Income distribution, inequality and poverty

Press Release: Over 80 Wealthy New Yorkers Urge Governor Cuomo to Extend and Expand Millionaires’ Tax

FOR IMMEDIATE RELEASE: March 21, 2017

Contact: Ron Deutsch, Fiscal Policy Institute, 518-469-6769, deutsch@fiscalpolicy.org

Mike Leyba, Responsible Wealth, 562-266-4357, mleyba@faireconomy.org

Over 80 Upper-Income New Yorkers Urge Governor Cuomo and Legislature to Extend and Expand the Millionaires’ Tax

As New York State braces for proposed federal budget cuts that could have a devastating impact on health care, education and infrastructure investments across the state, more than 80 New York residents with incomes in the top 1% have sent an open letter … (read more)

Policy Brief: Expand the Millionaires’ Tax and Address New York’s Worst-in-the-Nation Income Inequality

March 7, 2017. The millionaires’ tax is New York’s fiscal Swiss Army knife, a tool that addresses many different needs. It helps fund important priorities, balance the New York State budget, respond to heightened income inequality, and lessen the overall regressive state and local tax structure. And it is very much needed in New York today.

PDF of full Policy Brief(read more)

Testimony at the Joint Legislative Public Hearing on the FY 2018 Executive Budget – Taxes

February 7, 2017. Executive Director Ron Deutsch testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s FY 2018 Proposed Budget and Financial Plan.

Income inequality, as indicated by the richest 1 percent share of total income, has grown substantially since 1980 in New York State as well as nationally. One of the most sensible tools the state has to address the growing income gap in New York is the millionaires’ tax. The proposed extension of … (read more)

Extending tax credit will help low-wage workers

January 10, 2017. The following op-ed by Ron Deutsch appeared in the Buffalo News.

Poverty. While it may not be the glitz and glamour of a flashy news story, it is a very real and pervasive issue for millions of Americans, particularly in New York State. As such, and especially in the aftermath of the 2016 election, it should be clear to members of both political parties that struggling workers face real challenges and need real solutions.

The need in … (read more)

New Census Data Show Improvement in Poverty and Incomes in New York State

September 19, 2016. New York has reason to be optimistic as poverty is declining and incomes are on the upswing, according to new data from the U.S. Census Bureau.

FPI notes that there were significant declines in the overall poverty rates for New York State and New York City in 2015 from 2014 (but no other significant year-over-year changes).

The New York State poverty rate for 2015 was 15.4%, down 0.5% from 2014 (15.9%) resulting in approximately 90,000 fewer New … (read more)

New York State Leads Nation in Income Inequality

June 16, 2016. In Income inequality in the US by state, metropolitan area, and county, a new report published by the Economic Policy Institute (EPI) for the Economic Analysis and Research Network (EARN), Mark Price, an economist at the Keystone Research Center in Harrisburg, PA and Estelle Sommeiller, a socio-economist at the Institute for Research in Economic and Social Sciences in Greater Paris, France detail the incomes of the top 1 percent and the bottom 99 percent by state, … (read more)

Heights of Privilege

June 2, 2016. The following article by James Parrott appeared in the Spring 2016 issue of The American Prospect magazine.

If you want to learn about the latest manifestations of inequality in urban America, read the real-estate sections of newspapers and magazines and check out the photo spreads on luxury condos in new residential skyscrapers. The palatial size, lavish finishes, and breathtaking price tags of these properties are advertisements of our new Gilded Age. In the area immediately south of … (read more)

New York State Economic and Fiscal Outlook FY 2017

February 3, 2016. In its 26th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2017 Executive Budget.

The Executive Budget advances some bold and progressive proposals that well reflect the values and needs of New Yorkers. In particular, the governor has shown great leadership and vision in forcefully advocating for a first-in-the nation statewide $15 minimum wage. If enacted, the minimum wage increase would lift the incomes of … (read more)

Business profits in New York State have grown much faster than wages since 2001

December 1, 2015. In a new analysis, the Fiscal Policy Institute finds that business profits per worker in New York State increased by 61% from 2001-13, while labor compensation per worker has risen by only 34%, and the typical worker received wage increases of 25-29%, much less than inflation.

James Parrott, the Institute’s Deputy Director and Chief Economist stated: “These data confirm once again that most workers in New York have not been sharing in the fruits of the … (read more)

Testimony at the Joint Legislative Public Hearing on the 2015-2016 Executive Budget – Human Services

February 4, 2015. Submitted by Elizabeth McNichol, FPI Senior Fellow. Testimony includes: recommendations for the 2015-2016 state fiscal year; a summary and analysis of actual and proposed reductions in Human Services spending; use of federal Temporary Assistance for Needy Families (TANF) funding in the 2015-2016 Executive Budget; and, the impact of decline in the purchasing power of the monthly cash assistance grant.… (read more)