Posted inOp-Ed

Steve Wamhoff: GAO Report Confirms: Trump Tax Law Cut Corporate Taxes to Rock Bottom

The tax cuts signed into law by former President Trump at the end of 2017 were a boon for profitable corporations, according to a new report released by the Government Accountability Office. It finds the average effective federal income tax rate paid by large, profitable corporations fell to 9 percent in the first year that the Trump […]

Posted inUS

55 Corporations Exploit Old and New Loopholes to Pay $0 in Federal Taxes in 2020

April 2, 2021 – In 2020, a year marked by a pandemic, small business closures and widespread job loss for ordinary people, many major U.S. corporations remained profitable and 55 of them paid $0 in federal corporate income taxes on a combined $40 billion in profits, the Institute on Taxation and Economic Policy (ITEP) said today. They secured a zero-tax liability […]

Posted inUS

New Analysis: Nearly Half the Benefits of a Payroll Tax Cut Would go to Top Earners

March 11, 2020 – The payroll tax cut proposed by the Trump administration is an ineffective way to address the COVID-19 pandemic and would primarily benefit well-off households, the Institute on Taxation and Economic Policy said today.  Payroll tax cuts  Steve Wamhoff, ITEP’s federal policy director, today published an analysis of how a 2 percentage-point […]

Posted inOp-Ed

Matthew Gardner: White House Advisors’ Push for Corporate ‘Minimum Tax’ Will Not Fix the Tax Law

Feb. 19, 2020 – Following is a statement by Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy, regarding news that the White House may propose a corporate minimum tax to prevent profitable firms from paying $0 in federal income tax. A White House proposal to follow Trump’s massive corporate tax cuts […]

Posted inOp-Ed

Matthew Gardner: Corporate Tax Collections Fall Precipitously in Wake of New Tax Law

March 25, 2019 – Data released Friday by the U.S. Treasury Department confirm that President Trump’s tax law has gutted the corporate income tax, despite claims by his supporters that the law’s corporate tax cuts would somehow pay for themselves. This should worry anyone who wants the government to function. The new data confirm that […]

Posted inUS

Updated Report Finds Undocumented Immigrants Annually Pay $11.74 Billion in State and Local Taxes

March 2, 2017 – A newly updated report released today provides data that helps dispute the erroneous idea espoused during President Trump’s address to Congress that undocumented immigrants are a drain to taxpayers. In fact, like all others living and working in the United States, undocumented immigrants are taxpayers too and collectively contribute an estimated […]

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