Sub-Topics

NYC Labor Market Took a Hard, Sustained Hit from the Pandemic

New York City Residents were hit harder and longer by the pandemic than those in the rest of the state. While both the city and the state have shown job gains since May 2020, the rebound has been modest. The road to recovery is long. Looking at the Employment to Population ratio (EPOP), we can see both are doing worse than during the Great Recession when the New York state EPOP never dropped below 57.7 percent and averaged 59.3 percent … (read more)

Buffalo Economist Fred Floss: “We are in an Impossible Situation”

August 19, 2020.

Professor Fred Floss, a Senior Fellow at the Fiscal Policy Institute, Chair of the Department of Economics and Finance at Buffalo State and a member of Buffalo’s Fiscal Control Board, discussed Buffalo’s fiscal situation with Capital Tonight host Susan Arbetter.

“According to a new study published in the September edition of the National Tax Journal, cities in upstate New York, Buffalo, Rochester and Syracuse, are the most financially distressed cities in the nation. One reason why, according … (read more)

NY Pied-À-Terre Tax Bill Amended To Address Co-Op Issues

August 19, 2020. Spectrum News

With New York continuing to face a staggering revenue shortfall, an updated pied-à-terre tax proposal sponsored by Assemblymember Deborah Glick and Senator Brad Hoylman is receiving renewed interest.

“Jonas Shaende, chief economist at the Fiscal Policy Institute, told Law360 that one of the reasonable criticisms made last year about the bill was its application of market valuation to co-ops that never had that valuation method applied to them before. He said the changes account for … (read more)

Group Calls For NY ‘Mark-To-Market’ Tax To Raise $5.5B

August 12, 2020

“New York should pass a so-called mark-to-market tax bill to raise $5.5 billion annually and help the state during its post-pandemic recovery, a report by the left-leaning Fiscal Policy Institute said Wednesday.

The labor-backed policy group endorsed the mark-to-market tax proposal as New York faces a $14 billion revenue shortfall and estimated 20% cuts to education, hospitals, local governments and nonprofits. While state Democratic lawmakers and Gov. Andrew Cuomo, a Democrat, have been pushing federal lawmakers to … (read more)

Generating State Revenue Essential for Post-Pandemic Recovery

Billionaire Mark-to-Market Tax Can Raise Over $5.5 Billion To Help Keep New York State Running

New York can and must do more to address its budget crisis than wait for federal relief. While the economy has taken a hit, the state can raise enough tax revenue to avoid catastrophic budget cuts—to education, health care, and other crucial services—and add new programs to combat the coronavirus recession by helping those most in need. The Fiscal Policy Institute’s latest report explains how … (read more)

The Politics of Hiking Taxes on the Rich During the Pandemic

August 6, 2020 – Spectrum News

New York State faces cuts to public programs and services due to this year’s unprecedented revenue shortfall. While awaiting needed federal action, advocates call for raising state revenue.

The sweeping cuts threatened by Governor Cuomo would devastate the very people hit hardest by the pandemic and its economic fallout. The state must get the economic engine of New York running while awaiting essential federal funding,” said Ron Deutsch, the executive director of the Fiscal (read more)

New York Must Act Now to Support Excluded Workers

Workers and families left without support for months  

Read the full report: Unemployment Compensation for Excluded Workers: Helping New Yorkers, Boosting the Local Economy

(Albany, NY) State unemployment benefits were expanded in significant ways for most New Yorkers who lost their jobs during the pandemic. However, tens of thousands of New York workers and their families were left adrift without federal or state assistance. The Fiscal Policy Institute’s new report shows that our state can act to create and fund … (read more)

Second Round of Economic Impact Payments Needed

Millions of New Yorkers remain unemployed due to COVID-19. With federal assistance set to end in July, the situation is dire as these payments were used to cover basic essentials for workers and their families – and those who were excluded from CARES Act support and state unemployment assistance continue to struggle. The facts are stark. “Over 9.3 million New Yorkers—48 percent of the state’s population—received Economic Impact Payments (EIP) totaling over $15 billion by May 22, 2020. Undocumented immigrants, … (read more)

Memo of Support: The Billionaire Mark-to-Market Tax Act

The Fiscal Policy Institute strongly supports the Billionaire Mark-to-Market Tax Act (S8277/A10414) that is expected to raise additional revenue for New York State to be used for multiple purposes, including supporting a fund that would provide weekly financial assistance to workers otherwise excluded from New York State Unemployment Insurance.

Download the PDF. … (read more)

1.2 Million New Yorkers Excluded from the CARES Act

 

Undocumented immigrants are being affected by COVID-19 like all other New Yorkers, but unlike others they are being systematically excluded from federal economic assistance programs.

The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act included financial support for many families and businesses through this difficult period. But, despite the efforts of some members of Congress, the CARES Act very specifically excluded undocumented immigrants, and in some cases as collateral damage they excluded the children and spouses of … (read more)