NYS Budget

March 2017 NYC Budget Presentation

In his briefing on Mayor deBlasio’s Preliminary FY 2018 NYC Budget, James Parrott highlights the following: Cautious in face of an uncertain Washington: Federal aid is 1/3 of State budget (which is 18% of City budget); 8-10 % of City budget; 64% of NYCHA budget; and nearly half of the Health and Hospitals budget. State budget better this year, but still challenges: Governor proposed to extend millionaires tax, but it should be enhanced; threat to CFE-settlement determined school aid; handful of negative budget impacts for NYC. Before Trump’s [...]

2021-01-07T12:36:02-05:00March 16th, 2017|Blog, NYS Budget|

2017 Budget Forum, Elmira, NY

March 8, 2017 - Fiscal Policy Institute Holds Information Session ELMIRA, N.Y. (18 NEWS) - The Fiscal Policy Institute, a group affiliated with the labor movement offered an information session on the state budget at Catholic Charities in Downtown Elmira on Wednesday. One major issue discussed was the millionaires' tax, which is set to expire at the end of this year. State legislators can let it expire, extend it as is, or expand it. The Fiscal Policy Institute claims expanding the millionaires' tax would largely [...]

2021-01-07T12:38:17-05:00March 9th, 2017|Blog, NYS Budget|

Policy Brief: Expand the Millionaires’ Tax and Address New York’s Worst-in-the-Nation Income Inequality

March 7, 2017. The millionaires’ tax is New York’s fiscal Swiss Army knife, a tool that addresses many different needs. It helps fund important priorities, balance the New York State budget, respond to heightened income inequality, and lessen the overall regressive state and local tax structure. And it is very much needed in New York today. PDF of full Policy Brief

2021-01-07T12:38:56-05:00March 7th, 2017|NYS Budget, Reports, Briefs and Presentations|

Policy Brief: Federal Funding Cuts Could Cause Significant Budget Woes For NYS

February 23, 2017. New York State faces gargantuan budget challenges if the current federal administration is successful in pursuing the many cuts in funding to states proposed thus far. In its most recent policy brief, the Fiscal Policy Institute points out that over one-third of New York’s All Funds budget is comprised of federal funds and billions in additional funds are also sent to local governments, schools, and transportation. Altogether, over $70 billion in federal aid flows to the state and its local governments. The [...]

2021-01-07T12:27:43-05:00February 23rd, 2017|Blog, NYS Budget|

Testimony at the Joint Legislative Public Hearing on the FY 2018 Executive Budget – Taxes

February 7, 2017. Executive Director Ron Deutsch testified before the Senate Finance and Assembly Ways and Means Committees on the Governor’s FY 2018 Proposed Budget and Financial Plan. Income inequality, as indicated by the richest 1 percent share of total income, has grown substantially since 1980 in New York State as well as nationally. One of the most sensible tools the state has to address the growing income gap in New York is the millionaires' tax. The proposed extension of the millionaires' tax will help narrow the gap, [...]

2021-01-07T12:26:48-05:00February 7th, 2017|NYS Budget, Testimony|

New York State Economic and Fiscal Outlook FY 2018

February 7, 2017. In its 27th annual New York State budget briefing book, the Fiscal Policy Institute analyzes and comments on Governor Andrew Cuomo’s FY 2018 Executive Budget. This year’s New York State budget negotiations take shape against a worrisome backdrop. The president and congress are threatening to dismantle the Affordable Care Act, make drastic cuts to programs that help millions of New Yorkers, and create a hostile environment for the states four million immigrants. The state has an important role to play to help [...]

2021-01-07T12:24:59-05:00February 7th, 2017|Blog, NYS Budget, Reports, Briefs and Presentations|

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, NYS Budget|

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, NYS Budget|

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|NYS Budget, Press Releases|

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 [...]

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

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 [...]

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 [...]

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 [...]

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