Washington
State Rundown 3/16: The Scramble to Curb Rising Gas Prices is On
March 16, 2022 • By ITEP Staff
Rising gas prices have lawmakers around the country searching for ways to ease the pressure on consumers and almost half the states are considering reducing or temporarily repealing their gas tax, but another idea is taking hold...
Washington Post: Congress urges DOJ, Treasury to examine drug companies aiming to turn opioid settlements into tax breaks
March 14, 2022
There is uncertainty in the law about these types of tax breaks, said Matthew Gardner, a senior fellow at the nonprofit Institute on Taxation and Economic Policy. Though recent changes to the tax code have attempted to close loopholes that permit companies to deduct legal settlements or governmental fines from taxes when they have committed […]
Washington Post: Yes, voters ‘deserve to know’ this GOP plan would raise taxes by $1 trillion
March 12, 2022
The bean counters at the Urban-Brookings Tax Policy Center and the Institute on Taxation and Economic Policy ran the numbers on what ITEP called the “only possible interpretation of Sen. Scott’s proposal” (making sure every household pays at least $1 in federal income tax) and found that the Republican plan would raise taxes by $100 […]
State Rundown 3/9: One State Stands Out Amid the Avalanche of Tax Cuts
March 9, 2022 • By ITEP Staff
The avalanche of regressive tax-cut proposals coming out of state legislatures has not slowed over the course of the winter months, but one state has provided a shot of hope to advocates of tax equity...
Pennsylvania Capital Star: GOP plan would be a tax hike for 35% of Pa. residents
March 9, 2022
The share of households facing tax hikes would vary across states, according to an analysis by the Institute on Taxation and Economic Policy, ranging from a low of about 24 percent in Washington State to high of roughly 50 percent in Mississippi, which is among the poorest states in the country. Read more
New 50-State Analysis: Poorest Two-Fifths Would Bear the Brunt of Sen. Rick Scott’s Proposed Tax Increase
March 7, 2022 • By ITEP Staff
“Billionaires are getting richer, and some of them are altogether avoiding taxes or paying a tiny percentage relative to their income and wealth. The 2017 tax law further worsened inequality by giving huge tax breaks to the rich. It’s inconceivable that a lawmaker would propose to single out the most vulnerable households for higher taxes.” --Steve Wamhoff
State-by-State Estimates of Sen. Rick Scott’s “Skin in the Game” Proposal
March 7, 2022 • By Steve Wamhoff
A proposal from Sen. Rick Scott would increase taxes for more than 35% of Americans, with the poorest fifth of Americans paying 34% of the tax increase.
Reality Check: Drastic Income Tax Cuts Are Dangerous Despite What Anti-Tax Supporters Say
March 3, 2022 • By Brakeyshia Samms
Income taxes are the backbone of most state budgets, but you wouldn't gather this fact based on the current trend to cut or eliminate them. A recent, cheerful Wall Street Journal op-ed from anti-government advocate Grover Norquist offers a clear sign that tax-cutting states are taking the wrong approach. The long-time proponent of anti-tax pledges wrote favorably about the legislative and gubernatorial plans to cut income tax cuts across the country. As usual, he failed to address that income taxes support state investments in education, infrastructure, health care and other important public services.
ITEP is happy to announce the launch of our new State Tax Watch page, where you can find out about the most up-to-date tax proposals and permanent legislative changes happening across the country...
Several state legislatures are continuing to push ahead this year with significant tax cut packages that are regressive and would dramatically reduce revenues and leave states in a bad position should they experience another unexpected economic shock...
American Prospect: The Year of the Tax Cut
February 17, 2022
State lawmakers are also pointing to substantial, but temporary, budget surpluses to justify tax cuts, but these surpluses are “deceptive and fleeting,” says Neva Butkus of the Institute on Taxation and Economic Policy (ITEP), a Washington think tank. Twenty-three states lowered their revenue estimates compared to pre-pandemic levels, and 19 states counted delayed fiscal year […]
While record state revenue surpluses have led to big pushes in red states to make unnecessary permanent income and corporate tax cuts, Democrats are also getting in on the tax-cut mania...
