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.

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