NYS taxes

Economists to Governor: Raise High-End Income Taxes To Help Close Budget Gaps

December 13, 2008. 120 economists from throughout New York State joined together this week to send a message to Albany: steep cuts in state spending will weaken the already struggling New York economy, and will hurt poor and middle income New Yorkers. In a letter to the governor, the economists urge him to take a balanced approach to closing the gap in the state budget between revenues and spending – an approach that includes raising taxes on high-income households.… (read more)

Testimony before the Assembly Ways and Means Committee hearing on the impact of the economic crisis on the state budget

November 13, 2008. Testimony submitted by FPI’s Frank Mauro and Ronald Deutsch of New Yorkers for Fiscal Fairness. To avoid deepening the already threatening recession, the state must not rely solely on drastic cuts in state spending to close current and expected budget gaps. A balanced approach includes tapping the state’s tax stabilization reserve fund (put together for this very purpose), surgical cuts in wasteful spending, and a high-end income tax surcharge like that used successfully in 2003 to close … (read more)

Déjà Vu All Over Again – Budget Balancing in Bad Times

August 14, 2008. Raising Revenue Needs to be Part of the Solution. Group press release >>

“The lessons to be learned from New York’s fiscal policy choices during the last two recessions are clear. The balanced approach to the state’s budget that was adopted in 2003 worked much better than the deep service cuts of the early 1990s which prolonged and deepened the effects of that recession on New York State,” said Frank Mauro, Executive Director of the Fiscal Policy … (read more)

Latest IRS Data Reveal Fundamental Mismatch Between New York’s Income Distribution and Its Tax System

August 6, 2008. New data from the Internal Revenue Service bolster the case for a high-end income tax surcharge in New York. New York is one of ten states that have income distributions that particularly favor the wealthy few – while the progressivity of the state income tax has been weakened since the 1990s. With the state facing a budget deficit and political leaders seeking a way to pay for effective and immediate property tax relief, this is especially timely … (read more)

State Budget Experts Present Ideas on the State Budget

March 27, 2008. What does the millionaires’ tax have to do with the Syracuse economy? That was just one topic of discussion at the Southeast Community Center on Thursday evening when advocates from local nonprofit organizations, labor leaders and community members gathered to study the state budget. Press release >>(read more)

Over 100 Organizations Call for the Millionaires’ Tax

March 26, 2008. More than 100 organizations came together as the Better Choice Budget Campaign (of which FPI is a member) to urge leaders to listen to the public and support the millionaires’ tax. Additional materials from the press conference: op ed on better choices by Ron Deutsch; Siena poll showing overwhelming public support for millionaires’ tax (question 23); and fact sheet from New Yorkers for Fiscal Fairness laying out short and long term solutions to burgeoning property taxes. Also, … (read more)

Presentation by James Parrott before the New York State Economic and Revenue Consensus Forecasting Conference

February 27, 2008. Presentation by FPI Deputy Director and Chief Economist James Parrott.  Parrott was one of five economists invited to speak at the conference, which gave Budget Director Laura Anglin and leaders of the Senate and Assembly fiscal committees the opportunity to hear testimony from leading state and national economic experts. By March 1, the legislature and governor must issue a joint report containing the consensus economic forecast and estimates of receipts for the 2008-2009 fiscal year.… (read more)

Testimony on the 2008-2009 Executive Budget – Economic Development and Taxes

February 11, 2008. Testimony submitted by FPI executive director Frank Mauro to the Senate Finance and Assembly Ways and Means committees. Given the many signs that we are in a recession, state leaders must be especially careful about the way they close the state budget gap. Some gap-closing strategies could actually exacerbate the downturn.… (read more)

New York State’s Economic and Budget Outlook for 2008-2009

January 15, 2008. Economic and fiscal context for the 2008-2009 Executive Budget, including an analysis of the property tax crisis and alternative property tax relief mechanisms. Briefing book >>(read more)

2007-08 Executive Budget Tackles Corporate Tax Loopholes

February 28, 2007. Short summaries of the corporate tax reform measures recommended by Governor Eliot Spitzer as part of his first Executive Budget.… (read more)