Tax & Budget

“Legislature Supports $2.1 Billion in Aid to Excluded Workers; Report Shows $3.5 is Needed”

FOR IMMEDIATE RELEASE: March 18, 2021 Media Contact: communications@fiscalpolicy.org, 518-786-3156 “Legislature Supports $2.1 Billion in Aid to Excluded Workers; Report Shows $3.5 is Needed” Read FPI’s report: Unemployment Compensation for Excluded Workers: $3.5 Billion Needed for 2020 and 2021 (Albany, NY) – New York State may be on the brink of providing unemployment benefits to workers who are currently excluded from the state’s unemployment insurance fund. The New York State Assembly and Senate both support a fund of $2.1 billion to extend benefits to undocumented [...]

Anthony Troia2021-03-31T14:53:18-04:00March 17th, 2021|Immigration, New York State, NYS Budget, NYS Tax Policy, Press Releases, Tax & Budget|

New York lawmakers propose tax increases on the rich. Here’s who would pay up

The New York State Senate passed its one-house budget resolution which includes raising the tax rate on those earning over $1 million a year. The Assembly supports this tax reform as well. "Big challenges require bold action and demand a combination of transformative vision and concrete commonsense response," said Jonas Shaende, chief economist for the Fiscal Policy Institute, a liberal think tank in Albany. "The Legislature’s proposals show their willingness to consider a broad array of measures to ensure New Yorkers’ health and well-being." Read the Gannett article which appears in lohud and [...]

Anthony Troia2021-03-17T10:00:21-04:00March 16th, 2021|Economic Trends & Policy, FPI in the News, NYS Budget, NYS Tax Policy, Tax & Budget|

Tax opponents wonder if they still can count on Gov. Cuomo

As the state budget process progresses, both houses released their one-house budget proposals which include increased taxes for top earners and corporations. Critics contend these tax reforms are not needed due to federal aid. Advocates point out the long-standing need for tax reform to set the state on the right course. "The legislature’s proposals recognize the need for support to ensure all New Yorkers can live, work, access health care, and receive a sound education," the labor-backed Fiscal Policy Institute said. Read the Newsday article [...]

Anthony Troia2021-03-23T12:29:57-04:00March 16th, 2021|Economic Trends & Policy, FPI in the News, NYS Budget, NYS Tax Policy, Tax & Budget|

Fiscal Policy Institute on One-House Budgets

FOR IMMEDIATE RELEASE: March 15, 2021 Media Contact: communications@fiscalpolicy.org, 518-786-3156 Fiscal Policy Institute on One-House Budgets (Albany, NY) Today the New York State Senate and Assembly released their one-house budgets as New York continues grappling with the pandemic. With the annual April 1st deadline fast approaching, today’s action sustains hope for a responsive budget process that can meet all New Yorkers' needs. The Legislature’s proposals recognize the need for support to ensure all New Yorkers can live, work, access health care, and receive a sound education. With the pandemic underscoring how [...]

Anthony Troia2021-03-31T14:53:11-04:00March 15th, 2021|Good Governance, NYS Budget, NYS Tax Policy, Press Releases, Statements & Public Testimony , Tax & Budget|

Denied COVID economic relief, N.Y.-based immigrant and excluded workers plan hunger strike

Advocacy organizations and state lawmakers have been urging the state to create a COVID relief fund for undocumented workers and others excluded from federal aid since the start of the pandemic. The majority, 54%, of New York City residents working in essential jobs during the pandemic are immigrants, according to the Fiscal Policy Institute. Read: "Denied COVID economic relief, N.Y.-based immigrant and excluded workers plan hunger strike" NY Daily News

Anthony Troia2021-03-16T15:30:06-04:00March 15th, 2021|FPI in the News, Immigration, New York State, NYS Budget, Tax & Budget|

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 [...]

Anthony Troia2021-04-08T16:09:19-04:00March 12th, 2021|Employment, Unemployment & Job Quality, Federal Taxes & Budget Policy, Local Tax & Budget Policy, Must Read, NYS Budget, Policy & Research, Reports, Briefs and Presentations|

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 [...]

Anthony Troia2021-03-12T21:30:50-05:00March 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 [...]

