Tax & Budget

Arts Central to New York City’s Recovery

As New York looks to restart our economic engine after the pandemic, the arts and culture play a critical role, especially in New York City. Governor Cuomo underscored that connection in his State of the State and New York State budget announcements. "Cities are by definition centers of energy, entertainment, theatre, and cuisine. Without that activity and attraction, cities lose much of their appeal. What is a city without social, cultural, and creative synergies? New York City is not New York without Broadway.” The coronavirus [...]

Fern Whyland2021-01-19T12:19:29-05:00January 19th, 2021|Blog, Economic Trends & Policy, NYS Budget|

Taxes Fuel Our Communities

You may have heard that New York is a high-tax state. But what does that really mean? If we concentrate solely on personal income taxes in 2019, California tops the list with the highest top rate of 13.3 percent. New York is in the ninth spot with its 8.82 percent. California 13.3% Hawaii 11% Oregon 9.9% Minnesota 9.85% Iowa 8.98% New Jersey 8.97% Vermont 8.95% District of Columbia 8.95% New York 8.82% Wisconsin 7.65% With New York needing to raise revenue to fund [...]

Fern Whyland2021-01-11T17:54:07-05:00January 11th, 2021|Blog, NYS Tax Policy|

Tax Revenue Keeps States Running

December 21, 2020 New York, like every other state, relies on tax revenue to provide stable funding for necessary public services. The COVID-19 pandemic has been particularly damaging to the state and local governments’ budgets as the necessary mitigation measures have continued to curtail business activity, which in turn depressed tax revenues. Among the most impacted industries are hospitality, tourism, and leisure sectors that employ many low-skilled and immigrant workers. When many workers permanently lose their jobs, the impact is both local and statewide. As [...]

Fern Whyland2020-12-30T09:41:16-05:00December 20th, 2020|Blog, NYS Tax Policy|

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 [...]

Fern Whyland2021-01-11T18:48:33-05:00August 12th, 2020|Must Read, NYS Tax Policy, Press releases|

Memo of Support: Budget Equity Act

The Fiscal Policy Institute strongly supports S .8198A (Biaggi)/A.9100A (Gottfried) to create a more equitable balance of power within New York’s state government. As the legislation requires passage by both houses within two consecutive legislative sessions, FPI urges the senate and assembly to pass this legislation before August 3, 2020, and again in the 2021 - 2022 session so it can go before the voters in the 2021 fall election. The current provisions of the New York State Constitution, as interpreted by the Court of [...]

Fern Whyland2020-12-30T10:05:38-05:00July 23rd, 2020|Letter, NYS Budget|

Memo of Support: The Billionaire Mark-to-Market Tax Act

The Fiscal Policy Institute strongly supports the Billionaire Mark-to-Market Tax Act (S8277/A10414) that is expected to raise additional revenue for New York State to be used for multiple purposes, including supporting a fund that would provide weekly financial assistance to workers otherwise excluded from New York State Unemployment Insurance. Download the PDF.

Fern Whyland2020-12-30T10:06:11-05:00July 22nd, 2020|Letter, NYS Tax Policy|

FPI Comments on Federal Reserve Action

April 17, 2020 Recently, the Federal Reserve took a welcome step forward for states struggling in the wake of the pandemic by creating a new way to lend money directly to states and municipalities. Through the Municipal Liquidity Facility, New York and other states struggling with a sudden drop-off in much-needed revenue can now access the funds needed to cover essential services. While this is helpful in the short-term, states will need to borrow until their revenues recover. And that would require the facility to be expanded: loan [...]

Fern Whyland2020-12-30T13:58:38-05:00April 17th, 2020|Blog, Federal Taxes & Budget Policy, Reports, briefs and presentations|

Reflections on the New York State Budget

For Immediate Release: April 4, 2020 Media Contact: Fern Whyland, Communications Director, whyland@fiscalpolicy.org, 315-436-0558 Reflections on the New York State Budget (Albany, NY) The process of crafting the FY 2020-2021 State Budget began with warnings of a dire budget shortfall and concluded with efforts to alleviate the fallout caused by an economy brought to a sudden standstill by a global pandemic. Throughout the budget process and the rising projections around revenue losses, FPI has called for public policies based on research and careful analysis that provide a clear path toward creating a more just and equitable state. We will continue our work [...]

