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)
Tax & Budget
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:
- 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.
- Cautious budgeting in the face of economic uncertainty: Outyear gaps have been reduced;
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
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)
February 10, 2016. An op-ed by James Parrott, City & State.
The New York state Senate approved legislation on January 26 that would cap the growth in New York City property taxes at the lesser of inflation or 2 percent a year. The 45-16 vote occurred while Mayor Bill de Blasio was testifying nearby at a Joint Legislative Budget hearing.
State senators in favor of this bill made a three-pronged argument: property taxes have become too burdensome for middle-class … (read more)
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)
February 3, 2016. Vice President Joe Biden once said, “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.”
Governor Cuomo’s 2017 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 3.2 … (read more)
February 2, 2015. Executive Director Ron Deutsch testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s FY 2017 Proposed Budget and Financial Plan.
Income inequality has increased in New York during the recovery with income for the 1 percent growing faster than the average income for everyone else. New York’s combined state and local tax structure is regressive and several rounds of substantial multi-year tax cuts in the past three years have done nothing, on … (read more)
January 7, 2016. James Parrott testified at a New York State Senate Standing Committee on Labor hearing. In his conclusion, Parrott asserts that it would be sound public policy for New York State to phase in a $15 an hour minimum wage. Considerable economically sound research supports the conclusion that the businesses can accommodate such an increase. A higher wage floor would generate significant cost savings due to reduced turnover and there is room for modest price increases to ease … (read more)