Press Releases

National tax expert calls for closing New York State Tax loopholes

January 31, 2012. Lawmakers, tax experts and advocates gathered to urge that corporate tax loopholes be closed, pointing to a recent report from Citizens for Tax Justice and the Institute on Taxation and Economic Policy, Corporate Tax Dodging In the 50 States, 2008-2010, which reveals glaring inequities in the way that businesses are taxed (or not taxed). Working from the principles of enforcement, fairness, and transparency, the their taxes, reforming the state’s Corporate Alternate Minimum Tax, taxing nonresident hedge fund management fees, eliminating New York [...]

Fiscal Policy Institute2024-12-18T12:28:22-05:00January 31st, 2012|Press Releases, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|

Raising New York’s minimum wage will boost the state economy

January 30, 2012. The change would directly benefit about one in six of New York workers - that is, 1.6 million low-wage workers - and their families. Most (90 percent) of these low-wage workers are adults and a greater share are women, black or Hispanic than for New York workers overall. The minimum wage in New York is low by historical standards - at one time it could keep a family of three out of poverty - and in comparison to other states. Moreover, the [...]

Fiscal Policy Institute2024-12-18T12:28:22-05:00January 30th, 2012|Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

Coalition calls on Governor and Legislature to close corporate tax loopholes and level the playing field for small business

January 9, 2012. A coalition of community, labor, student, faith and Occupy organizations gathered to release a list of corporate tax dodgers and to announce their campaign to bring fairness and transparency to New York's corporate tax system. The group, which formed last year to work on the "millionaires tax" and personal income tax reform, is calling on Governor Cuomo and the Legislature to close corporate tax loopholes, thereby raising over one billion dollars for this year's state budget. The additional revenue will help New [...]

Fiscal Policy Institute2024-12-18T12:28:22-05:00January 9th, 2012|Blog, Press Releases, State Budget, Tax & Budget, Tax Policy|

State of Working New York 2011, Part II: Great Recession takes a $31 billion toll on New Yorkers

November 29, 2011. New data show that New York families face smaller incomes, fewer opportunities, more hardship. The Fiscal Policy Institute's 2011 annual edition of the State of Working New York examines how bad the Great Recession and the not-so-great "recovery" have been for the wages and incomes of typical New Yorkers. Of the 504,000 jobs lost, 80 percent are wage and salary positions, and about 20 percent represent fledgling businesses that haven’t been started because of the difficult economic climate. Median household incomes in [...]

Fiscal Policy Institute2024-12-18T12:28:22-05:00November 29th, 2011|Economic Outlook, Economic Trends & Policy, Press Releases, Reports, Briefs and Presentations|

New Americans on Long Island: A Vital Sixth of the Economy

October 27, 2011. Immigrants - documented and undocumented combined - make up 16 percent of the population of Long Island, and account for 17 percent of total economic output. This report presents data on jobs, earnings, family income, taxes, and home ownership. Immigrants' economic role is examined town by town and in a national context as well. Among the 50 most affluent suburban counties in the country, Nassau and Suffolk are neither at the top nor the bottom of any of several measures of immigration. [...]

Fiscal Policy Institute2024-12-18T12:28:23-05:00October 27th, 2011|Migration, Press Releases, Reports, Briefs and Presentations|

New group calls for boosting New York mass transit manufacturing

October 11, 2011. Enhanced MTA investments could create good jobs and bolster New York's recovery. While unemployment news remains bleak across the state and country, a recently released white paper, Building New York's Future: Creating Jobs and Business Opportunities Through Mass Transit Investments, points to the benefits of a broad transit manufacturing strategy. A new group - Building New York's Future - has formed with the mission of developing and implementing a mass-transit related economic development strategy, building political commitment to the strategy across the [...]

Fiscal Policy Institute2024-12-18T12:28:23-05:00October 11th, 2011|Economic Trends & Policy, Press Releases, State Budget, Tax & Budget|

Bloomberg Administration Releases Flawed Living Wage Study

October 5, 2011. Working together, the National Employment Law Project, FPI, and Good Jobs New York find that the study released today ignores basic flaws flagged months ago, flaws in both factual assumptions and research methodologies. And, the study's relevance is questionable, since it fails to account for changes to the living wage proposal announced this month, which clarify that the proposal will not cover the most of the project types comprising the bulk of the study. The study - believed to be the most [...]