Anthony Troia2021-03-11T16:54:05-05:00March 11th, 2021|Blog, Economic Trends & Policy, Federal Taxes & Budget Policy, NYS Budget, Tax & Budget|

EITC Helps Workers, Their Families, Communities and the State

Our state’s Earned Income Tax Credit (EITC) is a proven program that working New Yorkers rely on. The EITC keeps more money in workers’ pockets, providing more money to spend on essentials like food, transportation, housing, education, and child care. The EITC provides critical support for workers, their families, local economies, and the state! Before the pandemic, far too many New Yorkers were unable to earn a stable and sufficient income through work. This problem persisted despite the recent increases to our state’s minimum wage. [...]

Anthony Troia2021-03-04T16:51:38-05:00March 4th, 2021|Blog, NYS Tax Policy, Tax & Budget|

FPI Testifies Before Join Legislative Budget Hearing on Taxes

FOR IMMEDIATE RELEASE: February 23, 2020 Media Contact: communications@fiscalpolicy.org, 518-786-3156 Fiscal Policy Institute's Recommendations for the FY 2022 State Budget (Albany, NY) Today the Fiscal Policy Institute (FPI) testified before the Joint Legislative Budget Hearing on taxes. FPI urges a bold vision in crafting the FY 2022 state budget, recommending progressive tax policies so that all New Yorkers can grow, prosper, and build a foundation for the future. The video replaces FPI's annual in-person budget presentation. Statement from Dr. Jonas Shaende, Chief Economist: “This year’s [...]

Anthony Troia2021-03-31T14:52:59-04:00February 24th, 2021|NYS Budget, Press Releases, Statements & Public Testimony , Tax & Budget|

Public Testimony Integral to New York’s State Budget Process

New York State’s constitution requires the governor to provide the state legislature with a yearly balanced budget proposal including the necessary appropriation bills and legislation. The Legislature reviews the proposed executive budget and offers changes or modifications and enacts the state budget. As is customary, Governor Cuomo presented his proposed Executive Budget for FY 21-22 in January which was followed by a review and analysis from both legislative houses. The Assembly Ways and Means Committee’s Review and Analysis of the 2021-22 Executive Budget is known [...]

Anthony Troia2021-02-23T16:26:23-05:00February 23rd, 2021|Blog, NYS Budget, NYS Tax Policy, Statements & Public Testimony , Tax & Budget, Testimony|

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 [...]

Anthony Troia2021-03-16T16:24:20-04:00February 12th, 2021|Economic Trends & Policy, Employment, Unemployment & Job Quality, Federal Taxes & Budget Policy, FPI in the News, Immigration|

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 [...]

Anthony Troia2021-04-06T09:56:44-04:00February 12th, 2021|Economic Trends & Policy, Federal Taxes & Budget Policy, FPI in the News, Immigration, New York State, Other States & National|

Memo of Support: S.537/A.2533 (EITC)

Memorandum of Support S.537 (Kaplan)/A.2533 (Fahy) Provides for the advance payment of the earned income tax credit to qualifying employees. The Fiscal Policy Institute (FPI) supports S.537/A.2533 to help create a more equitable state tax code for working New Yorkers. This legislation would update New York State’s Earned Income Tax Credit (EITC) to address the economic needs of New York State residents who work part-time and who work for low wages. Throughout the state, hundreds of thousands of workers are unable to claim the credit due to exclusions in the [...]

Anthony Troia2021-02-10T20:18:39-05:00February 10th, 2021|NYS Tax Policy, Tax & Budget|

New York’s Pandemic State Budget: Recovering and Reimagining

FOR IMMEDIATE RELEASE: February 10, 2021 Media Contact: communications@fiscalpolicy.org, 518-786-3156 ***VIDEO link below*** New York's Pandemic State Budget: Recovering and Reimagining Fiscal Policy Institute's Recommendations for the FY 2022 State Budget Read the report: "Economic and Fiscal Outlook 2022: New York Recovering and Reimagining" Watch the video: Fiscal Policy Institute's Annual State Budget Presentation 2021 (Albany, NY) Today the Fiscal Policy Institute (FPI) released a 30-minute video highlighting its report "New York State's Pandemic Budget: Recovering and Reimagining." FPI urges a bold vision in crafting the FY [...]

Anthony Troia2021-06-29T14:44:56-04:00February 9th, 2021|Must Read, NYS Budget, NYS Tax Policy, Press Releases, Reports, Briefs and Presentations, Tax & Budget|

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