Tax & Budget

2017 State Budget Briefing in NYC

On Thursday afternoon, February 16, 2017, the Fiscal Policy Institute will present its New York State budget briefing in New York City at Community Service Society (CSS). Check-in and refreshments will begin at 2:30 p.m. Our presentation begins at 3:00 p.m. and ends at 4:00 p.m. We hope that you and/or members of your staff will be able to join us for what we are confident will be a useful and informative session. You can RSVP online here. The briefing will examine various aspects of [...]

2021-01-07T12:26:00-05:00February 3rd, 2017|Blog, State Budget|
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Congress’ top 2017 priority should be poverty alleviation by EITC Expansion

January 27, 2017. As part of a campaign launched earlier this fall, and in recognition of EITC Awareness Day, over 60 New York-based organizations representing hundreds of thousands of residents throughout the state sent a letter to Senator Schumer urging him to stand strong in his support for expanding the federal Earned Income Tax Credit (EITC) for working adults not raising children in the home. This expansion would help 1.1 million workers (466,000 of whom are actually taxed into – or deeper into – poverty) in [...]

2021-01-07T12:22:00-05:00January 27th, 2017|Blog, Tax Policy|
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2017 Albany Annual Budget Briefing

On Tuesday morning, February 7, 2017, the Fiscal Policy Institute will present its twenty-seventh annual budget briefing in Meeting Room 7 of the Empire State Plaza Convention Center. Please note the venue change for this year’s briefing. A complimentary breakfast and check-in will begin at 8:30 a.m. Our presentation begins at 9:00 a.m. and ends at 10:00 a.m. We hope that you and/or members of your staff will be able to join us for what we are confident will be a useful and informative session. [...]

2021-01-07T12:18:27-05:00January 20th, 2017|Blog, State Budget|
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Statement on Governor Cuomo’s FY 2018 Budget Proposal

January 18, 2017. Making state and local taxes less regressive in New York is a top priority for our organization. We are pleased to see the Executive Budget proposal include an extension of the millionaires’ tax and applaud the Governor for making this the centerpiece of his new budget. Given the great income disparities in our state, we think the Governor and the legislature should go further. We would like to see the millionaires’ tax made permanent and to have additional brackets added at the [...]

2021-01-07T12:20:04-05:00January 18th, 2017|Press Releases, State Budget|
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Extending tax credit will help low-wage workers

January 10, 2017. The following op-ed by Ron Deutsch appeared in the Buffalo News. Poverty. While it may not be the glitz and glamour of a flashy news story, it is a very real and pervasive issue for millions of Americans, particularly in New York State. As such, and especially in the aftermath of the 2016 election, it should be clear to members of both political parties that struggling workers face real challenges and need real solutions. The need in our state is great. In [...]

2021-01-07T12:19:25-05:00January 10th, 2017|FPI in the News, Tax Policy|
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What’s the future for fiscal federalism in New York?

December 28, 2016. The following op-ed by James Parrott appeared in City & State New York on December 28, 2016. With President-elect Donald Trump and a newly empowered, Republican-dominated Congress soon taking control of the federal budget, the potential for substantial cuts in domestic spending poses gargantuan challenges for New York state and city budgets. Roughly $57 billion in federal dollars flow into our city and state budgets annually. Medicaid accounts for approximately $35 billion, with another $14 billion in categorical funds flowing to the [...]

2020-10-27T13:08:48-04:00December 28th, 2016|Letters, State Budget, Tax & Budget|
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Testimony on the Report of the NYC Council Task Force on Economic Development Tax Expenditures

September 22, 2016. James Parrott, a member of the New York City Council's Task Force on Economic Development Tax Expenditures chaired by Finance Committee Chair Julissa Ferreras, presented this testimony at a September 22 hearing on the Task Force report and recommendations for a rigorous, ongoing evaluation procedure.  He also urged the Council to convene a hearing on the Hudson Yards property tax breaks, the costs of which are rapidly rising. PDF of Testimony

2020-11-13T14:56:15-05:00September 22nd, 2016|Economic Trends & Policy, State Budget, Tax & Budget, Testimony|
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New York State Leads Nation in Income Inequality

June 16, 2016. In Income inequality in the US by state, metropolitan area, and county, a new report published by the Economic Policy Institute (EPI) for the Economic Analysis and Research Network (EARN), Mark Price, an economist at the Keystone Research Center in Harrisburg, PA and Estelle Sommeiller, a socio-economist at the Institute for Research in Economic and Social Sciences in Greater Paris, France detail the incomes of the top 1 percent and the bottom 99 percent by state, metropolitan area, and county. “Great income [...]

