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Generating State Revenue Essential for Post-Pandemic Recovery

Billionaire Mark-to-Market Tax Can Raise Over $5.5 Billion To Help Keep New York State Running New York can and must do more to address its budget crisis than wait for federal relief. While the economy has taken a hit, the state can raise enough tax revenue to avoid catastrophic budget cuts—to education, health care, and other crucial services—and add new programs to combat the coronavirus recession by helping those most in need. The Fiscal Policy Institute’s latest report explains how a new type of tax [...]

2021-01-11T18:48:33-05:00August 12th, 2020|Must Read, NYS Tax Policy, Press releases|

Legislators Unite for People-Centered Recovery with Statement of Principles

Over 100 New York State Senate and Assembly members, along with statewide unions, the Fiscal Policy Institute, and the Strong Economy for All Coalition, called for no state budget cuts without raising revenue. The coalition has released a signed statement of principles calling for a balanced state tax policy where everyone pays their fair share and a post-pandemic economic recovery plan centered on the best engine for recovery for individual New Yorkers and their communities. Read the full Statement of Principles here. Press Release: One [...]

2020-12-30T13:35:23-05:00June 18th, 2020|Blog, Must Read|

The Fiscal Policy Institute’s Three-Point Plan for Re-Building New York

 May 27, 2020. The Fiscal Policy Institute today warned state legislators and the governor that New York’s financial and social woes will only worsen if they attempt to return to an austerity budget model. The pandemic's public health crisis and subsequent economic downturn deepened an existing budget shortfall and with the deficit projected to be at least $13 billion, the state faces an extraordinary fiscal challenge. There is no simple solution to this crisis which will require bold innovation from our state leadership.  Read the Policy Paper: Minimizing Risks While Maximizing Our State's Potential [...]

2020-12-30T13:36:22-05:00June 15th, 2020|Blog, Economic Outlook, Must Read|

Local Government Reliance on Fines and Fees to Raise Revenues Hurts Residents and Communities

Across New York State, fines and associated fees are relied upon by local governments as a source of local revenue. Decreased aid from the state coupled with the 2-percent property tax cap, which was enacted in 2011 and restricts annual property tax increases to the lesser of 2-percent or the rate of inflation, has led to decreased revenues for local jurisdictions. To make up for budget shortfalls - which have worsened during COVID-19 - local governments may be tempted to raise additional revenue through fines [...]

Refugee Resettlement Agencies Are Providing Essential Services During COVID-19

Now more than ever, refugee resettlement agencies are providing essential services to refugees and also to a number of other community members, to help protect everyone during the COVID-19 pandemic. Prior to the pandemic, the Fiscal Policy Institute showed how refugee resettlement agencies are anchor institutions in their communities, providing services for some of the most vulnerable community members, jobs for local residents, and a productive use for buildings that in some cases might otherwise be vacant. The importance that refugee resettlement agencies have to [...]

2020-12-30T13:39:22-05:00June 1st, 2020|Blog, Must Read, New York State|

New York’s Unemployment System Depends on Continued Federal Assistance

May 11, 2020 Following the Great Recession, New York's Unemployment Insurance Trust Fund only achieved a positive fund balance for the first time in fiscal year 2016. On January 1, 2020, the balance stood at $2.65 billion, but the fund was nearing insolvency according to a report by the U.S. Department of Labor. Since the COVID-19 pandemic mitigation began eight weeks ago, over 1.7 million New York residents have filed for unemployment, which is roughly 5 percent of the nation’s total filings and represents more [...]

New York Can Do More for All New Yorkers, Regardless of Immigration Status, Amid the COVID-19 Pandemic

April 29, 2020. In response to the economic and health hardships that the COVID-19 pandemic has created for individuals and families, state and federal governments have created relief programs to provide financial, safety and medical assistance. However, these relief programs do not apply to everyone. Many programs exclude undocumented immigrants who have also been laid off from jobs due to nonessential business closures. Undocumented immigrants are also experiencing the same financial and health hardships that the rest of us experience, which warrants the need for [...]

