Proposal to Recapture High End Federal Tax Cut Windfall

December 20, 2010. In the wake of the historic agreement between the President and the Republican Congressional leadership to extend the Bush tax cuts for the wealthiest, the New York City Council’s Progressive Caucus has developed an interesting proposal. The proposal calls for the state of New York to impose a temporary income tax surcharge to recapture for New York the “windfall” high income New York filers will be receiving. Related: an op-ed by Brad Lander, co-chair of the Progressive Caucus.

Grow Together or Pull Further Apart? Income Concentration Trends in New York

December 13, 2010. New data shows that extreme inequality restrains growth for most New Yorkers – polarization trends in New York City and New York State expose an economic fault line. A new report from FPI documents the pronounced concentration of income growth that has occurred in New York State and New York City since 1980 – the first time that state income tax data has been compiled to analyze trends since 1980 in income growth by various segments of the state’s population. Among the findings: The richest one percent of households increased their share of all income statewide from 10 percent in 1980 to 35 percent in 2007, while in New York City the income share going to the top one percent rose from 12 percent to 44 percent over that span. Press release and report.

The Growing Budget Burden of New York’s Business Tax Expenditures

December 7, 2010. Over $8 billion a year goes to “back door” spending in the name of job creation. This new report from FPI identifies $5.4 billion a year in state government “back door” spending in the name of economic development and job creation. An additional $2.8 billion a year is being drained from New York’s local government budgets because of a variety of tax expenditures in state law. In these tough budget times, these billions of dollars in business tax expenditures, which have historically lacked transparency and accountability, must be examined carefully – program by program – to determine whether the promised benefit is real, and if so whether the expense entailed is justified. Release >> Report >>

Oversight: An Examination of the November Financial Plan

December 6, 2010. Testimony presented by James Parrott before the New York City Council Committee on Finance.

Immigration’s Impacts on the Long Island Economy

December 1, 2010. A report by David Dyssegaard Kallick published in the Regional Labor Review, vol. 13, no. 1 (Fall 2010), published by the Center for the Study of Labor and Democracy at Hofstra University. Read the report.

Misleading NYS GDP Data for 2009: Federal release distorts picture of NYS’s economy

November 18, 2010. The Bureau of Economic Analysis today released advance estimates that dramatically overstate New York State’s actual economic decline for 2009 – making New York the third worst-off state – because the BEA figures are based on very partial data and exclude any information on corporate profits. A much better indicator of New York’s relative economic performance in 2009 is provided by BEA’s own data on total employment by state, which put New York tenth best of the 50 states. Release with data >>

The Changing Profile of Long Island’s Economy: How U.S.-born workers have fared as immigration has grown

November 17, 2010. This report shows the big overall immigrant contribution to Long Island’s economy, stressing the diversity of immigrant jobs, but also looking at whether immigrants are displacing U.S.-born workers or lowering wages. For nearly all Long Island residents the answer is no. However, there is reason for concern about African American men with a high school diploma or less. They seem to be losing ground (higher unemployment rates) as immigrant share of the labor force increases. This issue deserves attention despite the fact that unemployment rates on Long Island were too high even before much immigration.

Oversight: New York City Poverty 2010 – A Look at the Impact of the Recession on Communities, People, and the Administration’s Poverty Reduction Plan

October 28, 2010. Testimony presented by James Parrott before the New York City Council Committee on Community Development.

Background on the Economists Selected by the New York City Economic Development Corporation for Its Living Wage Study

October 27, 2010. City policymakers deserve the benefit of a rigorous study that looks at the actual costs and benefits of extending living wage standards to subsidized development projects. This brief looks at the track record of the lead economist, David Neumark, for the management consulting firm selected by the New York City Economic Development Corporation to conduct a study of the possible economic impact of wage requirements on projects subsidized by the City. The brief examines the extensive criticism of Neumark’s past labor market analyses and calls for an external review panel of prominent economists to provide critical feedback on the EDC living wage study.

High unemployment persists, but New York has not fared as badly as most states in the downturn

October 22, 2010. A new report from the U.S. Department of Labor shows that from the start of the national recession through September 2010, New York’s 3.3 percent total job loss ranked it 39th among all states. New Yorkers have certainly not been spared the recession’s devastating effects; however, New York was hit less hard than most parts of the country. Still, there were 800,000 New Yorkers officially unemployed in September, a number nearly 75 percent higher than when the recession began in New York in the spring of 2008. State and local government job losses far exceed losses in other sectors this year. Release with state rankings >>

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