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Inequality in New York & Options for Progressive Tax Reform

View and Download PDF November 10, 2022 KEY FINDINGS: A new report from the Institute on Taxation and Economic Policy (ITEP) finds that New York State is home to the highest concentration of extreme wealth in the United States. New York State also has the greatest income inequality in the United States. In order to understand inequality, we need to look at both income and wealth. By both of these measures, New York is the most unequal state in the nation. New Yorkers [...]

Anthony Troia2022-12-21T14:09:55-05:00November 9th, 2022|Blog, Must Read, NYS Budget, NYS Tax Policy, Reports, Briefs and Presentations|

New York State Fines and Fees Revenue Lacks Transparency, Obscures Economic Harms

New York State relies on fine, fee, and surcharge revenue to fund government operations- including the functions of the courts and state agencies providing criminal justice, public safety, and victim services. This funding is generated via a complex set of state statutes, including penal, vehicle and traffic, environmental conservation, judiciary, and finance laws and is spent through the General Fund and a bevy of State Special Revenue Funds. No one state government entity or agency is charged with comprehensively reporting on the imposition, collection, and [...]

Anthony Troia2021-05-12T10:03:03-04:00May 10th, 2021|Creating Vibrant Communities, Good Governance, Local Tax & Budget Policy, Must Read, Reports, Briefs and Presentations|

Excluded Worker Fund Will Benefit 290,000 Undocumented New Yorkers and Boost Local Economies

The New York State Excluded Worker Fund passed in this year's budget at last provides a meaningful level of assistance to undocumented workers who have been excluded from major federal pandemic assistance. The $2.1 billion fund creates two tiers of aid. Tier 1 is on a rough par with unemployment insurance, and provides $15,600 to undocumented workers who can meet its strict standards of proof of eligibility. Tier 2 pays $3,200, and is on a par with the three rounds of federal stimulus payments ($1,200, $600, [...]

david2021-04-07T08:51:42-04:00April 7th, 2021|Immigration, Must Read, New York State|

The American Rescue Plan Act of 2021: New York’s Share of the Coronavirus Fiscal Recovery Fund

Read the full report: The American Rescue Plan Act of 2021: New York’s Share of the Coronavirus Fiscal Recovery Fund The American Rescue Plan Act of 2021 includes $350 billion in aid for states, territories, and tribal governments for the purpose of alleviating the fiscal stress caused by the COVID-19 pandemic. Of the $350 billion, $195.3 billion is allocated for payments to states, $130.2 billion for city and county governments, $20 billion for tribal governments, and $4.5 billion for territories. These coronavirus fiscal recovery funds [...]

Anthony Troia2021-04-08T16:09:19-04:00March 12th, 2021|Employment, Unemployment & Job Quality, Federal Taxes & Budget Policy, Local Tax & Budget Policy, Must Read, NYS Budget, Policy & Research, Reports, Briefs and Presentations|

New York’s Pandemic State Budget: Recovering and Reimagining

FOR IMMEDIATE RELEASE: February 10, 2021 Media Contact: communications@fiscalpolicy.org, 518-786-3156 ***VIDEO link below*** New York's Pandemic State Budget: Recovering and Reimagining Fiscal Policy Institute's Recommendations for the FY 2022 State Budget Read the report: "Economic and Fiscal Outlook 2022: New York Recovering and Reimagining" Watch the video: Fiscal Policy Institute's Annual State Budget Presentation 2021 (Albany, NY) Today the Fiscal Policy Institute (FPI) released a 30-minute video highlighting its report "New York State's Pandemic Budget: Recovering and Reimagining." FPI urges a bold vision in crafting the FY [...]

Anthony Troia2021-06-29T14:44:56-04:00February 9th, 2021|Must Read, NYS Budget, NYS Tax Policy, Press Releases, Reports, Briefs and Presentations, Tax & Budget|

FPI’s Presentation on the Proposed Executive Budget for FY 2022

Our state budget helps determine the future for every New Yorker. This year the stakes are exceptionally high as the pandemic continues to imperil our health and financial well-being. Will the choices we make crafting our state budget reduce inequality, or will the gap continue to widen? FPI took a look at the proposed New York State Executive Budget and offered actions to create a more just New York for all. Watch our 30-minute video overview and read the report "Economic and Fiscal Outlook 2022: New York Recovering and Reimagining" to learn more. [...]

Anthony Troia2021-02-22T13:40:11-05:00February 8th, 2021|Must Read, NYS Budget, NYS Tax Policy, Reports, Briefs and Presentations|

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 [...]

Anthony Troia2021-02-01T15:36:33-05:00August 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 [...]

Anthony Troia2021-02-01T15:28:28-05:00June 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 [...]

Anthony Troia2021-02-01T15:29:40-05:00June 15th, 2020|Blog, Economic Outlook, Must Read|

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 [...]

Cyierra Roldan2021-02-01T15:35:36-05:00June 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 [...]

Anthony Troia2021-02-01T15:36:03-05:00May 11th, 2020|Blog, Employment, Unemployment & Job Quality, Must Read, Reports, Briefs and Presentations|

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 [...]

Cyierra Roldan2020-12-30T13:57:13-05:00April 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 [...]

Anthony Troia2021-02-24T10:28:05-05:00April 20th, 2020|Blog, Immigration, 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 [...]

Anthony Troia2020-12-30T13:59:11-05:00April 17th, 2020|Blog, Good Governance, Must Read, Reports, Briefs and Presentations|

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 [...]

Anthony Troia2020-12-30T14:01:54-05:00April 8th, 2020|Creating Vibrant Communities, Employment, Unemployment & Job Quality, Must Read, Reports, Briefs and Presentations|