Fern Whyland2020-12-30T14:00:45-05:00April 3rd, 2020|NYS Budget, Press releases|

Don’t Let the Pandemic Shortchange Our State Budget Process

For Immediate Release: March 31, 2020 (Albany, NY) Today the Fiscal Policy Institute (FPI) released a set of recommendations to safeguard New York’s budget process and ensure a just budget for all. Predictions of a budget shortfall preceded the unforeseen economic impact of the pandemic and FPI urged leadership to think beyond the continued use of the same austerity budget measures put in place year after year. Now, faced with the urgent needs of our community members, FPI urges Governor Cuomo and state leadership [...]

Fern Whyland2020-12-30T14:02:44-05:00March 31st, 2020|NYS Budget, Press releases|

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 [...]

Fern Whyland2020-12-30T14:08:49-05:00January 23rd, 2020|Blog, Must Read, NYS Budget|

Fiscal Policy Institute Reacts to Governor Cuomo’s State of the State Address

FOR IMMEDIATE RELEASE: January 8, 2020 Media Contact: Fern Whyland, Communications Director, whyland@fiscalpolicy.org, 315-436-0558 Fiscal Policy Institute Reacts to Governor Cuomo's State of the State Address FPI Agrees that New Yorkers Deserve Results, Not Rhetoric Statement from Ron Deutsch, Executive Director, Fiscal Policy Institute “Governor Cuomo is right that New Yorkers deserve results, not rhetoric. While our state economy booms, we continue to be short-changed by austerity budgeting. Missing from the governor’s State of the State address is clarity on closing the budget gap and meeting our [...]

Fern Whyland2020-12-30T14:09:51-05:00January 8th, 2020|NYS Budget, Press releases|

The New York State Budget Must Support All New Yorkers.

January 6, 2020 As the New York State legislative session begins with the state facing a multi-billion-dollar state budget deficit, the question is clear—what kind of New York do we want and how will we get there?  The Fiscal Policy Institute (FPI) urges Governor Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl E. Heastie to choose sound economic and social policies that promote growth and development for the many rather than the few so that all New Yorkers have an equal chance at opportunity. FPI knows that we can craft [...]

Fern Whyland2020-12-30T14:10:11-05:00January 6th, 2020|NYS Budget, Press releases|

Tax Justice NY and the Unequal State of NY in the News

December 10, 2019 Heading toward New York State's 2020 legislative session, with concern rising over a projected budget deficit and the needs of residents, FPI held an event exploring the issue and released a report that revealing that our state leads the nation as having the most unequal distribution of income. Not since the so called “gilded age” of the 1920’s has there been such a vast divide between the highest- and lowest-income New Yorkers. The report finds that the top 1% of all New [...]

Fern Whyland2021-01-06T10:44:27-05:00December 10th, 2019|FPI in the News, NYS Tax Policy|

Media Roundup: Working Families Tax Relief Act

More than 6.5 million New York State residents would directly benefit from the Working Families Tax Relief Act (WFTRA) which would provide tax credits and tax reductions to struggling workers and their families. WFTRA would expand the Earned Income Tax Credit (EITC) for families with children and strengthen it for workers not raising children. The legislation would also make the Child Tax Credit (CTC) refundable, allowing children in families with lower incomes to fully benefit from the program. Learn more by reading two op-eds which ran [...]

Fern Whyland2021-01-06T10:36:40-05:00October 20th, 2019|Federal Taxes & Budget Policy, FPI in the News, Tax & Budget|

Our Federal Tax Policy Can Strengthen NYS Communities

We can use federal tax policy to help struggling New Yorkers and support local communities with the Working Families Tax Relief Act (WFTRA). More than 6.5 million New York State residents would directly benefit from WFTRA's tax credits and tax reductions to boost incomes - especially helpful as most workers have seen their wages stagnate. WFTRA would expand the Earned Income Tax Credit (EITC) for families with children and strengthen it for workers not raising children. The legislation would also make the Child Tax Credit (CTC) [...]

Fern Whyland2021-01-06T10:34:15-05:00August 31st, 2019|Blog, Federal Taxes & Budget Policy, Tax & Budget|

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