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 ...
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 ...
WEBPage 5 | Who Pays? 7th edition 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 …
Undocumented Immigrants’ State & Local Tax Contributions - ITEP
WEBMar 2, 2017 · While it is unlikely to happen in the current political environment, undocumented immigrants’ state and local tax contributions could increase by up to $2.1 billion under comprehensive immigration reform, boosting their effective tax rate to 8.6 percent. Read the Report. Press Release (PDF) Undocumented Immigrants Pay …
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.
The Pitfalls of Flat Income Taxes – ITEP
WEBJan 17, 2023 · ITEP’s most recent comprehensive study of state and local tax codes found that the middle 20 percent of individuals and families in states with flat rate taxes paid on average 2.9 percent of what they earn in income taxes. In states with graduated-rate taxes, by contrast, that figure is just 2.3 percent. [8]
Minnesota Stands Out for Its Moderately Progressive Tax Code
WEBAug 6, 2024 · Most state tax systems fall short of the public’s perception of fairness by charging the rich lower tax rates than everyone else. Minnesota is among a small group of states that has chosen a different path. In Who Pays?, our comprehensive study of state and local taxes, Minnesota stands apart from the pack with a moderately progressive tax system that asks slightly more of the rich than of ...
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 ...
The Geographic Distribution of Extreme Wealth in the U.S.
WEBOct 13, 2022 · Read as PDF. Estimating Wealth Levels and Potential Wealth Tax Bases Across States Key Findings. More than one in four dollars of wealth in the U.S. is held by a tiny fraction of households with net worth over $30 million. Nationally, we estimate that wealth over $30 million per household will reach $26 trillion in 2022 with roughly one-fifth of that amount ($4.5 trillion) held by billionaires.