Fiscal Policy Institute2024-12-18T12:28:24-05:00October 5th, 2011|Economic Trends & Policy, Labor Market & Workforce, Press Releases|

Immigrants Make up Half of All Small Business Owners in NYC

October 3, 2011. New numbers from FPI's Immigration Research Institute show that immigrants make up almost half of all small business owners in New York City. And, immigrants in the labor force are somewhat more likely than U.S.-born workers to own small businesses. Immigrant small business owners are an extremely diverse group, with no single country of origin dominating; in fact, the top ten groups together still make up just 45 percent of the total number of immigrant small business owners. The businesses immigrants own [...]

Fiscal Policy Institute2024-12-18T12:28:24-05:00October 3rd, 2011|Economic Outlook, Economic Trends & Policy, Migration, Press Releases, Reports, Briefs and Presentations|

State of Working New York 2011, Part I: One in seven New Yorkers out of work two years into “recovery”

August 31, 2011. FPI's 2011 annual edition of the State of Working New York documents New York's continuing unemployment crisis in the context of the weak national economic recovery. Two years into the "recovery" from the Great Recession of 2008-2009, one in seven New York workers is unemployed, under-employed or has given up looking for work - a total of 1.4 million New Yorkers. Long-term unemployment is at record levels. Half of the unemployed have been out of work for more than six months, and [...]

Fiscal Policy Institute2024-12-18T12:28:24-05:00August 31st, 2011|Economic Outlook, Economic Trends & Policy, Press Releases, Reports, Briefs and Presentations|

Scant recovery for workers in NYC: Young workers see gains, but unemployment worsens for older workers

July 20, 2011. This report, the latest on "The State of Working NYC," finds several crosscurrents in the first year after the job market bottomed out in NYC. Young workers (ages 16-21 and 22-27) gained in the recovery, contrary to the national trend of decreasing employment rates for these age groups. Unfortunately, older workers too bucked the trend: nationally they made small gains, but in NYC they fared worst of all age groups. While NYC's job growth outpaced the nation's early in the recovery, in [...]

Fiscal Policy Institute2025-04-04T14:27:28-04:00July 20th, 2011|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

Analysis: EDC Living Wage Study Irrevocably Flawed

May 12, 2011. Economists and other experts conclude study is an "inaccurate and unreliable guide for policymakers." In fact, substantial research shows that living wage policies create good jobs without hurting the economy. Press release >> Brief >>

Fiscal Policy Institute2025-04-04T14:27:31-04:00May 12th, 2011|Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

Top ten reasons a living wage makes sense for New York City

May 5, 2011. Among the reasons to support an expanded living wage: the rising educational attainment yet falling real wages of New York City’s low-wage workers, and a sharp rise over the past two decades in the number of working poor. The City Council will hold a hearing on May 12 on legislation to extend the city’s living wage law to cover large subsidized economic development projects. Press release and policy brief.

Fiscal Policy Institute2025-04-04T14:27:31-04:00May 5th, 2011|Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

New Analysis of Subsidized Projects Finds Low Wages Common: City subsidies exceed $2 billion annually

March 8, 2011. A report from FPI, Good Jobs New York and the National Employment Law Project examines the low wages typically paid for many of the permanent jobs at city-subsidized economic development projects such as Bronx Gateway Mall, Fresh Direct and Yankee Stadium. An update of analysis originally conducted last May, the study finds that significant numbers of low-wage jobs are being created with New York City tax dollars, jobs for which starting pay is as low as the minimum wage and for which [...]

Fiscal Policy Institute2025-04-04T14:27:31-04:00March 8th, 2011|Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

Statement from the Fiscal Policy Institute on the proposed Executive Budget 2011-2012

February 1, 2011. The budget proposed today by the Governor places relies excessively on spending cuts, which increase unemployment and intensify hardships for those bearing the brunt of the recession. Meanwhile, a privileged group has profited tremendously from New York's economic growth over the past two decades, and from Wall Street's recent resurgence; the richest one percent of New Yorkers now receive 35 percent of all income in the state, while they pay a lower state and local tax burden than middle- and low-income state [...]

Fiscal Policy Institute2025-04-04T14:27:32-04:00February 1st, 2011|Press Releases, State Budget, Tax & Budget, Tax Policy|