Federal Taxes & Budget 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 [...]

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: Fern Whyland, Communications Director, whyland@fiscalpolicy.org, 315-436-0558 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 [...]

2021-01-06T10:23:29-05:00April 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 [...]

2021-01-06T11:25:35-05:00April 9th, 2018|Federal Taxes & Budget Policy, FPI in the News|

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 [...]

2021-01-06T11:18:38-05:00March 6th, 2018|Federal Taxes & Budget Policy, FPI in the News|

Advocates Propose Capturing Part of Fed’s Corporate Tax Cut

January 3, 2018. In Albany on Tuesday, advocates for the needy proposed a “recapture tax” in which the state would keep some of the federal tax breaks headed to corporations. The advocates said the recapture tax could help make up for expected federal cuts to Medicaid, Medicare, Social Security and other programs proposed for later this year that would worsen the plight of the working poor in New York. Congressional leaders and President Donald Trump said they would consider cutting the entitlement programs in part [...]

2021-01-06T10:54:52-05:00January 3rd, 2018|Federal Taxes & Budget Policy, FPI in the News|

Teachers Union, Progressive Groups Fight GOP Tax Plan

November 16, 2017. Progressive advocates and lawmakers are ramping up efforts to block a Republican tax bill that would end SALT deductions and give cuts to wealthy Americans. A new ad released this week by the group Not One Penny is putting the pressure on GOP members of Congress who have yet to take a firm stand on the bill. The state teacher's union has signed on to this campaign and with us in studio to talk more about this is NYSUT Political Action Coordinator [...]

2021-01-08T09:42:56-05:00November 16th, 2017|Federal Taxes & Budget Policy, FPI in the News|

HOUSE TAX PLAN: BENEFIT FOR RICHEST 1% in NYS GROWS OVER TIME

HOUSE TAX PLAN: BENEFIT FOR RICHEST 1% in NYS GROWS OVER TIME  By 2027 Wealthiest 1% Get Average Tax Cut of $34,000 and Poorest 20% Get $90   A 50-state analysis of the House tax plan released last week reveals that in New York State the wealthiest 1 percent of New Yorkers will receive the greatest share of the total tax cut in year one and their share would grow through 2027. Further, the value of the tax cut would decline over time for every [...]

2021-01-08T09:40:58-05:00November 9th, 2017|Blog, Federal Taxes & Budget Policy, Press releases|

Federal Budget Cuts Will Hurt Children, Official Warns

October 18, 2017. FPI's executive director, Ron Deutsch, discusses how proposed cuts in federal spending could seriously damage programs that help needy children and families in the Elmira area, where he was the keynote speaker for the annual State of the Child in Chemung County Breakfast. The gathering, sponsored by the Every Child Matters Coalition, took place at the Elmira Community Kitchen. Deutsch told the group that New York relies heavily on federal dollars, and that proposed budget cuts, being discussed in Washington, could devastate [...]

2021-01-08T09:31:54-05:00October 19th, 2017|Federal Taxes & Budget Policy, FPI in the News|

After Health Care Bill Fails, NY Still Faces Questions

September 28, 2017. This article discusses the uncertainty surrounding the federal government and potential cuts to New York, which could run as high as $17 billion. According to the article, The latest push to repeal and replace broad aspects of the Affordable Care Act has failed, at least for now. Advocates opposed to the bill aren’t sure they’ve heard the last from it. “This bill is a lot like Frankenstein’s monster,” said Ron Deutsch of the Fiscal Policy Institute. “It just requires another jolt of [...]

2021-01-08T09:28:29-05:00September 28th, 2017|Federal Taxes & Budget Policy, FPI in the News|
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