ITEP

ITEP

@itep.org

Informing the debate on tax policy nationwide with research and data-driven solutions. Visit www.itep.org to find our work. More info: linktr.ee/_itep

4K followers 90 following642 posts

ITEP reposted

Roosevelt Institute

@rooseveltinstitute.org

Wealth inequality isn't inevitable. It's the result of policy choices, and Washington is still making it worse. As @salon.com reports, new @itep.org EP analysis finds Trump's policies have raised costs for everyone except the richest 1%.

salon.comUS inequality is getting worse in ways you might not expect - Salon.comSome policies enacted more recently appear to be accelerating this trend

706 corporations raked in $198 billion in tax breaks last year. That's on top of $263 billion in tax breaks from the corporate rate cut in 2017. Their collective tax rate for 2025 is the lowest we've ever tracked.

Our detailed analysis of annual financial reports for corporations in every sector of the U.S. economy paints a picture of a corporate tax system that is now more loophole than law. itep.org/corporate-ta...

itep.orgAfter Two Rounds of Trump Tax Cuts, Corporate America Paid Less Than Ever in 2025In 2025, 706 major American corporations collectively paid a federal income tax rate of just 10.4% on $1.88 trillion in U.S. profits. This is the lowest effective rate that ITEP has uncovered in over ...

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Patriotic Millionaires

@patrioticmillionaires.org

America’s biggest corporations paid 10.4% in taxes last year on $1.88 trillion in profits. That’s the lowest effective corporate tax rate in over 40 YEARS OF DATA. Working Americans pay their full rate every paycheck. Corporate America pays half—or nothing at all.

itep.orgAfter Two Rounds of Trump Tax Cuts, Corporate America Paid Less Than Ever in 2025In 2025, 706 major American corporations collectively paid a federal income tax rate of just 10.4% on $1.88 trillion in U.S. profits. This is the lowest effective rate that ITEP has uncovered in over ...

ITEP reposted

NEW: U.S. corporations are paying the lowest tax rate seen in decades. 706 major corporations collectively paid a federal income tax rate of just 10.4%, less than half the statutory rate. 114 corporations paid zero. itep.org/corporate-ta...

itep.orgAfter Two Rounds of Trump Tax Cuts, Corporate America Paid Less Than Ever in 2025In 2025, 706 major American corporations collectively paid a federal income tax rate of just 10.4% on $1.88 trillion in U.S. profits. This is the lowest effective rate that ITEP has uncovered in over ...

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@sgp.bsky.social

U.S. CEOs doing a great job — at avoiding federal corporate income tax. New @itep.org stats: 706 top corporations paid just 10.4% of their $1.88 trillion in profits last year in tax. Current federal corporate tax rate: 21%. Comparable rate after WWII: 52%. myemail.constantcontact.com/Corporate-Am...

NEW: U.S. corporations are paying the lowest tax rate seen in decades. 706 major corporations collectively paid a federal income tax rate of just 10.4%, less than half the statutory rate. 114 corporations paid zero. itep.org/corporate-ta...

itep.orgAfter Two Rounds of Trump Tax Cuts, Corporate America Paid Less Than Ever in 2025In 2025, 706 major American corporations collectively paid a federal income tax rate of just 10.4% on $1.88 trillion in U.S. profits. This is the lowest effective rate that ITEP has uncovered in over ...

This is the result of two rounds of corporate tax cuts enacted under President Trump. These findings paint a picture of a corporate tax system that is now more loophole than law.

Americans are right to be outraged about corporations paying too little in taxes. Corporate tax revenue dropped by roughly $70 billion over the past year while corporate profits soared. Trump's 2025 tax cuts for the rich have fueled that. www.nytimes.com/2026/10/17/b...

nytimes.comCorporate Tax Revenue Falls Even as Profits Soar Under TrumpThe annual decline was about $70 billion. Companies are writing off billions in A.I. investments, taking advantage of tax cuts that President Trump signed into law.

The lower your income is, the worse off you are under Trump's policies. Our Federal Policy Director Steve Wamhoff explains, "...they’ve caused increased costs that more than offset those tax cuts by a lot for most people, except for the rich." www.usatoday.com/story/money/...

usatoday.comTrump's policies raised costs for all but the top 1%, report saysTrump ran on tax cuts. But his economic policies have driven up taxes and costs for all but the wealthiest 1% of Americans, a think tank reports.

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@amyhanauer.bsky.social

Are you in the richest 1%? If not, Trump is costing you.

usatoday.comTrump's policies raised costs for all but the top 1%, report saysTrump ran on tax cuts. But his economic policies have driven up taxes and costs for all but the wealthiest 1% of Americans, a think tank reports.

