Federal Taxes & Budget Policy

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 [...]

Coronavirus Fiscal Recovery Funds: New York State Allocation by County, 2021

The American Rescue Plan Act of 2021 includes $350 billion in aid for the purpose of alleviating the fiscal stress caused by the COVID-19 pandemic. New York is estimated to receive a total of $24 billion, or seven percent of these coronavirus relief funds. Specifically, $13 billion has been allocated for the New York State government, $6 billion for metropolitan cities, $4 billion for counties, $825 million for local governments, and $350 million for state capital projects. These Coronavirus recovery funds can be used to [...]

2021-03-12T21:30:50-05:00March 12th, 2021|Blog, Federal Taxes & Budget Policy, Tax & Budget|

The American Rescue Plan and the New York State Budget

The year 2021 began under the threat of a historic state budget shortfall of $15 billion. Compounded by municipal and county-level fiscal stress, it imperiled funding for public services and employees – a terrible risk as New York continued to experience the social, emotional, and fiscal impacts from the pandemic. The governor’s proposed Executive Budget featured an “if-then” scenario that reflected a minimum level of $6 billion in federal aid and assumed a remaining $9 billion difference. At the same time, the governor requested $15 [...]

Economists Push Biden On Path To Citizenship For Undocumented Immigrants

FPI joined a letter from economists urging the Biden Administration this week to include a pathway to citizenship for undocumented immigrants in upcoming legislation. The letter highlighted that such an action would benefit the nation as a whole. Benefits would include increasing jobs, productivity, boost wages, and tax revenue. The group of more than 60 signatories includes former Obama economic advisor Jason Furman, Eileen Appelbaum of the Center for Economic and Policy Research and David Kallick of the Fiscal Policy Institute. Read the Forbes article [...]

Biden Urged to Legalize Migrants as Part of Infrastructure Plan

FPI joined with more than 60 economists to urge President Biden to create a path to citizenship for undocumented immigrants in the soon-to-be-released economic and infrastructure plan. Such an action not only benefits those individuals, but the experts also explain that this action would help our economy by raising wages and increasing productivity and tax revenue. The economists, including President Barack Obama’s former top economist Jason Furman and David Kallick of the Fiscal Policy Institute, which champions liberal economic policies, made the proposal in a [...]

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 [...]

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 [...]

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) [...]

2021-01-06T10:34:15-05:00August 31st, 2019|Blog, Federal Taxes & Budget Policy, Tax & Budget|

New Proposal Gives Needed Boost to New York’s Working Families

For Immediate Release: April 10, 2019 Media Contact: communications@fiscalpolicy.org, 518-786-3156 New Proposal Gives Needed Boost to New York’s Working Families (Albany, NY) New York’s Fiscal Policy Institute welcomed Senator Chuck Schumer and Senator Kirsten Gillibrand’s sponsorship of the Working Families Tax Relief Act- legislation that would begin to fix our tax laws to help working people with low-wage jobs make ends meet as they work to support themselves and their families. Introduced today the proposal would strengthen the highly successful Earned Income Tax Credit (EITC) [...]

2021-03-31T15:28:30-04:00April 10th, 2019|Federal Taxes & Budget Policy, Press Releases|

Trump Administration Policy Change Could Cost New York as Many Jobs as Amazon Would Bring, Councilman Says

November 20, 2018. This article discusses the Trump administration's proposed "public charge" rule, which would make it harder for immigrants to obtain legal permanent residency if they currently use or have used specific public benefits. The author makes a comparison between Amazon and the "Public Charge" rule, which is that Amazon plans to bring 25,000 jobs to New York, while according to an FPI analysis, the "public charge" rule would cost New York a 25,000 job loss. The author also highlights the possible "chilling effects" [...]

2021-01-06T12:35:22-05:00November 20th, 2018|Federal Taxes & Budget Policy, FPI in the News|

75 New York State Organizations Call on Congress to Oppose Federal Budget Cuts to Critical Programs

FOR IMMEDIATE RELEASE May 10, 2018  Media Contact:  Ron Deutsch, Executive Director of FPI 518-469-6769 / deutsch@fiscalpolicy.org 75 New York State Organizations Call on Congress to Oppose Federal Budget Cuts to Critical Programs Group urges Congress to reject a Farm Bill that takes food off the tables of needy Americans See the release of the letter here (New York, NY) – On May 10, 2018, the New York Federal Budget Response Team submitted a letter on behalf of 75 service providers and advocacy organizations (listed below) asking [...]

Congresswoman Nydia Velázquez Stood Alongside Nonprofits In Opposition To President Trump And Congressional Republicans’ Harmful Cuts To The Social Safety Net

FOR IMMEDIATE RELEASE April 30, 2018  Media Contact:  Ron Deutsch, Executive Director of FPI 518-469-6769 / deutsch@fiscalpolicy.org Congresswoman Nydia Velázquez Stood Alongside Nonprofits In Opposition To President Trump And Congressional Republicans’ Harmful Cuts To The Social Safety Net Group calls on Congress to reject a Farm Bill that takes food off the tables of needy Americans when they return from recess See the full press release here New York, NY. - On April 30, 2018, Congresswoman Nydia Velázquez stood alongside nonprofit service providers on the Steps [...]

2021-01-06T11:29:20-05:00April 30th, 2018|Federal Taxes & Budget Policy, Press Releases|

Trump Online Store Suddenly Adds Virginia to Short List of States Where it Collects Online Sales Tax

April 10, 2018. The Trump Organization's online store on Monday quietly added Virginia to the list of states in which it collects sales taxes, following reports that the site collects such taxes in just two states. As late as Monday morning, the Trump Organization's official retail site, Trumpstore.com, only identified Louisiana and Florida among the states in which it collects sales taxes. Although the Trump Organization is headquartered in New York, the store does not claim to collect sales taxes in the state. There are [...]

2021-01-06T11:26:07-05:00April 10th, 2018|Federal Taxes & Budget Policy, FPI in the News|

Impact of Cuomo’s Response to Federal Tax Changes is Uncertain

April 5, 2018. New York’s first-in-the-nation response to the new federal tax package and its cap on the deductibility of state and local taxes is now law, but the impact of the measure remains uncertain, experts say. The state budget adopted Saturday includes Gov. Andrew. M. Cuomo’s proposal for a voluntary state payroll tax and the creation of charitable entities aimed at preserving the deductibility of state and local taxes on federal income tax returns. The labor-backed Fiscal Policy Institute credits the governor and legislature [...]

Democratic Leader Nancy Pelosi Visits Woodhaven and Speaks to Residents About the Trump Tax Law

March 6, 2018. On March 3, at the All Saints Episcopal Church in Woodhaven, a panel discussion that Congresswoman Nydia Velazquez hosted included Pelosi, Lieutenant Governor Kathy Hochul, Congressman Joe Crowley, Charles Khan from the Strong Economy for All Coalition, Jonas Shaende from the Fiscal Policy Institute, and Tracey Kavanagh, a registered nurse who serves on the board of directors of the New York State Nurses Association. The tax bill signed into law on Dec. 22, 2017, leads to automatic federal funding cuts of $400 [...]

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