2020-11-13T14:27:55-05:00June 16th, 2016|Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|
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Heights of Privilege

June 2, 2016. The following article by James Parrott appeared in the Spring 2016 issue of The American Prospect magazine. If you want to learn about the latest manifestations of inequality in urban America, read the real-estate sections of newspapers and magazines and check out the photo spreads on luxury condos in new residential skyscrapers. The palatial size, lavish finishes, and breathtaking price tags of these properties are advertisements of our new Gilded Age. In the area immediately south of Central Park in Manhattan now known as [...]

2020-11-13T14:27:55-05:00June 2nd, 2016|City Budget, Economic Trends & Policy, Labor Market & Workforce, Letters, Tax & Budget, Tax Policy|
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Wealthy New Yorkers Urge Governor Cuomo and Legislature to Enact 1% Plan for New York Tax Fairness

March 21, 2016.  Some of the wealthiest New Yorkers have sent an open letter to Governor Andrew Cuomo and the New York State Legislature urging passage of the “1% Plan for New York Tax Fairness” to replace the temporary ‘millionaires tax’ set to expire at the end of next year. The Fiscal Policy Institute’s 1% Plan calls for new tax rates ranging from 7.65% to 9.99% applied to new tax brackets starting at $665,000, the income threshold for the top 1% of New Yorkers. The [...]

2016-03-21T10:11:01-04:00March 21st, 2016|Press Releases, Tax & Budget, Tax Policy|
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Briefing on Mayor deBlasio’s Preliminary FY 2017 NYC Budget: Budgeting Cautiously amid State and Economic Uncertainty

March 10, 2016. In his briefing of NYC Mayor Bill deBlasio’s FY 2017 Preliminary budget, FPI’s James Parrott highlights the following: Strong economic and tax growth used to further a different set of budget and policy priorities than predecessors: reinvesting in human services; committing new resources to address housing and homelessness; continuing and different investments in public safety; and changing employment and wage policies to aid workers. Cautious budgeting in the face of economic uncertainty: Outyear gaps have been reduced; City has a significant budget [...]

2020-10-27T13:09:40-04:00March 10th, 2016|Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|
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Tax Breaks for Wealthy Contributors to Private or Public Schools?

March 2, 2016. The education tax credit proposals currently being discussed have significant drawbacks as outlined in FPI's new brief. Both the governor’s proposal and the senate’s represent misguided tax policy for a number of reasons: The PCEA represents a radical and unwise departure from existing state tax policy because it provides an unprecedented proportion (75 or 90 percent) of tax reduction relative to a contribution. It has the potential to lessen charitable contributions for a wide range of worthy causes. Because of how the [...]

2016-03-02T12:25:21-05:00March 2nd, 2016|Press Releases, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|
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Full Implementation of Obama’s Immigration Executive Actions Would Bring $82 Million in Tax Revenues to New York

February 24, 2016. A 50-state study released today by the Institute on Taxation and Economic Policy, co-released in New York by the Fiscal Policy Institute, finds that if President Obama’s executive actions on immigration were permitted to be fully implemented they would bring an additional $82 million in New York state and local tax revenue compared to not having the actions in place. The executive actions would add to the tax revenue in all 50 states and in the District of Columbia. Nationally, the report [...]

2016-02-24T07:55:51-05:00February 24th, 2016|Migration, Press Releases, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|
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Instead of a New York City property tax cap, why not reform?

February 10, 2016. An op-ed by James Parrott, City & State. The New York state Senate approved legislation on January 26 that would cap the growth in New York City property taxes at the lesser of inflation or 2 percent a year. The 45-16 vote occurred while Mayor Bill de Blasio was testifying nearby at a Joint Legislative Budget hearing. State senators in favor of this bill made a three-pronged argument: property taxes have become too burdensome for middle-class homeowners; the property tax caps for [...]

2020-10-27T13:09:40-04:00February 10th, 2016|Letters, Tax & Budget, Tax Policy|
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