Topics

$15 Minimum Wage Would Raise Earnings for 1.1 Million Immigrants

March 23, 2016. In a brief, the Fiscal Policy Institute states that gradually raising the New York State minimum wage from its current level of $9/hour to $15/hour by 2019 in New York City and mid-2021 in the rest of the state would give a much-needed raise to 1.1 million immigrant workers.

In all, there are 3.2 million New York workers who will benefit from the phased-in wage increase, which would on average increase wages by $4,900 per year. These … (read more)

The Retail Sector—New York’s Biggest Low-wage Employer Needs to Provide Higher Wages

March 22, 2016. Among all sectors, retail trade has the most low-wage workers in New York State. Over a half million (555,200) retail workers will benefit from an increase in the statewide minimum wage to $15 an hour. These workers make up nearly a fifth (18 percent) of the 3.2 million workers receiving a wage boost, although retail jobs represent one in nine of all New York jobs.

With the phased-in $15 minimum wage floor, 61 percent of all women … (read more)

Wealthy New Yorkers Urge Governor Cuomo and Legislature to Enact 1% Plan for New York Tax Fairness

March 21, 2016.  Some of the wealthiest New Yorkers have sent an open letter to Governor Andrew Cuomo and the New York State Legislature urging passage of the “1% Plan for New York Tax Fairness” to replace the temporary ‘millionaires tax’ set to expire at the end of next year. The Fiscal Policy Institute’s 1% Plan calls for new tax rates ranging from 7.65% to 9.99% applied to new tax brackets starting at $665,000, the income threshold for the top … (read more)

Proposed EITC Expansion Is No Substitute for Proposed $15 Minimum Wage

March 18, 2016. The state’s EITC is an extremely important benefit to low- and moderate-income working families. There is considerable merit to Assemblyman Kolb’s proposed 50% enhancement to the state’s EITC, raising it form 30% to 45% of the federal EITC. However, the proposal is certainly not a substitute for raising the minimum wage. It is more appropriate to view the EITC and raising the minimum wage as complementary policies. See the complete brief issued jointly by the Fiscal Policy … (read more)

FPI Testimony in US Senate on Immigration

March 16, 2016. The director of FPI’s Immigration Research Initiative, David Dyssegaard Kallick, testified today before a U.S. Senate hearing on immigration, making the case that immigrants are contributing robustly to the United States economy,

Written testimony is here.

Video available here. In the video, the hearing starts at 21.08; Kallick’s remarks are at 1:01:15, 1:17:03, and 2:04:05.… (read more)

New York Economists Support a Statewide $15 Minimum Wage; Recent academic research shows it’s good for workers, businesses and the economy

March 14, 2016. More than 75 economists from throughout New York State joined together this week to send a message to Albany: a phased-in increase in the minimum wage to $15 by 2019 in New York City and by mid-2021 in the rest of the state is a prudent and much needed policy that would raise the incomes of struggling low-wage workers and boost their spending power without hurting the state’s economy.

The economists’ statement cites a number of academic … (read more)

Berkeley Report on Impact of $15 NY Minimum Wage Released

March 11, 2016. In a new report from the University of California at Berkeley, noted economist Michael Reich and colleagues take a comprehensive look at the likely impact of a $15 minimum wage in New York State.

This report assesses the broad impact on businesses and the overall economy and employment levels from the proposed phased-in $15 minimum wage. The report makes a significant contribution to the minimum wage literature since it  looks broadly across the economy and factors in … (read more)

Briefing on Mayor deBlasio’s Preliminary FY 2017 NYC Budget: Budgeting Cautiously amid State and Economic Uncertainty

March 10, 2016. In his briefing of NYC Mayor Bill deBlasio’s FY 2017 Preliminary budget, FPI’s James Parrott highlights the following:

  1. Strong economic and tax growth used to further a different set of budget and policy priorities than predecessors: reinvesting in human services; committing new resources to address housing and homelessness; continuing and different investments in public safety; and changing employment and wage policies to aid workers.
  1. Cautious budgeting in the face of economic uncertainty: Outyear gaps have been reduced;
(read more)

Tax Breaks for Wealthy Contributors to Private or Public Schools?

March 2, 2016. The education tax credit proposals currently being discussed have significant drawbacks as outlined in FPI’s new brief.

Both the governor’s proposal and the senate’s represent misguided tax policy for a number of reasons:

  • The PCEA represents a radical and unwise departure from existing state tax policy because it provides an unprecedented proportion (75 or 90 percent) of tax reduction relative to a contribution. It has the potential to lessen charitable contributions for a wide range of
(read more)

Full Implementation of Obama’s Immigration Executive Actions Would Bring $82 Million in Tax Revenues to New York

February 24, 2016. A 50-state study released today by the Institute on Taxation and Economic Policy, co-released in New York by the Fiscal Policy Institute, finds that if President Obama’s executive actions on immigration were permitted to be fully implemented they would bring an additional $82 million in New York state and local tax revenue compared to not having the actions in place.

The executive actions would add to the tax revenue in all 50 states and in the District … (read more)