The House of Representatives’ recently passed tax bill changes course on taxing multinational corporations engaged in shifting U.S. profits overseas, offering massive tax giveaways that weaken American revenues and risk sending more American corporate investment offshore.| ITEP
The House tax plan cuts charitable giving tax incentives for donors to most nonprofit groups while roughly tripling the incentive available to donors to groups that fund private K-12 school vouchers. The bill would also allow private school voucher donors to avoid capital gains tax on their gifts of corporate stock, creating a profitable tax shelter for wealthy people who agree to help funnel public funds into private schools. The bill would reduce federal tax revenue by $23.2 billion over th...| ITEP
Private equity is doing fine on its own and does not need another tax break. Congress should keep the stricter limit on deductions for interest payments —one of the few provisions in the 2017 tax law that asked large businesses to pay a little bit more.| ITEP
If Congress creates a tax break to encourage businesses to conduct research that benefits society, should Netflix be eligible for…| ITEP
The federal estate tax has reached historic lows. In 2019, only 8 of every 10,000 people who died left an estate large enough to trigger the tax. Legislative changes under presidents of both parties have increased the basic exemption from the estate tax over the past 20 years. This has cut the share of adults leaving behind taxable estates down from more than 2 percent to well under 1 percent.| ITEP
Since TCJA expanded tax breaks for “accelerated depreciation” starting in 2018, it has reduced taxes by nearly $67 billion for the 25 profitable corporations that benefited the most. Congress is now looking at extending this policy.| ITEP
