City Budget

New Analysis Confirms Low- and Middle-Income New York Taxpayers Pay Higher Tax Rate than the Richest New Yorkers

January 16, 2015. A new study just released by the Institute on Taxation and Economic Policy (ITEP) and the Fiscal Policy Institute (FPI) finds that the wealthiest New Yorkers are paying a smaller share of their income in state and local taxes than lower-income families that are struggling everyday to make ends meet. New York households with incomes under $100,000 pay higher effective state and local tax rates, ranging from 10.4% to 12%, than the richest 1% of households with incomes over $600,000, who pay [...]

2024-12-18T12:27:06-05:00January 16th, 2015|City Budget, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|
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FPI Commends Governor Cuomo for Advancing Middle Class Circuit Breaker—Targeted Tax Relief Tied to Income Is the Most Effective Mechanism

January 14, 2015. Governor Cuomo just announced a $1.66 billion property tax credit program (commonly referred to as a “Circuit Breaker”) to help ease the burden on working class families who are paying too much of their income in property taxes. The Fiscal Policy Institute (FPI), working with our partners in the Omnibus Property Tax Consortium, has been calling for a targeted circuit breaker for years.  “We are pleased that the Governor announced a circuit breaker proposal that targets relief to working and middle class [...]

2024-12-18T12:27:06-05:00January 14th, 2015|Blog, City Budget, Press Releases, Tax & Budget, Tax Policy|
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New York City Taxes Ripe for Reform

January 13, 2015. The City of New York taxes its wealthiest residents much less than middle- and low-income residents, and state and local officials should fix three major City tax breaks that expire this year, according to a new report from the Fiscal Policy Institute (FPI). In a sweeping report that reviews decades of tax changes and trends, FPI pinpoints inequities, tallies the cost of broken tax breaks, and urges tax reforms that reflect today’s economy and current challenges. A report summary is also available. [...]

2024-12-18T12:27:21-05:00January 13th, 2015|City Budget, Press Releases, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|
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New York State Economic and Fiscal Outlook 2014-2015

February 4, 2014. In its 24th annual New York State budget briefing, the Fiscal Policy Institute reviews the major spending and tax reduction proposals contained in Governor Andrew Cuomo’s 2014-15 Executive Budget. FPI’s briefing provides a critical assessment of four fundamental assumptions that shape the proposed budget and state fiscal projections for the following three years. These assumptions deal with the preferred size of New York government, the optimal growth rate of state spending, the potential for budget savings related to government consolidation, and the [...]

2024-12-18T12:27:25-05:00April 11th, 2014|City Budget, Press Releases, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|
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Testimony at the Joint Legislative Public Hearing on the 2014-2015 Executive Budget – Taxes

February 10, 2014. Executive Director Fred Floss testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s 2014-2015 Proposed Budget and Financial Plan. Floss noted the proposal for FY2015 is contractionary, since it cuts $2 billion in expenditures and only reduces taxes by $480 and will therefore be a drag on economic growth in New York State. He also commented on a number of tax proposals including the property tax freeze, corporate tax reductions and the estate tax proposal. If implemented, [...]

2024-12-18T12:27:27-05:00February 10th, 2014|City Budget, State Budget, Tax & Budget, Tax Policy, Testimony|
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Statement on Governor Cuomo’s Proposed 2014-2015 Budget

January 22, 2014. In his budget message, Governor Andrew Cuomo rightly touts his strong record of leadership in Albany. However, when it comes to the state budget, the governor’s approach is out of focus and falls far short in making the essential public investments to expand opportunities for the millions of New Yorkers in poverty or still struggling to pull away from the Great Recession of 2008-09. The question is whether the Governor’s approach to the budget is the right set of proposals for a [...]

2024-12-18T12:27:27-05:00January 22nd, 2014|City Budget, Press Releases, State Budget, Tax & Budget, Tax Policy|
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Statement on Governor Cuomo’s Tax Proposals

January 6, 2014. Governor Cuomo in unveiling his tax proposals today has identified a key issue in growing the state’s economy—reducing the property tax burden on New Yorkers, and we agree.  The Fiscal Policy Institute has long proposed a circuit breaker as a solution to the burden of high property taxes on moderate and lower income families and to ensure that retirees are not forced out of their homes. What the governor could have added is that creating strong, stable, middle class neighborhoods promotes a [...]

2024-12-18T12:27:27-05:00January 6th, 2014|Blog, City Budget, Tax Policy|
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Examining the Final Report of the Pataki/McCall Commission

December 20, 2013. Last week, Governor Andrew Cuomo accepted the final report of the New York State Tax Relief Commission that he had appointed earlier this Fall. This commission, which was co-chaired by former Governor George Pataki and former State Comptroller H. Carl McCall, had been charged by Governor Cuomo with identifying ways to provide property and business tax relief to New York's homeowners and businesses. Today, the Fiscal Policy Institute joined with six of New York’s leading progressive groups in releasing a report analyzing [...]

2024-12-18T12:27:28-05:00December 20th, 2013|City Budget, Must Read, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|
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Statement on the Solomon/McCall Tax Reform and Fairness Commission Report

November 14, 2013. Statement from Ron Deutsch, Executive Director, New Yorkers for Fiscal Fairness, and Frank Mauro, Executive Director, Fiscal Policy Institute. Any discussion of fair taxation in New York must acknowledge that our state has the greatest income inequality in the nation and that our tax system is partially to blame. We are experiencing record child poverty rates and levels of hunger and homelessness that are unprecedented. Too many of our residents are suffering and struggling to make ends meet and today’s report by [...]

2024-12-18T12:27:28-05:00November 14th, 2013|Blog, City Budget, Tax & Budget, Tax Policy|
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Tax Reformers Urge Governor and Legislature to Take the Politics out of the Tax Debate—And Give the Public a Voice!

September 4, 2013. Statewide tax reform groups and activists from across New York State gathered at the State Capitol today to urge the Governor and the State Senate to “shed a little sunshine” on the tax reform debates that have left many New Yorkers “out in the cold.” The NYS Senate (through its Finance Committee, and its Investigations and Government Operations Committees) is holding “Invitation Only” hearings across the state to “Review Existing Tax Policy and Discuss Reform Initiatives” and the Governor’s Tax Reform and [...]

2024-12-18T12:27:28-05:00September 4th, 2013|City Budget, Press Releases, State Budget, Tax & Budget, Tax Policy|
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FPI Testimony at Senate Hearing Urges Balanced Approach to Tax Reform

September 4, 2013. In testimony before the Senate Standing Committee on Finance and the Senate Committee on Investigations and Government Operations, Frank Mauro, FPI’s Executive Director, expressed support for a thorough review of the tax system from a number of perspectives.  He indicated that back in December 2011, Governor Cuomo and the legislative leaders joined in calling for a thorough review of the fairness of the New York tax system and agreed that fairness is one important basis for evaluating the workings of any tax [...]

2024-12-18T12:27:28-05:00September 4th, 2013|City Budget, State Budget, Tax & Budget, Tax Policy, Testimony|
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