One-time payments have become a common theme around the country, as Idaho is one of roughly eleven states with plans to provide tax relief in a similar fashion...
State Rundown 1/26: States Offering Preview of Tax Themes and Trends for 2022
January 26, 2022 • By ITEP Staff
Governors and legislators are beginning to settle on and advance tax bills that could drastically shape the future of their states and several trends and themes are beginning to emerge...
State Rundown 1/13: The Tax Cuts Cometh, But There Is a Better Way
January 13, 2022 • By ITEP Staff
As expected, with the start of many new legislative sessions around the country, lawmakers have introduced a slew of tax cut plans following better-than-expected budget outlooks that have, so far, weathered the impact of the pandemic...
The new year often brings with it a reinvigorated commitment to new goals and a fresh perspective on how to accomplish them, but it seems like lawmakers in states around the country are giving up already...
State Rundown 12/15: Making Our State Tax Naughty or Nice List & Checking it Twice
December 15, 2021 • By ITEP Staff
As the holiday season kicks into full gear, we’re putting the finishing touches on our State Tax Naughty or Nice list, and it looks like some late entrants are making a good case to be included...
McClatchy: What would the Biden tax-break plan mean for your wallet?
December 7, 2021
Most families with children as well as taxpayers with higher six-figure incomes are the biggest California winners from the tax changes in the Biden administration’s Build Back Better plan so far. Middle income people see a somewhat smaller tax break on average, according to an analysis from the Institute on Taxation and Economic Policy, a […]
Washington Post: Treasury officials raised concerns about new minimum tax on corporations, key to Biden spending plan
December 5, 2021
The proposal gained traction among some liberals in recent years amid reports that 55 major corporations are effectively able to zero out their tax liability by aggressive use of tax deductions. Biden repeatedly embraced it as a key campaign pledge. Read more
The Washington Post: Who would pay more and less in taxes under the House bill
November 19, 2021
The millionaire’s surtax aims to raise taxes on wealthy Americans without touching rates. The alternative minimum tax for corporations aspires to accomplish a similar aim by raising money from profitable corporations without crossing Sinema’s line on rates. In short, it imposes a 15 percent minimum on firms that make more than $1 billion in “book” […]
State Rundown 11/10: It’s Beginning to Look a Lot Like…Election Season?!
November 10, 2021 • By ITEP Staff
If the leaves are turning colors and you find yourself walking out of the office into pitch-black darkness, it only means that time of the year is upon us—and no, I'm not talking about the holiday season. Before that, it’s the equally important election season...
The Washington Post: Biden’s minimum tax proposal could hit these ultra-profitable corporations
November 8, 2021
In 2020, 55 profitable corporations paid no federal income tax, according to an analysis by the Institute on Taxation and Economic Policy, a progressive think tank. Biden noted the statistic while announcing his budget plan, saying “If they report big profits to their shareholders, they should be paying taxes. It’s that simple.” Read more
Star-Ledger: On SALT, Dems push tax relief for the rich, not the middle class
November 8, 2021
It’s true: Eliminating the limit on the SALT deduction would be more costly than the other parts of Biden’s social spending agenda, including the extension of the child tax credit, universal pre-K, affordable childcare and more. Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy, echoed this point: “We could be […]
Washington Post: Democrats look at expanding minimum tax on wealthy in exchange for state and local tax break
November 3, 2021
“The majority of benefits from repealing the SALT cap just go to the 1 percent,” said Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy. “If BBB [the Build Back Better legislation] is amended to include that, we could be looking at a bill that cuts taxes for a lot of […]
Wall Street Journal: Corporate Minimum Tax Resurfaces
October 28, 2021
But there is little evidence that immediate expensing significantly encourages more investment, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and Economic Policy, a progressive think tank in Washington. That may be in part because a key audience for corporations—their investors—typically watch net income and per-share earnings, which aren’t affected […]
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