larger group, 42.2 percent of the state, earns less than $45,000, but would receive just 3.9 percent of the tax cuts.
-
August 17, 2017 In Nebraska 38.4 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
A tiny fraction of the Nebraska population (0.5 percent) earns more than $1 million annually. But this elite group would receive 38.4 percent of the tax cuts that go to Nebraska residents under the tax proposals from the Trump administration. A much larger group, 41.8 percent of the state, earns less than $45,000, but would receive just 5.0 percent of the tax cuts.
-
August 17, 2017 In Nevada 51.7 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
A tiny fraction of the Nevada population (0.3 percent) earns more than $1 million annually. But this elite group would receive 51.7 percent of the tax cuts that go to Nevada residents under the tax proposals from the Trump administration. A much larger group, 47.5 percent of the state, earns less than $45,000, but would receive just 5.4 percent of the tax cuts.
-
August 17, 2017 In New Hampshire 33.5 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
A tiny fraction of the New Hampshire population (0.3 percent) earns more than $1 million annually. But this elite group would receive 33.5 percent of the tax cuts that go to New Hampshire residents under the tax proposals from the Trump administration. A much larger group, 35.1 percent of the state, earns less than $45,000, but would receive just 5.1 percent of the tax cuts.
-
August 17, 2017 In New Mexico 35.3 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
A tiny fraction of the New Mexico population (0.3 percent) earns more than $1 million annually. But this elite group would receive 35.3 percent of the tax cuts that go to New Mexico residents under the tax proposals from the Trump administration. A much larger group, 47.5 percent of the state, earns less than $45,000, but would receive just 5.8 percent of the tax cuts.