Tax & Budget

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)

Memo of Support: Budget Equity Act

The Fiscal Policy Institute strongly supports S .8198A (Biaggi)/A.9100A (Gottfried) to create a more equitable balance of power within New York’s state government. As the legislation requires passage by both houses within two consecutive legislative sessions, FPI urges the senate and assembly to pass this legislation before August 3, 2020, and again in the 2021 – 2022 session so it can go before the voters in the 2021 fall election.

The current provisions of the New York State Constitution, as … (read more)

In Solidarity

The Fiscal Policy Institute stands in solidarity with protesters voicing outrage over the recent murders of George Floyd and Breonna Taylor, and the long history of violent abuse and killing of Black people at the hands of police in city after city, town after town, year after year.

Black lives matter. Yet the history of racism built into our society actively harms Black people. We must do better for our state and our nation.

In our research at the Fiscal … (read more)

Reflections on the New York State Budget

For Immediate Release: April 4, 2020

Media Contact: Fern Whyland, Communications Director, whyland@fiscalpolicy.org, 315-436-0558 

 Reflections on the New York State Budget 

(Albany, NY) The process of crafting the FY 2020-2021 State Budget began with warnings of a dire budget shortfall and concluded with efforts to alleviate the fallout caused by an economy brought to a sudden standstill by a global pandemic. Throughout the budget process and the rising projections around revenue losses, FPI has called for public policies based

(read more)

Don’t Let the Pandemic Shortchange Our State Budget Process

For Immediate Release: March 31, 2020

 

(Albany, NY) Today the Fiscal Policy Institute (FPI) released a set of recommendations to safeguard New York’s budget process and ensure a just budget for all. Predictions of a budget shortfall preceded the unforeseen economic impact of the pandemic and FPI urged leadership to think beyond the continued use of the same austerity budget measures put in place year after year. Now, faced with the urgent needs of our community members, FPI urges … (read more)