ITEP – Informing tax policy debate nationwide
WEBExcessive concentration of wealth runs counter to our national aspiration for genuine equality of opportunity, and it saps the vitality of our democracy through the consolidation of power and influence. Tax policy offers a powerful means of beginning to address our nation’s stark level of inequality, but current law is clearly falling short ...
Corporate Taxes Before and After the Trump Tax Law – ITEP
WEBMay 2, 2024 · Key findings. America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0 percent to an average of 12.8 percent after the Trump tax law went into effect in 2018. The 296 largest and consistently profitable U.S. corporations in this study paid $240 billion less in taxes from 2018 to 2021 ...
How Local Governments Raise Revenue—and What it Means for …
WEBMar 30, 2023 · Property taxes are the dominant tax revenue source for local governments, generating approximately three in four local tax dollars nationwide. Nearly every local area in the U.S. raises revenue through property taxes, and these taxes represent the largest tax revenue source in 94 percent of localities. Property taxes are commonly based on the ...
About Who Pays – ITEP
WEBOct 17, 2018 · Who Pays? A Distributional Analysis of the Tax Systems in All 50 States is the Institute on Taxation and Economic Policy’s flagship report. First published in 1996, and updated most recently in 2018, Who Pays? shows the distributional impact by income level of all major state and local taxes in each state, as well as in the District of Columbia.
Amazon Avoids More Than $5 Billion in Corporate Income Taxes
WEBFeb 7, 2022 · Key Points: Amazon avoided about $5.2 billion in corporate federal income taxes in 2021. The company reported record profits of more than $35 billion (75 percent higher than its 2020 record haul) and paid just 6 percent of …
Who Pays? 7th Edition - ITEP
WEBRead as PDF. Data Available for Download. State-by-State Data and ITEP Tax Inequality Index Map. Executive Summary. Who Pays? is the only distributional analysis of tax systems in all 50 states and the District of Columbia. This comprehensive 7th edition of the report assesses the progressivity and regressivity of state tax systems by measuring effective state and local tax rates paid by all ...
America Used to Have a Wealth Tax: The Forgotten History of the …
WEBNov 2, 2023 · Over time, broad wealth taxes were whittled away to become the narrower property taxes we have today. These selective wealth taxes apply to the kinds of wealth that make up a large share of middle-class families’ net worth (like homes and cars), but usually exempt most of the net worth of the wealthy (like business equity, bonds, and pooled investment funds).The rationale for this pared-back ...
55 Corporations Paid $0 in Federal Taxes on 2020 Profits - ITEP
WEBApr 2, 2021 · The tax-avoiding companies represent various industries and collectively enjoyed almost $40.5 billion in U.S. pretax income in 2020, according to their annual financial reports. The statutory federal tax rate for corporate profits is 21 percent. The 55 corporations would have paid a collective total of $8.5 billion for the year had they paid ...
Excess Profits Tax Proposals Meet the Moment, But Lawmakers
WEBMar 25, 2022 · Several recent proposals introduced in Congress would tax excess corporate profits, meaning profits that have landed in the laps of companies and their shareholders because of market power or luck rather than new investment or innovation.
Federal Tax Cuts in the Bush, Obama, and Trump Years – ITEP
WEBJul 11, 2018 · Since 2000, tax cuts have reduced federal revenue by trillions of dollars and disproportionately benefited well-off households. From 2001 through 2018, significant federal tax changes have reduced revenue by $5.1 trillion, with nearly two-thirds of that flowing to the richest fifth of Americans.
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