January 21, 2015. Ron Deutsch, Executive Director “The Governor’s proposal takes some positive steps forward to deliver targeted property tax relief and address poverty in the state. However, for every step forward we take two steps back if we don’t dramatically increase aid to our fiscally stressed schools and local governments and commit substantial resources to ending child poverty in our state.” James Parrott, Deputy Director and Chief Economist “To really help the poor and the middle class, we need to scrap the 2% spending [...]
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 [...]
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 [...]
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. [...]
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 [...]
Comparison of Final 2014-2015 NYS Revenue Bill to earlier Executive, Assembly and Senate Budget Proposals
March 31, 2014. This brief compares the New York State Revenue Bill to earlier Executive, Assembly, and Senate tax proposals.
March 26, 2014. This brief puts the Tax Foundation’s 2014 State Business Climate rankings into perspective and shows why attempting to improve New York's ranking will have very little impact on economic growth or job creation.
March 24, 2014. The 2014-2015 New York State Budget Tax Brief compares the tax proposals in the Assembly and Senate budget resolutions with those in the Executive Budget. The major proposals are analyzed and their impacts discussed.
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]