Press releases

Nearly 1 million NYS workers will benefit from new Federal overtime rule

May 18, 2016. FPI applauds the White House and Labor Secretary Thomas Perez in announcing a new federal overtime regulation today requiring overtime pay for most salaried workers earning up to $47,476 a year (or $913 weekly). FPI’s James Parrott stated, “This will benefit an estimated 982,000 New York salaried workers with either additional pay for more than 40 hours a week, or by scaling back the long hours they work each week without any reduction in pay.”

The Washington, … (read more)

Statement on Minimum Wage Announcement

March 31, 2016. The Fiscal Policy Institute is pleased to hear that a deal has been reached on increasing the minimum wage and that New York is on a path to $15 for all workers. This historic decision will provide wage increases to over 3.1 million New Yorkers that need and deserve a raise. Approximately 46 percent of workers benefiting from this increase, those in New York City, will see their wages rise to $15 per hour by the end … (read more)

$15 Minimum Wage Would Raise Earnings for 1.1 Million Immigrants

March 23, 2016. In a brief, the Fiscal Policy Institute states that gradually raising the New York State minimum wage from its current level of $9/hour to $15/hour by 2019 in New York City and mid-2021 in the rest of the state would give a much-needed raise to 1.1 million immigrant workers.

In all, there are 3.2 million New York workers who will benefit from the phased-in wage increase, which would on average increase wages by $4,900 per year. These … (read more)

Wealthy New Yorkers Urge Governor Cuomo and Legislature to Enact 1% Plan for New York Tax Fairness

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)

New York Economists Support a Statewide $15 Minimum Wage; Recent academic research shows it’s good for workers, businesses and the economy

March 14, 2016. More than 75 economists from throughout New York State joined together this week to send a message to Albany: a phased-in increase in the minimum wage to $15 by 2019 in New York City and by mid-2021 in the rest of the state is a prudent and much needed policy that would raise the incomes of struggling low-wage workers and boost their spending power without hurting the state’s economy.

The economists’ statement cites a number of academic … (read more)

Tax Breaks for Wealthy Contributors to Private or Public Schools?

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
(read more)

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)

A Fair Wage for Human Services Workers: Ensuring a government funded $15 per hour minimum wage for human services workers throughout NYS

December 9, 2015. A new report prepared by the FPWA, Human Services Council and FPI, documents the current state of the nonprofit sector providing State-funded human services and discusses the implications of the Governor’s proposed $15 an hour minimum wage. The groups support inclusion of the nonprofit sector workers in the wage increase and make the case for increased State funding in human service contracts.

More than 200,000 human services workers across NYS are the driving force behind services like … (read more)

No Permanent Extension of Business Tax Credits Without Permanent Extension of EITC/CTC Credits to Working Families

December 7, 2015. Senator Charles Schumer joined with leading anti-poverty advocates today to insist that Congress not permanently extend business tax credits without first making permanent tax credits to working poor families. The improvements to the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) that were enacted several years ago are extremely important to millions of working families across the country, including nearly 1.5 million children in 755,000 New York families. Yet these improvements are scheduled to expire … (read more)

Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority

May 27, 2015. This report details the stark differences between the circuit breaker relief proposals advanced by the Governor and Assembly versus the flawed STAR rebate plan the Senate proposed. The report shows that both programs would provide some property tax relief but the circuit breaker credits are superior to STAR rebates in many ways. For example:

  • Circuit breakers would address a serious shortcoming of the property tax—that payments are not linked to the taxpayers’ ability to pay. STAR rebates
(read more)