Tax & Budget

New York State Economic and Fiscal Outlook FY 2017

February 3, 2016. In its 26th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2017 Executive Budget. The Executive Budget advances some bold and progressive proposals that well reflect the values and needs of New Yorkers. In particular, the governor has shown great leadership and vision in forcefully advocating for a first-in-the nation statewide $15 minimum wage. If enacted, the minimum wage increase would lift the incomes of 3.2 million New Yorkers who desperately [...]

Anthony Troia2020-11-13T15:08:13-05:00February 3rd, 2016|City Budget, Economic Outlook, Economic Trends & Policy, Education, Healthcare, Labor Market & Workforce, Reports, Briefs and Presentations, Social Policy, State Budget, Tax Policy|

Executive Summary: New York State Economic and Fiscal Outlook FY 2017

February 3, 2016. Vice President Joe Biden once said, “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.” Governor Cuomo’s 2017 Executive Budget advances some bold and progressive proposals that well reflect the values and needs of New Yorkers. In particular, the governor has shown great leadership and vision in forcefully advocating for a first-in-the nation statewide $15 minimum wage. If enacted, the minimum wage increase would lift the incomes of 3.2 million New Yorkers who desperately [...]

Anthony Troia2016-02-03T13:37:10-05:00February 3rd, 2016|Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|

Testimony at the Joint Legislative Public Hearing on the FY 2017 Executive Budget – Taxes

February 2, 2016. Executive Director Ron Deutsch testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s FY 2017 Proposed Budget and Financial Plan. Income inequality has increased in New York during the recovery with income for the 1 percent growing faster than the average income for everyone else. New York’s combined state and local tax structure is regressive and several rounds of substantial multi-year tax cuts in the past three years have done nothing, on net, to make the tax [...]

Anthony Troia2016-12-19T10:21:55-05:00February 2nd, 2016|City Budget, State Budget, Tax & Budget, Tax Policy, Testimony|

Testimony: Overall Impact of a $15 State Minimum Wage

January 7, 2016. James Parrott testified at a New York State Senate Standing Committee on Labor hearing. In his conclusion, Parrott asserts that it would be sound public policy for New York State to phase in a $15 an hour minimum wage. Considerable economically sound research supports the conclusion that the businesses can accommodate such an increase. A higher wage floor would generate significant cost savings due to reduced turnover and there is room for modest price increases to ease the adjustment without jeopardizing overall [...]

Anthony Troia2020-11-13T14:58:51-05:00January 7th, 2016|Economic Trends & Policy, Labor Market & Workforce, State Budget, Tax & Budget, Testimony|

Need for Federal Action to Address Puerto Rico’s Fiscal, Debt and Economic Crisis

September 25, 2015. James Parrott testified before the New York City Council today regarding three resolutions calling on Congress and the President to take action to address the Puerto Rican fiscal-debt-economic crisis. The resolutions deal with the issues of bankruptcy authority, Federal health care financing, and amending the Jones Act that has significantly raised shipping costs to and from Puerto Rico. Parrott’s testimony discusses the importance of Federal action given the governance constraints imposed on Puerto Rico by its status as a “territory,” and he [...]

Anthony Troia2015-10-07T13:06:59-04:00September 25th, 2015|Economic Trends & Policy, Tax & Budget, Testimony|

Addressing the Unintended Consequences of the Property Tax Cap

June 10, 2015. In 2011 New York established a property tax cap for school districts, counties and municipalities. New York should proceed cautiously before making the cap permanent in order to gather more information on the impact of the cap. Increasing state funding of services like education, healthcare or providing targeted property tax relief such as a circuit breaker credit would be more effective and efficient ways to address high property taxes. But short of eliminating the cap, here are some ways to mitigate some [...]

Anthony Troia2015-06-10T10:49:31-04:00June 10th, 2015|City Budget, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|

Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority

May 27, 2015. This report details the stark differences between the circuit breaker relief proposals advanced by the Governor and Assembly versus the flawed STAR rebate plan the Senate proposed. The report shows that both programs would provide some property tax relief but the circuit breaker credits are superior to STAR rebates in many ways. For example: Circuit breakers would address a serious shortcoming of the property tax—that payments are not linked to the taxpayers’ ability to pay. STAR rebates are the same regardless of income [...]

