Tax & Budget

New Jersey increases its top income tax rate

July 2004. In a new law approved on June 28, 2004, New Jersey increased its top income tax rate for tax years beginning on and after January 1, 2004, from 6.37% on the portion of taxable income above $75,000 for single individuals and $150,000 for married couples to 8.97% on the portion of taxable income above $500,000 regardless of filing status. This represents a significant shift in the traditional relationship between the top income tax rates in New York and New Jersey. For the first time [...]

2012-07-11T20:02:42-04:00July 1st, 2004|Blog, Tax & Budget, Tax Policy|
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Combined Impact of the Federal, New York State and New York City Income Tax Changes

June 2003. The net result? A substantial net reduction in the income tax liability of affected taxpayers. Data analysis >> In adopting the 2003-2004 state budget, the New York State Legislature was able to greatly reduce the local property and sales tax increases and the service cuts that would have occurred if Governor Pataki's budget had been adopted as submitted. To a significant degree, this local tax relief was made possible by the Legislature's adoption of temporary increases in the state income tax for the [...]

2020-10-27T13:09:42-04:00June 30th, 2003|Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|
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Schools, Taxes and the New York Economy

April 24, 2003. A balanced budget alternative to the Governor’s school aid cuts. Based on an economic impact analysis prepared for FPI by the Institute on Taxation and Economic Policy, this report, released jointly by FPI and the Alliance for Quality Education, shows that the Governor's school aid cuts are "job killers" in the short run and even worse for the state's economy over time.  The economic benefits of restoring the Governor's school aid cuts far outweigh the effects of an income tax increase to [...]

2020-11-13T15:04:36-05:00April 24th, 2003|Education, Social Policy, State Budget, Tax & Budget, Tax Policy|
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New York Impact Analysis: Effects of 2004 Congressional Budget Resolution

April 23, 2003. Due to the federal tax and budget agreement, New York will suffer $1.56 billion in cuts to key programs over ten years to pay for tax breaks for the wealthy, according to this report from the Economic Policy Institute and the Institute for America's Future. Groups call on House to join Senate in passing fiscal relief for the states; joint statement from FPI and New Yorkers for Fiscal Fairness releasing new EPI/Institute for America's Future report

2020-10-27T13:07:10-04:00April 23rd, 2003|Blog, Press Releases, Tax & Budget|
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Balancing New York State’s 2003-2004 Budget in an Economically Sensible Manner

February 4, 2003. The Fiscal Policy Institute's 13th annual budget briefing: analysis of Governor George E. Pataki's Executive Budget and alternative approaches to balancing New York State's 2003-2004 budget.  Briefing book on the 2003-2004 executive budget >> This PowerPoint version of the briefing book has most of the same charts and graphs but condenses the text with bullet points. Despite Governor Pataki’s recent pronouncements regarding the relationship between jobs and cuts in broad based taxes, the large personal income tax cuts that New York implemented [...]

2020-11-13T14:17:42-05:00February 4th, 2003|Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|
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New York State and Local Taxes in 2002

January 2003. From the Institute for Taxation and Economic Policy, this chart and table show the impact of state and local taxes (by type of tax, in total before taking federal deductibility into consideration, and in total after taking federal deductibility into consideration) on the family incomes of non-elderly New Yorkers broken down into seven income categories, ranging from the bottom 20% (taxpayers with incomes of less than $15,000) to the top 1% (taxpayers with incomes above $634,000). (PDF)

2012-03-17T16:54:37-04:00January 31st, 2003|Blog, Tax & Budget, Tax Policy|
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The NYS and NYC Budgets

November 25, 2002. New from FPI: the New York City 2003-2004 budget outlook, based on Mayor Bloomberg's November 14, 2002, Financial Plan Update. Briefing materials on the state budget: New York State's 2003-2004 Budget Outlook - a budget alert originally released October 19 and a presentation released September 26, Listing of new tax cuts taking effect in 2002, 2003 and thereafter.

2020-10-27T13:09:43-04:00November 25th, 2002|Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|
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Budget Alert: New York State’s 2003-2004 Budget Outlook

October 19, 2002. By Frank Mauro. Late last month while discussing a broad range of topics with the editorial board of The (Troy) Record, Senate Majority Leader Joseph Bruno predicted that New York State faces a budget gap of $8 billion to $10 billion in its 2003-2004 budget.  The magnitude of this prediction is obvious when one focuses on the fact that the state's tax supported General Fund budget is about $40 billion.  Thus, if Senator Bruno's prediction is accurate, the steps necessary to balance [...]

2012-03-25T10:36:52-04:00October 19th, 2002|Reports, Briefs and Presentations, State Budget, Tax & Budget|
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