NYS Tax Policy

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 [...]

2021-01-11T17:54:07-05:00January 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 [...]

2020-12-30T09:41:16-05:00December 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 [...]

2021-02-01T15:36:33-05:00August 12th, 2020|Must Read, NYS Tax Policy, Press Releases|

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.

2021-04-06T09:52:54-04:00July 22nd, 2020|Immigration, Letters, New York State, NYS Tax Policy|

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 [...]

2021-01-06T10:44:27-05:00December 10th, 2019|FPI in the News, NYS Tax Policy|

Legislators & Advocates Call for Working Family Tax Credits to Fight Childhood Poverty

On many levels, New York is an affluent state with high median incomes, quality schools, and prosperous corporations, but as the United Way reports, 45 percent of households in NYS cannot afford basic necessities.  As evidenced by the United Way of New York’s comprehensive, data-driven ALICE (Asset Limited, Income Constrained, Employed) report, relying on the federal poverty guidelines is a poor measure – it is clear that while struggling working families may be above the poverty line, they are far from secure. On May 30th, [...]

2021-01-06T10:31:17-05:00May 30th, 2019|Blog, NYS Tax Policy|

Press Release: Legislators & Advocates Call for Working Family Tax Credits to Fight Childhood Poverty

Strengthening the Earned Income Tax Credit and Child Care Credit Boosts New York’s Working Families PRESS RELEASE  For Immediate Release:  May 30, 2019 Contact: Dede Hill, Director of Policy, Schuyler Center for Analysis and Advocacy (518) 879-6616 / dhill@scaany.org Pete Nabozny, The Children’s Agenda (518) 929-1264 / pete@thechildrensagenda.org Legislators & Advocates Call for Working Family Tax Credits to Fight Childhood Poverty Strengthening the Earned Income Tax Credit and Child Care Credit Boosts New York’s Working Families (Albany, NY) On many levels, New York is an [...]

2021-03-31T15:28:01-04:00May 30th, 2019|NYS Tax Policy, Press Releases|

N.Y. Had a Plan for a ‘Pied-à-Terre’ Tax on Expensive Homes. The Real Estate Industry Stopped It

April 2, 2019. This article discusses New York State lawmakers' opposition to a pied-a-tierre tax and their support for a real estate transfer tax. The article goes on to discuss lobbyists who argued that a pied-a-tierre tax would cause the high-end market to collapse due to the recurring surcharge. According to the article, lawmakers want to implement a real estate transfer tax that would require a one-time fee on all real estate transactions over $3 million. When state leaders rallied this month behind a proposal to tax [...]

2021-01-06T10:17:11-05:00April 2nd, 2019|FPI in the News, NYS Tax Policy|

Transferring To a Real Estate Transfer Tax

April 2, 2019.This article discusses New York State lawmakers' reluctance to implement a pied-a-terre tax and preference for a real estate transfer tax on high value sales instead. The author notes that the pied-a-terre tax was proposed as a way to generate revenue to help fund the Metropolitan Transportation Authority in New York City. The article goes on to discuss that lawmakers plan to target the same people with a real estate transfer tax, specifically those with condos and co-ops valued at over $5 million. According [...]

2021-01-06T10:15:58-05:00April 2nd, 2019|FPI in the News, NYS Tax Policy|

NY Weighs a Real Estate Tax as Pied-A-Terre Tax Hits a Roadblock

April 2, 2019. This article discusses the proposed pied-a-terre tax in New York State that would generate revenue to help fund the transportation system in New York City by taxing out-of-state apartment owners in Manhattan. The article highlights that lawmakers are proposing a real-estate transfer tax on all high-end sales, in place of a pied-a-terre tax, to avoid challenges with revenue becoming entangled with foreign ownership rights. The article quotes FPI's executive director, Ron Deutsch, who suggests that the state should consider a combination of a pied-a-terre [...]

2021-01-06T10:15:05-05:00April 2nd, 2019|FPI in the News, NYS Tax Policy|

Fiscal Policy Institute Releases Analysis in Support of Proposed Pied-à-Terre Tax

For Immediate Release: March 26, 2019 Media Contact: communications@fiscalpolicy.org, 518-786-3156 Fiscal Policy Institute Releases Analysis in Support of Proposed Pied-à-Terre Tax Report and Analysis here. A PIED-À-TERRE TAX IS A TAX ON HIGH-VALUE LUXURY RESIDENTIAL PROPERTY that is not used by its owners as a primary residence. This type of tax has become increasingly common around the world as a way to ensure that wealthy non-residents pay their fair share of local taxes, and as a way to re-orient the local real estate market around housing [...]

2021-03-31T15:28:57-04:00March 26th, 2019|NYS Tax Policy, Press Releases|

How a $238 Million Penthouse Turned a Long-Shot Tax on the Rich Into Reality

March 13, 2019. This article discusses advocates urging New York State to implement a pied-à-terre tax, which would be the United State's first tax on superluxury second homes, or more specifically second homes that cost more than $5 million. The author highlights the sale of a New York City building with penthouses that was sold for $238 million, which is the most expensive residential sale in the United States. The article notes that both houses of the New York State Legislature and Governor Cuomo support [...]

2021-01-06T10:00:23-05:00March 13th, 2019|FPI in the News, NYS Tax Policy|

Press Release: Legislators, Fiscal Watchdog, Children and Social Justice Advocates and Faith Leaders Urge NY to Take Real Steps To Address Child Poverty and Provide Tax Relief to Low Income Families by Strengthening NY’s EITC and Child Tax Credit

For Immediate Release: March 11, 2019 Media Contact: communications@fiscalpolicy.org, 518-786-3156 Legislators, Fiscal Watchdog, Children and Social Justice Advocates and Faith Leaders Urge NY to Take Real Steps To Address Child Poverty and Provide Tax Relief to Low Income Families by Strengthening NY’s EITC and Child Tax Credit Albany, NY. Lawmakers and advocates urge New York to act this year to address our child poverty epidemic. More than one in five NY children live in poverty; with that rate rising to nearly one in three among [...]

2021-03-31T15:29:16-04:00March 11th, 2019|Blog, NYS Tax Policy, Press Releases|

Cuomo, Legislature Weighing Tax on Manhattan Pieds-à-Terre

March 8, 2019. Gov. Andrew M. Cuomo is considering a new tax that would hit the very rich who keep co-ops and condominiums in Manhattan for when they stopover for business or pleasure. Some public policy advocates have referred to the pied-à-terre tax as the perfect tax because it can raise billions of dollars from people who are so wealthy that it might not matter much and don’t vote for city or state officials, anyway. Cuomo's plan, as with proposals by Sen. Brad Hoylman (D-Manhattan) and the labor-backed Fiscal [...]

2021-01-06T09:57:40-05:00March 11th, 2019|FPI in the News, NYS Tax Policy|

Groups Lobby for Changes to State Budget to Help Low- and Middle-Income People

March 4, 2019. As New York lawmakers struggle over the proposed 2020 state budget, these are some of the issues that have prompted two organizations to partner for an awareness campaign that’s taking them throughout the state. Ron Deutsch, executive director of the Fiscal Policy Institute, Latham, and the Rev. Peter M. Cook, executive director of the state Council of Churches, are on a three-week tour of communities, large and small. “We believe things have been askew,” Mr. Deutsch said. “The top 1 percent of [...]

2021-01-06T09:57:24-05:00March 11th, 2019|FPI in the News, NYS Tax Policy|
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