NYS taxes

Proposal to Recapture High End Federal Tax Cut Windfall

December 20, 2010. In the wake of the historic agreement between the President and the Republican Congressional leadership to extend the Bush tax cuts for the wealthiest, the New York City Council’s Progressive Caucus has developed an interesting proposal. The proposal calls for the state of New York to impose a temporary income tax surcharge to recapture for New York the “windfall” high income New York filers will be receiving. Related: an op-ed by Brad Lander, co-chair of the … (read more)

The Growing Budget Burden of New York’s Business Tax Expenditures

December 7, 2010. Over $8 billion a year goes to “back door” spending in the name of job creation. This new report from FPI identifies $5.4 billion a year in state government “back door” spending in the name of economic development and job creation. An additional $2.8 billion a year is being drained from New York’s local government budgets because of a variety of tax expenditures in state law. In these tough budget times, these billions of dollars in business … (read more)

New York Has the Ways and Means: How and Why Wall Street Should Give Back to Main Street

April 19, 2010. This new report details how a temporary bonus tax and other Wall  Street measures could ease New York’s budget crisis and fund property tax relief for the most burdened households. Sensible options for closing the state  budget gap meet three goals:

  1. Support rather than undermine the needs of New York families.
  2. Minimize the  negative impact of this year’s budget decisions on the fragile state economy.
  3. Require the New York financial industry – which bears responsibility for much 
(read more)

Look to Wall Street for help

April 12, 2010. An op ed by Frank Mauro, FPI’s executive director, and Ron Deutsch of New Yorkers for Fiscal Fairness, Albany Times-Union.… (read more)

Establishing a Fair, Adequate and Economically Sensible State-Local Tax System

April 7, 2010. This policy brief from FPI reviews specific revenue raising options that would  enable New York to close its budget gap while making the overall tax system  fairer and minimizing damage to the economy.

The brief was released as the Better Choice Budget Campaign announced a statewide TV ad campaign to raise awareness of opportunities to raise revenues in ways that minimize damage to the state’s fragile economy – including closing corporate tax loopholes and asking Wall Street … (read more)

The New York State Lottery: A Regressive Tax

March 29, 2010. Voluntary payments to the government are generally not thought of as taxes. But states have begun in the last 30 years to obtain significant revenue from lottery sales. Looking at induced lottery purchases as a tax, with very little direct or indirect benefit to the vast majority of purchasers, this analysis confirms conclusions in other studies that it is an extremely regressive tax. By FPI research associate Brent Kramer, published by Tax Analysts in State Tax Notes(read more)

Raise Taxes to Balance the Budget

March 12, 2010. FPI Executive Director Frank Mauro discusses Lieutenant Governor Richard  Ravitch’s fiscal reform plan on Capitol Tonight, explaining why tax increases should be part of a balanced approach to closing New York State’s projected budget gap. Video >>(read more)

The Ravitch Plan

March 11, 2010. James Parrott, FPI’s Deputy Director  and Chief Economist, was a guest on the Brian Lehrer Show today. He discussed Lieutenant Governor Richard Ravitch’s plan to reform the New York  State budget process and to borrow money to help solve New York State’s fiscal  problems. Listen >>(read more)

Balancing the New York State Budget in an Economically Sensible Manner

March 10, 2010. New York State should balance its budget during the current economic downturn in ways that will not make economic conditions worse. The budget balancing strategies of the early 1990s should be avoided, while those of 2003 and 2009 demonstrate the benefits of more balanced approaches to budget balancing. The wisest policy choices are  those that will take the least amount of demand possible out of the state economy; this brief contains a number of specific options.… (read more)

Revenue-raising and cost-saving options

February 22, 2010. The Fiscal Policy Institute worked with the other members of the Better Choice Budget Campaign to develop a menu of revenue-raising and cost-saving options for consideration by the Governor and Legislature as they work to adopt a balanced budget for 2010-2011.

The chart of options was distributed at a press conference today at which advocates urged the governor and legislature to make “better choices” to balance the state budget – calling for more federal aid, and for … (read more)