About Info

This author has not yet filled in any details.
So far Info has created 8 blog entries.

Statement on FY 2024 Budget

Budget relies on temporary tax rates for corporations and highest earners — state's long-term fiscal stability would be better served by making tax rates permanent. Failure to address high cost of living will continue to drive working & middle-class New Yorkers out of state — and undermine statewide economic growth.

2023-09-06T13:49:57-04:00May 2nd, 2023|Press Releases, State Budget|

7 Fiscal Policy Recommendations as the Budget Approaches

With New York State’s fiscal year 2024 budget due April 1, 2024, the Governor and Legislature are nearing the end of negotiations on key policy priorities and the scale of new investments in public services. This brief provides an overview of FPI’s recommendations on major fiscal policy areas at issue in budget negotiations.

2023-09-06T13:52:14-04:00April 19th, 2023|State Budget, Tax Policy|

Tax Policy Brief: Estimating Revenue from a More Progressive Income Tax

New York’s budget is largely funded through the state’s personal income tax (PIT). Between 2015 and 2020, state revenue from the personal income tax totaled between $47 billion and $55 billion annually. In 2021, the New York state legislature voted to create new PIT brackets for individuals earning over $1 million annually. This change created a more progressive state income tax system, so that those who earn more pay a larger share of their income in taxes.

2023-09-08T10:20:46-04:00March 10th, 2023|State Budget, Tax Policy|

Tax Policy Brief: Revenue Impact of Higher State Taxes on Capital Gains

In this brief we evaluate three options for increasing the New York State tax rate on long-term capital gains. The options assessed here include: (1) a low surtax rate of 1% and 2%, (2) moderate surtaxes of 2% and 4%, and (3) surtaxes of 7.5% and 15%, as proposed in bill S2162/A2576 sponsored by Senator Gustavo Rivera and Assembly Member Ron Kim.

2023-09-08T10:24:44-04:00February 6th, 2023|State Budget, Tax Policy|

FPI in the New York Times: New New York plan silent on need for revenue

The New York Times covered a panel discussion that included Governor Kathy Hochul and Mayor Eric Adams, which focused on New York City's recovery from the coronavirus pandemic and the proposals found in the "Making New York Work for Everyone" report: "Nathan Gusdorf, executive director of the Fiscal Policy Institute, said the mayor’s recent cuts to agency budgets — along with the governor’s opposition to raising taxes on the wealthy — will make the proposals in the report difficult to achieve.

2023-06-16T13:17:51-04:00December 14th, 2022|FPI in the News|
Go to Top