NYS taxes

Brief: New York State’s Continuing Tax Reform: governor’s unincorporated business income tax proposal

July 16, 2018.The State of New York continues to evaluate possible adjustments to its tax system in response to the federal Tax Cuts and Jobs Act of 2017 (TCJA). Governor Cuomo proposed the idea of a statewide unincorporated business income tax (UBT) in early 2018. Perhaps due to the complexity involved, the UBT did not make it into the state budget package along with the other response measures: a payroll tax workaround, decoupling of rules for itemized deductions and … (read more)

Interview: Rethinking the Property Tax Cap

July 20, 2018. The Center on Budget and Policy Priorities recently released a new report on property tax restrictions which concluded that state limits on property taxes should be relaxed or repealed because they make it more difficult for localities to provide services.

Ron Deutsch, Executive Director of the Fiscal Policy Institute, joins Michael Leachman from the Center on Budget and Policy Priorities on Capital Tonight on Spectrum News in discussing how property taxes are unable to keep up … (read more)

Claw-Back Tax Rally on Wall Street and Beyond

March 20, 2018. On March 9th a protest was held on Wall Street demanding that corporations either pay their workers or pay their fair share of taxes. FPI joined the rally, where ordinary tax payers, elected officials, community organizations and labor unions called for a 0.5% New York State tax on stock buyback trades, which would mean corporations using their federal tax cuts simply to benefit their shareholders would have to pay a small New York State tax on … (read more)

New York State Economic and Fiscal Outlook FY 2019

February 15, 2018. In its 28th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2019 Executive Budget.

The Trump Administration’s tax law, looming federal budget cuts, multi-billion-dollar state budget deficits, glaring unmet human and physical infrastructure needs throughout the state…this year’s New York State budget negotiations are taking shape against a worrisome and uncertain backdrop. The president and congress are threatening to dismantle decades-old federal entitlement programs, make … (read more)

Congestion Pricing “vs.” Millionaire’s Tax: Why Not Do Both?

October 30, 2017.

Here’s a story you don’t hear every day: in the latest spat between Governor Andrew Cuomo and New York City Mayor De Blasio, both of them are right. Congestion pricing, the governor’s proposal, and a surcharge to the millionaire’s tax, the mayor’s proposal, are both good ideas.

The not-so-secret feuding between the governor and the mayor has not served New Yorkers well. From the serious to the petty, the two Democrats don’t seem to be able … (read more)

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

March 21, 2017. The Fiscal Policy Institute and Responsible Wealth released a letter signed by over 80 wealthy New Yorkers urging Governor Cuomo to extend and expand the millionaires’ tax, currently in place but set to expire at the end of this year.

Signers include Eileen Fisher, Abigail Disney, Steven C. Rockefeller, George Soros, David A. Levine, Dal LaMagna, Lewis B. Cullman, among other notable names. All signers, many members of the Responsible Wealth project, are residents of New York … (read more)

FPI Policy Brief Press Statement: Time to Expand the Millionaires’ Tax

FOR IMMEDIATE RELEASE:

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

March 7, 2017. The Fiscal Policy Institute (FPI) recently released a Policy Brief analyzing New York’s gross income disparity, recommending common sense solutions to narrowing the gap.

Since the 1980s, the income gap in the United States—as indicated by the wealthiest 1 percent’s share of total income—has grown significantly. In fact, the Congressional Budget Office (CBO) has been compiling income data since 1979, and has found that the … (read more)

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)