IRS Direct File pilot program was used by 40% more tax filers than target and they gave it overwhelmingly high marks. Will TurboTax and tax-prep lobby stop this success from saving more people time and money? bostonglobe.com/2024/05/07/bus… via The Boston Globe

Proponents often claim that flat income taxes will lead to lower taxes overall. This isn’t true for average households — and it won't be true in Iowa, where the rich will pay a lower rate overall than families with modest means.
news.bloomberglaw.com/tax-insights-a…

Southern states continue to push for eliminating or severely limiting corporate & personal income taxes.

This approach has forced a reliance on regressive sales taxes, leaving public services underfunded and state tax systems upside down. epi.org/publication/ro… Economic Policy Institute

We’re hiring a Development Manager to oversee our fundraising strategies and help ITEP grow. Learn more about the role and how to apply here: itep.org/employment/dev…

New from me and Jessica Vela: permanently extending the Trump tax cuts would cost $4 trillion over the decade.

On a net-present-value basis, they would cost $10.3 trillion over 30 years, and they'd push debt/GDP up 36%, leaving it above 200% by 2054.
americanprogress.org/article/perman…

A new CBO report finds that extending the Trump tax cuts for the next 10 years would add $4.6 trillion to the deficit.

That comes with a $112.6 billion windfall for the richest 5% in the first year alone.
budget.senate.gov/chairman/newsr… Senate Budget Committee

After the Trump tax law took effect, most of the nation’s largest corporations saw substantial tax reductions. itep.org/corporate-taxe…

The number of profitable corporations we found paying an effective tax rate of less than 10% jumped from 56 before the Trump tax law took effect to 95 after. itep.org/corporate-taxe…

Unsurprisingly after TCJA when the corp tax rate dropped to 21%, most of the nation’s largest corps saw substantial tax reductions. New ITEP research shows biz profits grew by 44%, but their federal tax bills dropped by 16%. #TaxTwitter #EconTwitter itep.org/corporate-taxe…

Important new report from ITEP. Before the Trump tax law, about 50 of the most profitable corporations paid less than 10% in taxes. After the Trump tax law, that number almost doubled.

itep.org/corporate-taxe…

America’s largest, consistently profitable corporations saw their effective tax rates fall from an average of 22.0% to 12.8% after the Trump tax law took effect.

The number of these corporations paying tax rates of less than 10% increased from 56 to 95.
itep.org/corporate-taxe…

The benefits of corporate rate cuts in the Trump tax law did not trickle down.

One study found that “earnings do not change for workers in the bottom 90%.'

More from jean ross here: americanprogress.org/article/the-ta…

During debate over the 2017 tax cuts, proponents made audacious claims that the benefits would trickle down, spur investment, and economic growth. We know now that the bill failed to deliver. Instead it eroded revenues & exacerated inequality.

americanprogress.org/article/the-ta…

One of the most regressive tax systems in the nation, Tennessee taxes poorer households at higher rates while generating less revenue than most states.

That leads to lower funding for education, health, & other investments that benefit working families. thinktennessee.org/press/tennesse…

“Some people like to call Florida a ‘low-tax’ state, but the state only has low taxes for the wealthy. While the richest 1% in Florida pay only 2.7% of their income in state and local taxes, working families pay three and a half times as much.” wflanews.iheart.com/featured/flori…

Gas and electric utility companies enjoyed the lowest federal tax rates from 2018-2022, collectively reporting a tax rate of -0.1%.

This industry collectively paid zero federal income taxes over that five-year period taken as a whole. itep.org/corporate-tax-…

ECSTATIC to post this job on our team. Raise money to tax corporations and the wealthy! What could be more fun? itep.org/employment/dev…

An overwhelming 77% of registered voters in swing states approve of a tax on billionaires to bolster Social Security. bloomberg.com/news/articles/…