NYS budget

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)

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)

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)

We Must Boost New York’s Fighting Chance

New York State is dealing with a pandemic that demands sudden and unusual changes in our everyday lives. The need for societal change including social distancing and restricting public gatherings to protect our health is clear. The question is what will be the economic cost of our necessary public health policy and how will we pay for it?

Explore these pressing issues with us in our new brief:

At the time of this writing, our state is trying to reach … (read more)

FPI’s 2020 State Budget Presentations

Our state budget is an opportunity to define our values and choose our future. Will our actions reinforce inequity and inequality or can we pull together to create a more just New York for all? FPI took a look at the proposed executive budget and shared our thoughts in two presentations, one in Albany and one in New York City. If you missed those informative events, you can still take a look at what was presented.
(read more)

Fiscal Policy Institute Reacts to Governor Cuomo’s State of the State Address

FOR IMMEDIATE RELEASE: January 8, 2020

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

Fiscal Policy Institute Reacts to Governor Cuomo’s State of the State Address

FPI Agrees that New Yorkers Deserve Results, Not Rhetoric 

Statement from Ron Deutsch, Executive Director, Fiscal Policy Institute
 
“Governor Cuomo is right that New Yorkers deserve results, not rhetoric. While our state economy booms, we continue to be short-changed by austerity budgeting. Missing from the governor’s State of the State address is clarity
(read more)

The New York State Budget Must Support All New Yorkers.

January 6, 2020

As the New York State legislative session begins with the state facing a multi-billion-dollar state budget deficit, the question is clear—what kind of New York do we want and how will we get there?  The Fiscal Policy Institute (FPI) urges Governor Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl E. Heastie to choose sound economic and social policies that promote growth and development for the many rather than the few so that all New … (read more)

Fiscal Policy Institute Response to the 2019-2020 Adopted Budget

Fiscal Policy Institute Response to the 2019-2020 Adopted Budget

Read FPI’s comprehensive overview of the NYS budget.

Revenues

This year’s budget raises revenues from a number of different areas, and does so through a number of well-founded approaches. The Fiscal Policy Institute supports the newly enacted luxury real estate tax, which makes property taxes more progressive. We support congestion pricing, which will raise needed revenues for the transit system while reducing traffic in Manhattan. And we support the collection of … (read more)