OBBBA helped Big Tech companies write off their costs for equipment – much of which was likely used for AI and data centers. $27 billion in depreciation tax breaks went to 5 Big Tech companies alone last year. www.huffpost.com/entry/data-c...

huffpost.comAn Obscure Part Of Republicans' Tax Law Is Now Blowing Up In Their FacesRepublicans are scrambling to deal with a data center boom they cheered on not long ago.

Proponents of Trump's policies say that OBBBA provided large tax cuts for everyone. In reality, those tax cuts are heavily skewed toward the well-off. The richest 1% will receive nearly a fourth of the total benefits this year.

Most American households have instead experienced cost increases from some of Trump's key policies. itep.org/impact-of-tr...

itep.orgImpact of Key Trump Policies on Taxes and Costs: National and State EstimatesThe major tax and economic policies of President Trump’s second term have increased taxes and household costs for most Americans except the richest 1%.

Ohio and North Carolina have recently suspended their gas taxes, while Indiana extended its ongoing gas tax suspension. State gas tax holidays will help corporations and visitors far more than those having a hard time paying for gas, at the expense of public infrastructure.

State lawmakers continue to pursue costly and ineffective gas tax holidays as the Iran War drives gas prices up nationwide. itep.org/gas-prices-s...

itep.orgThese States Are Most Impacted by the Spike in Gas PricesThe recent spike in gasoline prices is on pace to cost American drivers an extra $9.4 billion per month. Gas prices are up dramatically across the country, but the South has been hit hardest and is on...

Shoe maker Steve Madden received $92 million in tariff refunds. After noting that it was “pleased overall with consumer acceptance of the price increases,” the company says it will use those tariff refunds to “pay down debt.” itep.org/trump-tariff...

itep.orgThe Biggest Winners from Trump’s Tariff Refunds are Big CorporationsThe Trump administration has been forced to pay out over $100 billion from illegal tariffs, and the biggest winners from these tariff refunds have been big corporations.

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Center for American Progress

@americanprogress.bsky.social

Executive Director of @itep.org, @amyhanauer.bsky.social, explains how state-level tax policy is critical for ensuring adequate funding for health care and education.

NEW: Americans in nearly every income group are paying more under President Trump's second term in 2026. The overall impact of inflationary policies, OBBBA's top-heavy tax cuts, and expiring health care tax credits have left savings only for the wealthiest Americans.

The middle 20% of Americans will pay an average of about $1,700 more in 2026, while the poorest 20% will pay roughly $750 more. The richest 1%, meanwhile, will pay an average of about $12,560 less. itep.org/impact-of-tr...

itep.orgImpact of Key Trump Policies on Taxes and Costs: National and State EstimatesThe major tax and economic policies of President Trump’s second term have increased taxes and household costs for most Americans except the richest 1%.

The Trump administration wants Americans to disclose their citizenship status to the IRS. Along with tax credit restrictions on noncitizens, this administration continues to try to reshape the tax code to target immigrant families. apnews.com/article/irs-...

apnews.comA new Trump proposal would require tax filers to disclose citizenship status to the IRSThe Trump administration has proposed a change to the 1040 tax form that will require Americans to disclose their citizenship and residency status.

The Iran War has significantly raised energy prices. The Last Word on MS NOW highlights our interactive fuel price tracker that shows how much Americans have paid as a result.

itep.org/iran-war-fue...

itep.orgIran War Fuel CostsThe Iran War has significantly raised energy prices. See our daily estimates of higher motor fuel costs due to the war.

ITEP reposted

Patriotic Millionaires

@patrioticmillionaires.org

White households are 91% of the wealthiest 1%. Taxing the rich isn't just good fiscal policy. It's one of the most powerful tools we have for advancing racial equity. Taxing the rich isn't just good policy. It's racial equity. ⬇️ itep.org/new-state-ta... @itep.org

itep.orgitep.org

Taxing the rich helps fund vital public services and makes tax codes fairer. It's also one of the most effective tools available for advancing racial equity. Four states this year passed new tax laws showing how this can be done. itep.org/new-state-ta...

itep.orgNew State Taxes on the Wealthy Raise Revenue and Rebalance Tax Codes, Advancing Racial JusticeThese policies reduce regressivity, ask those with the most to pay more, raise critical revenue, and take meaningful steps toward narrowing economic and racial inequalities.

