Tag Archives: Institute on Taxation and Economic Policy (ITEP)

Supreme Court Could Trigger Hundreds of Billions in Corporate Tax Cuts ‘With the Stroke of Pen’

A new report warns that huge tax gifts for corporations and “a $340 billion hole in the federal budget” are among the potential consequences of a case SCOTUS is set to hear in December.

By Jake Johnson. Published 9-27-2023 by Common Dreams

*Photo: Collection of the Supreme Court of the United States*

A Washington-based married couple’s challenge to an obscure provision of the 2017 Republican tax law has the potential to become “the most important tax case in a century,” with far-reaching implications for federal revenues, key social programs, and Congress’ constitutional authority to impose levies on income.

That’s according to a new report released Wednesday by the Roosevelt Institute and the Institute on Taxation and Economic Policy (ITEP).

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House Dems Revive Bill to Make Poverty-Eradicating Child Tax Credit Permanent

“In 2021 alone, the expanded Child Tax Credit reached more than 61 million children and lifted nearly 4 million of them out of poverty.”

By Brett Wilkins. Published 6-7-2023 by Common Dreams

As congressional Republicans intensify their assault on vital social programs, a trio of House Democrats on Wednesday reintroduced legislation that would make permanent the expanded monthly Child Tax Credit—a policy credited with lifting millions of U.S. children out of poverty.

The American Family Act—reintroduced by Reps. Rosa DeLauro (D-Conn.), Suzan DelBene (D-Wash.), and Ritchie Torres (D-N.Y.) and backed by 204 House Democrats—would ensure the permanency of the expanded Child Tax Credit (CTC) as established in the American Rescue Plan, the sweeping $1.9 trillion pandemic relief package signed into law by President Joe Biden in March 2021. The expanded CTC expired at the end of 2021 amid the Omicron surge of the Covid-19 pandemic.

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Because Congress ‘Won’t Act,’ Lawmakers in Seven States Team Up to Introduce Wealth Tax Bills

“States are stepping up to make billionaires pay their fair share, and it’s time for Congress to take action too,” said U.S. Sen. Elizabeth Warren.

By Jake Johnson. Published 1-18-2023 by Common Dreams

Photo: Fibonacci Blue/flickr/CC

Frustrated with federal inaction in the face of soaring inequality, Democratic lawmakers in seven states across the U.S. are teaming up this week to simultaneously introduce wealth tax bills targeting the fortunes of billionaires and other rich individuals who have seen their net worth explode in recent years.

Officially launching on Thursday, the first-of-its-kind effort is led by state lawmakers in California, Connecticut, Illinois, Hawaii, Maryland, New York, and Washington—collectively home to around 60% of the country’s wealth. Continue reading →

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The Movement Continues – Globally

Tag Archives: Institute on Taxation and Economic Policy (ITEP)