Tax & Budget

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 Ron Deutsch, Executive Director, Fiscal Policy Institute (518) 469-6769 / deutsch@fiscalpolicy.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 [...]

Fern Whyland2021-01-06T10:30:26-05:00May 30th, 2019|NYS Tax Policy, Press releases|

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 [...]

Fern Whyland2021-01-06T10:23:29-05:00April 10th, 2019|Federal Taxes & Budget Policy, Press releases|

New York Budget Passes With Mansion Tax Hike In Tow

April 3, 2019. This article discusses the disappointment that advocates expressed when the New York State 2020 fiscal year budget was passed and it did not include a pied-a-terre tax, that would have implemented a recurring tax on non-primary residences that were worth more than $5 million. The author goes on to highlight that although a pied-a-terre tax was not included, a "mansion" tax, which will implement a one-time tax on residences sold for more than $25 million and a real estate transfer fee was included. [...]

Cyierra Roldan2021-01-06T10:19:44-05:00April 3rd, 2019|FPI in the News, NYS Budget|

In Our Opinion: Cuomo Wrong to OK His Own Hike in Salary

April 3, 2019. This op-ed discusses the opposition to the governor and lieutenant governor's pay raises included in New York State's 2020 fiscal year budget. The author notes that Governor Cuomo received a 40 percent pay raise and will be the highest paid chief executive by 2021. The author goes on to discuss how the pay raise was included in the budget despite funding for library construction and the Special Olympics being cut. Once again, the state budget was passed on time — but just barely. [...]

Cyierra Roldan2021-01-06T10:18:59-05:00April 3rd, 2019|FPI in the News, NYS Budget|

Cuomo Scores Big Pay Hike in State Budget Package

April 2, 2019. This article discusses the controversy surrounding Governor Cuomo's pay increase to $250,000 compared to the average salary of all governor's at $179,000. The author goes on to highlight that even though the governor got a pay increase, funding was cut for library construction and the Special Olympics in New York State. The article quotes FPI's executive director, Ron Deutsch, who points out that human service workers are severely underpaid. The author goes on to quote many advocates who are opposed to the [...]

Cyierra Roldan2021-01-06T10:17:42-05:00April 2nd, 2019|FPI in the News, NYS Budget|

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 [...]

Cyierra Roldan2021-01-06T10:17:11-05:00April 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 [...]

Cyierra Roldan2021-01-06T10:15:58-05:00April 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 [...]

Cyierra Roldan2021-01-06T10:15:05-05:00April 2nd, 2019|FPI in the News, NYS Tax Policy|

Fiscal Policy Institute Response to the 2019-2020 Adopted Budget

Fiscal Policy Institute Response to the 2019-2020 Adopted Budget Read FPI's comprehensive overview of the NYS budget. Revenues This year’s budget raises revenues from a number of different areas, and does so through a number of well-founded approaches. The Fiscal Policy Institute supports the newly enacted luxury real estate tax, which makes property taxes more progressive. We support congestion pricing, which will raise needed revenues for the transit system while reducing traffic in Manhattan. And we support the collection of sales tax from internet marketplace [...]

Kendra Moses2021-01-06T10:13:40-05:00April 1st, 2019|NYS Budget, Press releases|

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

For Immediate Release: March 26, 2019 Contact: Jonas J.N. Shaende PhD, Chief Economist, Fiscal Policy Institute - 212.721.5624 | jshaende@fiscalpolicy.org Ron Deutsch, Executive Director, Fiscal Policy Institute - 518.469.6769 | deutsch@fiscalpolicy.org 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 [...]

Kendra Moses2021-01-06T10:03:58-05:00March 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 [...]

Cyierra Roldan2021-01-06T10:00:23-05:00March 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: Dede Hill, Director of Policy, Schuyler Center for Analysis and Advocacy - (518) 879-6616 | dhill@scaany.org Ron Deutsch, Executive Director, Fiscal Policy Institute - (518) 469-6769 | deutsch@fiscalpolicy.org Pete Nabozny, The Children’s Agenda - (518) 929-1264 | pete@thechildrensagenda.org 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 [...]

Anthony Troia2021-01-06T09:59:19-05:00March 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 [...]

Kendra Moses2021-01-06T09:57:40-05:00March 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 [...]

Kendra Moses2021-01-06T09:57:24-05:00March 11th, 2019|FPI in the News, NYS Tax Policy|

Pied-a-Terre Tax Media Roundup

March 7, 2019. As the first of April inches closer, there has been significant buzz about implementing a Pied-a-Terre Tax on non-primary residences in New York City. Pushed by two New York City Council members and two Manhattan state legislators, the tax would apply a surcharge to homes in the City that are not primary residences and are worth more than $5 million. A report by the Fiscal Policy Institute cited that the proposed tax would generate an estimated $665 million annually from co-ops and condos. Pieds-à-terre [...]

Anthony Troia2021-01-06T09:47:08-05:00March 7th, 2019|FPI in the News, NYS Tax Policy|

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