Meta paid just 3.5% of its profits in federal corporate income taxes last year. Part of that is due to claiming the research tax credit to pay for the equipment it uses in data centers to power its AI activities. itep.org/metas-outlan...

itep.orgMeta’s Outlandish Tax Breaks for AI Data CentersMeta is claiming the research tax credit – a tax break meant to encourage innovation and experimentation – to pay for the equipment it uses in data centers to power its AI activities. ITEP described h...

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Institute for Policy Studies

Analysis from @itep.org shows that the rise in fuel prices caused by Trump’s war on Iran has cost the average American family $750 already—and could top $1,300 by the year’s end.

otherwords.orgTrump’s Invasion of Iran Could Cost You Thousands - OtherWordsHigher fuel and food prices are on track to cost the average household over $1,300 by the end of the year.

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Matthew Gardner

@mindthegaap.bsky.social

Good stuff from @kashhill.bsky.social on Meta's continued enthusiasm for living in the grey areas of the tax law. The company appear to be claiming the R&D credit for supplies purchased for use in its data center spending. Two numbers worth front-loading for this: $2.8 billion and 3.6%.

Kashmir Hill@kashhill.bsky.social

Meta is using a radical interpretation of a tax credit for “research and experimentation” to get billions of dollars off GPUs for its A.I. data centers. My latest with Jesse Drucker, @elitan.bsky.social and @mikeisaac.bsky.social www.nytimes.com/2026/09/30/t...

nytimes.comHow Meta Uses A.I. Data Centers to Avoid Billions in Federal Taxes (Gift Article)Meta is exploiting a lucrative tax break intended to support research and experimentation. Its own accountants say the gambit is risky.

ITEP reposted

@amyhanauer.bsky.social

The Iran war is making you spend (a lot) more on gas.

otherwords.orgTrump’s Invasion of Iran Could Cost You Thousands - OtherWordsHigher fuel and food prices are on track to cost the average household over $1,300 by the end of the year.

The Trump administration says its new proposal is designed to keep undocumented immigrants from obtaining certain tax credits. But our new estimates find that nearly 9 in 10 of the affected children are U.S. citizens. itep.org/new-estimate...

itep.orgNew Estimates of the Total Number of People and Children in Immigrant Families who Could Lose Eligibility for the Refundable Portions of the Earned Income Tax Credit and Child Tax CreditThis brief was co-authored with the Institute for Equity in Child Opportunity & Healthy Development (IECOHD) at Boston University and…

Florida voters will decide on Amendment 3, which would create a pathway for non-school property tax elimination. If passed, local governments would lose $13.7 billion in the first two years alone, jeopardizing public services that Floridians rely on. itep.org/impact-of-am...

itep.orgTallying Up the Impact of Florida’s Property Tax Ballot Measure on Local CommunitiesFlorida voters will soon vote on Amendment 3, which would create a pathway for non-school property tax elimination in the state. If passed, the measure would cost local governments $13.7 billion in th...

A new calculator launched this week by @floridapolicy.bsky.social breaks down the impact on Florida communities. amendment3.floridapolicyinstitute.org

amendment3.floridapolicyinstitute.orgFlorida Amendment 3 Impact | Florida Policy InstituteFlorida Amendment 3 Calculator. Look up your ZIP code or county to see the local government funding and services that could be affected.

California voters will weigh in on a one-time 5% wealth tax on the state's billionaires. Opponents of the plan continue to raise objections, many of which are tenuous and have already been addressed. itep.org/californias-...

itep.orgCalifornia’s Prop 40: Responses to Common ObjectionsProposition 40, California’s proposed billionaire tax, is a one-time 5 percent levy that addresses a significant one-time emergency, namely the cuts made to the healthcare system by the so-called “One...

Property tax cuts have led to inequity between wealthy Baby Boomers and everyone else. As our Research Director Carl Davis explains, "Your tax bill should be based on what you can afford to pay. It shouldn't be based on what year you happen to be born." www.businessinsider.com/generational...

businessinsider.comA generational tax battle has arrived. Millennials struggle to build wealth — while boomers seek tax breaks.Property tax breaks and Social Security are fueling a generational war over how much millennials and boomers should pay — and who should get relief.

The Iran War has already cost Americans more than $100 billion in higher fuel prices. That’s an estimated $750 per household.

Overall, Americans have paid $100,368,339,063 more to the oil industry, to date, since prices began to rise. itep.org/iran-war-fue...

itep.orgIran War Fuel CostsThe Iran War has significantly raised energy prices. This website provides continually updated tabulations of the additional amounts Americans have paid in higher motor fuel costs due to the war. It a...