2020-12-30T13:57:13-05:00April 29th, 2020|Blog, Must Read, New York State|

Undocumented and Unemployed

Orders for non-essential workers to stay at home and the ripple effects of the coronavirus have been felt throughout the New York economy. Over one million New Yorkers have filed for unemployment insurance since the middle of March when the coronavirus impact was first felt. Yet, one group is left behind by both the state’s existing unemployment insurance system and the federal government’s temporary enhancements to that system: undocumented immigrants. There are an estimated 530,000 undocumented immigrants in the New York State labor force. They [...]

2020-12-30T13:57:46-05:00April 20th, 2020|Blog, Must Read, New York State|

Fines and Fees: Raising Revenue at the Community’s Expense

As New York State looks toward restarting the economy in the wake of COVID-19, a new report from the Fiscal Policy Institute (FPI) warns local governments not to rush to build revenue through the use of fines and fees – a long-standing, inequitable source of funding primarily drawn from low-income communities and communities of color. Between 2010 and 2017, 31 city governments, out of 62, in New York State reported an increase in expected fine revenue in their annual budgets, with a median increase of [...]

New York’s Essential Workers Overlooked, Underpaid, and Indispensable

The coronavirus crisis has put a new focus on “essential workers,”  people who are bringing deliveries to our homes, working in supermarkets and convenience stores, keeping the public transportation system functioning, providing social services and childcare, and working in the healthcare industry. These essential workers have always played a critical role in keeping our communities running. At a time when many streets are eerily empty, however, we can see all the more clearly who is still out there making sure people get food on the [...]

Federal and State Relief Should Help All: Immigrants Should Not Be Left Behind

During this time of crisis, the coronavirus pandemic, federal and state governments need to ensure that all of us, regardless of immigration status and the job we hold in society, are safe, healthy, and have access to critical services. No one should be left to struggle on their own during a global pandemic. As a society, we want to encourage everyone who is sick to stay home from work and have access to medical care if they need it. Now is the time to protect [...]

2020-12-30T14:05:51-05:00March 29th, 2020|Blog, Must Read, New York State|

We Must Boost New York’s Fighting Chance

New York State is dealing with a pandemic that demands sudden and unusual changes in our everyday lives. The need for societal change including social distancing and restricting public gatherings to protect our health is clear. The question is what will be the economic cost of our necessary public health policy and how will we pay for it? Explore these pressing issues with us in our new brief: At the time of this writing, our state is trying to reach the short-term goal of sufficiently “flattening [...]

2020-12-30T14:06:28-05:00March 17th, 2020|Blog, Must Read, New York State|

FPI’s 2020 State Budget Presentations

Our state budget is an opportunity to define our values and choose our future. Will our actions reinforce inequity and inequality or can we pull together to create a more just New York for all? FPI took a look at the proposed executive budget and shared our thoughts in two presentations, one in Albany and one in New York City. If you missed those informative events, you can still take a look at what was presented. Financial Plan Economic Development Education Health Care Housing Human Services Immigration [...]

2020-12-30T14:08:49-05:00January 23rd, 2020|Blog, Must Read, NYS Budget|

New York Should Fund Programs that Support Immigrant Integration

Our state budget is the opportunity to improve the lives of immigrant New Yorkers by investing in immigrant integration. While Governor Cuomo continues to stress that New York is a welcoming state for immigrants, unfortunately he failed to include any funding in his executive budget for critical programs to help protect immigrants from federal attacks, cut funding for some programs, and eliminated it for others. There is still time for these issues to be addressed as the governor, the assembly, and the senate negotiate a final [...]

2020-12-30T14:11:20-05:00January 5th, 2020|Blog, Must Read, New York State|

Immigrant “Main Street” Business Owners Playing an Outsized Role

January 14, 2015. Immigrants are a little more likely to own businesses than their U.S.-born counterparts, but they are a lot more likely to own Main Street businesses such as grocery stores, restaurants, and barber shops, finds a new study released today by the Fiscal Policy Institute and Americas Society/Council of the Americas. Immigrants make up 16 percent of the labor force and 18 percent of business owners, but 28 percent of Main Street businesses (defined as retail, food services and accommodation, and [...]

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