The Institute on Taxation and Economic Policy
What's New
Meta’s Federal Tax Rate Hits an All-Time Low Due to Breaks Expanded by Trump Tax Law
February 4, 2026 • By Matthew Gardner
The company paid an effective federal income tax rate of just over 3.5% in 2025, the lowest it has recorded since the company went public as Facebook in 2012.
Trust Reform is Needed to Protect States, Especially in the Wake of IRS Enforcement Cuts
February 3, 2026 • By Sarah Austin
Trust use is widespread among the wealthiest households, with reports showing that roughly half of the nation’s wealthiest people rely on trusts for tax avoidance reasons
An Anti-Affordability Agenda: Trump’s Advisors Call on States to Raise Taxes on the Working Class and Drastically Cut Taxes for the Rich
January 29, 2026 • By Carl Davis
The Trump administration’s Council of Economic Advisors suggests that states consider drastically raising sales taxes and using those new revenues to pay for repealing taxes on corporate and personal income. Working-class families would face dramatic tax increases while the nation’s wealthiest families would see their state tax bills plummet.
Tesla Reported Zero Federal Income Tax on $5.7 Billion of U.S. Income in 2025
January 29, 2026 • By Matthew Gardner
Tesla enjoyed almost $5.7 billion of U.S. income in 2025 but paid $0 in federal income tax. Over the past three years, the Elon Musk-led company reported $12.5 billion of U.S. income on which its current federal tax was just $48 million.
State Rundown 1/28: State Tax Cutting Plans Face Scrutiny
January 28, 2026 • By ITEP Staff
As state legislative sessions ramp up across the country, property taxes are one of many issues dominating tax policy conversations in statehouses.
ITEP in the News
Newsweek: Major Tax Disruption Faces Over 300,000 Taxpayers—’Sabotage’
Associated Press: Trump's $10 Billion Lawsuit Against the IRS Raises Conflict of Interest Concerns
The American Prospect: Tesla's Wile E. Coyote Moment Is Here
Wall Street Journal: Companies Reveal Big Mystery: Where They Pay Taxes and How Much
Washington Post: How to Claim Tax Breaks on Overtime, Tips, and More This Filing Season
ITEP Work in Action
FACT Coalition: New Transparency Requirements Reveal Low U.S. Taxes, Continued Use of Tax Havens by Major American Corporations
Economic Progress Institute: Hundreds of Millions in Lost Revenue: The Cost of Rhode Island’s Personal Income Tax Changes
Testimony: ITEP's Carl Davis on Federal/State Tax Conformity at Pair of Vermont Committee Hearings
Cato Institute: Immigrants’ Recent Effects on Government Budgets: 1994–2023
Testimony: ITEP's Brakeyshia Samms Explains How Property Tax Circuit Breakers Could Help Evanston, Illinois
Across the States
Tax Watch
State Tax Watch 2026
ITEP tracks tax discussions in legislatures across the country and uses our unique data capacity to analyze the revenue, distributional, and racial and ethnic impacts of many of these proposals. State Tax Watch offers the latest news and movement from each state.
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Learn more about state taxes across the country, read Who Pays?
State Rundown & On the Map
On the Map
State Rundown 1/28: State Tax Cutting Plans Face Scrutiny
As state legislative sessions ramp up across the country, property taxes are one of many issues dominating tax policy conversations in statehouses.
Taxes on Adult-Use Cannabis in Each State
Twenty-three states have legalized the sale of cannabis for general adult use. Every state allowing legal sales applies an excise tax to cannabis based on…
State & Local Tax Policy
Trust Reform is Needed to Protect States, Especially in the Wake of IRS Enforcement Cuts
February 3, 2026 • By Sarah Austin
State Tax Watch 2026
February 2, 2026 • By ITEP Staff
An Anti-Affordability Agenda: Trump’s Advisors Call on States to Raise Taxes on the Working Class and Drastically Cut Taxes for the Rich
January 29, 2026 • By Carl Davis
An Analysis of a Potential Reduction in Massachusetts’ Long-Term Capital Gains Tax Rate
January 26, 2026 • By Eli Byerly-Duke, Matthew Gardner
