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 […]
Institute on Taxation and Economic Policy
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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 […]
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New ITEP Report on President’s Misguided Payroll Tax Proposal
March 13, 2020 – The White House’s proposal to eliminate payroll taxes from now through the end of the year would cost $843 billion, fail to target the most vulnerable families and communities, and not address the economic needs of those most harmed by the COVID-19 epidemic, the Institute on Taxation and Economic Policy (ITEP) […]
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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 […]
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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 […]
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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 […]
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Study: The 35 Percent Corporate Tax Myth
March 9, 2017 – A comprehensive, eight-year study of profitable Fortune 500 corporations finds that, on average, the nation’s richest firms paid a 21.2 percent effective tax rate between 2008 and 2015, but a significant number (100) managed to pay no taxes in at least one year, 24 paid zero in four out of eight […]
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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 […]