Anthony Troia2015-06-09T11:09:33-04:00May 27th, 2015|Press Releases, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|

Statement on Mayor’s Budget Commitment to Increase Wages for Low-wage Nonprofit Social Sector Workers

May 8, 2015. Contact: James Parrott, Deputy Director, Fiscal Policy Institute, 212-721-5624 "The Federation of Protestant Welfare Agencies (FPWA) and the Fiscal Policy Institute (FPI) applaud the Mayor for including in his Executive Budget a first-ever $11.50 per hour wage floor for the City's contracted social service workforce. FPWA and FPI have been advocating for this important commitment over the past year. This will mean a big earnings boost for 10,000 workers whose wages currently average less than $10.00 per hour. These front-line workers, many [...]

Anthony Troia2020-11-13T14:58:52-05:00May 8th, 2015|Economic Trends & Policy, Labor Market & Workforce, Press Releases, State Budget, Tax & Budget|

Executive Actions on Immigrants Will Bring Increased NY Tax Revenue

April 16, 2015. A new 50-state study, Undocumented Immigrants’ State and Local Tax Contributions, by the Institute on Taxation and Economic Policy finds that undocumented immigrants’ tax contributions would increase significantly under the Obama Administration’s executive actions and even more substantially under comprehensive immigration policy reform. The report is being co-released in New York by the Fiscal Policy Institute and is particularly relevant in connection with the hearing tomorrow, Friday April 17, on executive action at the 5th Circuit Court of Appeals. The report’s key [...]

Anthony Troia2015-04-16T08:29:11-04:00April 16th, 2015|Blog, Migration, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|

Summary of Selected Tax Provisions in 2015-2016 State Budget

April 14, 2015. The Final FY 2015-16 budget is more notable for the tax proposals that were left out than for what is included. In the FY 2015-16 Executive Budget, the governor proposed three major tax changes: a new property tax circuit breaker for low- and middle-income homeowners and renters, an education tax credit, and a modest reduction in taxes on small corporations. None of these changes were included in the final budget, however, property tax relief and the education tax credit are expected to [...]

Anthony Troia2020-10-27T13:09:40-04:00April 14th, 2015|City Budget, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|

Initial Response to Budget Agreement on Revenue Bill: No Property Tax Relief and No Reform of Tax Credits; But Wealthy Get Sales Tax Exemption on Luxury Yachts

March 30, 2015. "It appears our legislative leaders couldn't agree to provide tax relief to struggling homeowners and renters through a middle class property tax circuit breaker but managed to find the political will to provide sales tax exemptions for people buying luxury yachts. This seems like a case of some seriously misplaced priorities," said Ron Deutsch, executive director of the Fiscal Policy Institute. "We are also dismayed that the IDA tax credit reform proposal advanced by the Governor did not make it into the final [...]

Anthony Troia2015-04-10T13:07:44-04:00March 30th, 2015|Press Releases, State Budget, Tax & Budget, Tax Policy|

Budget Savings from a Minimum Wage Increase

March 27, 2015. As negotiations over New York State’s budget draw to a close, Governor Cuomo and the legislature are trying to hammer out an agreement to raise the state’s minimum wage, which is currently just $8.75 and is currently scheduled to top out at $9.00 at the end of this year. Both Governor Cuomo and the Assembly have proposed measures to raise New York State’s minimum wage, including a higher minimum wage level for New York City in the Governor’s bill, or, in the [...]

Anthony Troia2020-11-13T14:58:52-05:00March 27th, 2015|Economic Trends & Policy, Labor Market & Workforce, Reports, Briefs and Presentations, State Budget, Tax & Budget|

Comparison of the Executive, Assembly, and Senate Property Tax Relief Proposals FY 2015-2016

March 23, 2015. The governor’s Executive Budget proposal includes a significant new property “circuit breaker” that would provide relief to households (both owners and renters) whose property taxes are unreasonably high relative to their income. Circuit breakers address a serious shortcoming of the property tax—that payments are not linked to the taxpayer’s ability to pay. The State Assembly’s proposed budget also included the circuit breaker with an important modification—removing the link to the property tax cap. The Senate, in contrast, replaced the circuit breaker with [...]

Anthony Troia2015-03-24T11:11:19-04:00March 23rd, 2015|City Budget, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|