ITEP reposted

Matthew Gardner

@mindthegaap.bsky.social

Brinker International, parent corporation of Chili's, reports a surprisingly low 5% federal tax rate, on $579 M of income, in their just-released FY26 annual report. Brinker's tax rate is affected by how it treats its workers and its executives, in opposite ways. (1/x) www.sec.gov/ix?doc=/Arch...

sec.govXBRL Viewer

ITEP reposted

Where do America's biggest cities get their tax revenue? While property taxes are the biggest source of revenue for over half of the 50 largest cities, income taxes are an important (but underutilized) source of progressive local revenue for several of them.

While the Trump administration proposes more dividend checks, the One Big Beautiful Bill Act has already delivered enormous benefits to the richest households. The richest 1% received an average tax cut of $66,000, far more than any other income group. newrepublic.com/post/215604/...

newrepublic.comThe Trump Dividend Checks Have Already Gone Out. Just Not to You.Here are some things to remember while you’re waiting for that $5,000 the president is promising.

Meanwhile, Trump's tariffs have more than offset OBBBA's tax cuts for most Americans. itep.org/tax-provisio...

itep.orgAnalysis of Tax Provisions in the Trump Megabill as Signed into Law: National and State Level EstimatesPresident Trump has signed into law the tax and spending “megabill” that largely favors the richest taxpayers and provides working-class Americans with relatively small tax cuts that will in many case...

The Child Tax Credit and Earned Income Tax Credit cut child poverty rates by about 25% last year – less than the previous year. A CTC expansion in 2021 helped reduce child poverty rates by half. Congress can do more to improve these programs. itep.org/new-census-d...

itep.orgNew Census Data Show Importance of Refundable Tax Credits and Need for ImprovementsThe Child Tax Credit actually moved fewer children out of poverty in 2025 than it did in 2024 prior to Congress passing the so-called "One Big Beautiful Bill Act" (OBBBA).

The Trump administration is not publishing data on the gap in unpaid taxes. The most recent estimate of this tax gap was $700 billion in 2022. After severe IRS staff cuts and fewer audits on the wealthy, this gap has likely grown under Trump. www.nytimes.com/2026/09/16/b...

nytimes.comBillions in Taxes Go Unpaid. Under Trump, the I.R.S. Won’t Say How Much.The absence of the annual estimate on the tax gap could make it more difficult to assess whether more taxes are going unpaid since President Trump took office.

Big Tech companies are getting massive tax breaks for building AI infrastructure that they would have built anyway. As the world’s largest technology companies are already racing to spend on AI, they don’t need more tax breaks. itep.org/big-tech-is-...

itep.orgBig Tech Is Raking in Enormous Tax Breaks for AI DevelopmentOBBBA’s expensing provision is becoming especially lucrative for the companies building out AI infrastructure right now. There is no evidence whatsoever that tax breaks are necessary to encourage thei...

Nearly two-thirds of states boost low-paid workers’ incomes and offset some taxes they pay with an Earned Income Tax Credit. Dozens of states have expanded or created EITCs since 2021. These credits help working-class families achieve greater economic security.

Here are several best practices for states looking to increase the impact of their EITCs. itep.org/state-earned...

itep.orgState Earned Income Tax Credits Will Support Families and Workers in 2027Nearly two-thirds of states (plus the District of Columbia and Puerto Rico) have an Earned Income Tax Credit. These credits boost low-paid workers’ incomes and offset some of the taxes they pay, helpi...

16 states provide Child Tax Credits to reduce poverty, boost economic security, and invest in children. This year, 3 states expanded their CTCs, and Rhode Island announced the state's first CTC. These credits amount to a multibillion-dollar investment in the next generation.

As more states consider creating or strengthening Child Tax Credits, lawmakers should design them for maximum impact. itep.org/state-child-...

itep.orgState Child Tax Credits Will Boost Financial Security for Families and Children in 2027Sixteen states provide Child Tax Credits to reduce poverty, boost economic security, and invest in children. State lawmakers have several options to maximize the impact of Child Tax Credits.

Today, a House committee will weigh in on whether the crypto industry deserves special tax breaks. The answer is a clear no. Crypto has caused more harm than good, and there is no reason to tax it more favorably than other assets and transactions. itep.org/congress-sho...

itep.orgCongress Should Reject Proposed Tax Breaks for CryptoCrypto provides no clear benefit and instead harms society in several ways. Even if crypto was useful in some way that outweighed the harms it causes, there is no reason to make exceptions that treat ...

ITEP reposted

TurboTax maker Intuit paid zero federal income tax on nearly $6 billion in U.S. profits in 2025. The Trump administration has helped Intuit avoid taxes with OBBBA. It also ended a popular free tax filing program with the IRS. Then Intuit's profits grew by 25%.