Press Releases

Wage Standards are Key to Reversing the Erosion of Wages and Living Standards in New York City

December 16, 2014. Despite considerable growth in the New York City economy over the past two decades, very little of that growth has trickled down to the average worker and his or her family, according to our new report. Wage standards like the minimum wage and the living wage are critical in ensuring that there is a floor under the job market and that workers are adequately paid. Prevailing wage standards, however, are a key means to ensure that skilled labor provides a path into [...]

Fiscal Policy Institute2024-12-18T12:27:22-05:00December 16th, 2014|Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

President’s Immigration Action Expected to Benefit Economy

November 21, 2014. In response to President Obama’s announcement that he will use the power of the executive office to shield about 5 million people from deportation and give them authorization to work, the Fiscal Policy Institute has prepared answers to the following questions. What are the economic implications of administrative relief? The Fiscal Policy Institute expects a 5 to 10 percent increase in wages for the roughly 5 million workers expected to be eligible for legal work status. A number of studies have looked [...]

Fiscal Policy Institute2024-12-18T12:27:22-05:00November 21st, 2014|Migration, Press Releases|

Fiscal Policy Institute Names Ron Deutsch as Interim Executive Director

November 17, 2014. The Board of Directors of the Fiscal Policy Institute announced today that it has appointed Albany veteran Ron Deutsch as Interim Executive Director effective immediately. After a year of dedicated service, Dr. Frederick G. Floss has decided to return to his position as professor of economics and finance at Buffalo State College but will continue to work with the organization as a Senior Fellow. "Income inequality and tax fairness will be two of the most important issues facing New York when the [...]

Fiscal Policy Institute2024-12-18T12:27:23-05:00November 17th, 2014|Press Releases, Tax & Budget|

Over one-third of New York City employees are paid less than $14 an hour; workers of color are twice as likely to be low-wage

June 17, 2014. The Fiscal Policy Institute (FPI) released a new data brief today showing the sector of employment and race/ethnicity for New York City workers paid less than $14 an hour. On an annual basis, $14 an hour would put a family $1,900 below the $31,039 poverty threshold for a New York City family. Altogether, 1.2 million New York City workers are paid less than $14 an hour, 36 percent of all public and private wage and salary workers. This includes part-time as well [...]

Fiscal Policy Institute2024-12-18T12:27:24-05:00June 17th, 2014|Blog, Economic Trends & Policy, Labor Market & Workforce, Press Releases, Reports, Briefs and Presentations|

70% of Fortune 500 Companies Use Offshore Tax Havens

June 9, 2014. In 2013, 70% of Fortune 500 companies used tax havens. More of these companies were based in New York than in any other state, depriving New York of considerable tax revenue. The practice of “booking profits” in foreign countries where there are few or no taxes is examined in a new study released yesterday by U.S. Public Interest Research Group (USPIRG) and Citizens for Tax Justice (CTJ), “Offshore Shell Games 2014: The Use of Offshore Tax Havens by Fortune 500 Companies.” For [...]

Fiscal Policy Institute2024-12-18T12:27:24-05:00June 9th, 2014|Press Releases, Tax & Budget, Tax Policy|

Reform of NY’s TDI Program and Provision of Family Leave Insurance: Estimated Costs

June 5, 2014. In this report, FPI estimates costs for increasing workers' weekly wages during temporary disability leaves and extending those benefits to family leaves under proposed legislation in the Assembly and Senate. As an increasing number of women and mothers participate in the workforce, federal and state laws and policies have not met the needs of both male and female workers who must balance taking care of themselves and their families with the responsibilities of work. Under Temporary Disability Insurance (TDI) in New York, [...]

Fiscal Policy Institute2025-04-04T14:27:27-04:00June 5th, 2014|Economic Trends & Policy, Labor Market & Workforce, Must Read, Press Releases, Reports, Briefs and Presentations, Social Policy|

Statement on New York City Budget Accounting Action

May 12, 2014. Today’s joint announcement by Mayor de Blasio and Comptroller Stringer clarifies a City budget accounting question regarding an obligation the City incurred in connection with the recent labor settlement with the United Federation of Teachers. The payments in question pertain to UFT members retiring after June 30, 2014 and cover wage increases for the first two years (2009 and 2010) of the recently settled contract. Officials of both the Mayor’s and the Comptroller’s offices have confirmed that the announcement is strictly an [...]

Fiscal Policy Institute2024-12-18T12:27:25-05:00May 12th, 2014|Blog, Press Releases, State Budget, Tax & Budget|

Corning and MasterCard Paid .6% in State Taxes

April 14, 2014. As New York struggles with tough budget decisions about essential public services, profitable Fortunate 500 companies like Corning, MasterCard, Lowes and Consolidated Edison are paying 2% or less in state income taxes for 2012 thanks to copious loopholes, lavish giveaways and crafty accounting. The recently passed state budget did nothing to close these loopholes and this will continue the unlevel playing field where the rich are able to take advantage of the system. 90 Reasons We Need State Corporate Tax Reform: State [...]

Fiscal Policy Institute2024-12-18T12:27:25-05:00April 14th, 2014|Press Releases, Reports, Briefs and Presentations, Tax & Budget, Tax Policy|

New York State Economic and Fiscal Outlook 2014-2015

February 4, 2014. In its 24th annual New York State budget briefing, the Fiscal Policy Institute reviews the major spending and tax reduction proposals contained in Governor Andrew Cuomo’s 2014-15 Executive Budget. FPI’s briefing provides a critical assessment of four fundamental assumptions that shape the proposed budget and state fiscal projections for the following three years. These assumptions deal with the preferred size of New York government, the optimal growth rate of state spending, the potential for budget savings related to government consolidation, and the [...]

Fiscal Policy Institute2024-12-18T12:27:25-05:00April 11th, 2014|City Budget, Press Releases, Reports, Briefs and Presentations, State Budget, Tax & Budget, Tax Policy|

Statement on Governor Cuomo’s Proposed 2014-2015 Budget

January 22, 2014. In his budget message, Governor Andrew Cuomo rightly touts his strong record of leadership in Albany. However, when it comes to the state budget, the governor’s approach is out of focus and falls far short in making the essential public investments to expand opportunities for the millions of New Yorkers in poverty or still struggling to pull away from the Great Recession of 2008-09. The question is whether the Governor’s approach to the budget is the right set of proposals for a [...]

Fiscal Policy Institute2024-12-18T12:27:27-05:00January 22nd, 2014|City Budget, Press Releases, State Budget, Tax & Budget, Tax Policy|

Fiscal Policy Institute Names Frederick Floss Executive Director

December 19, 2013. The Board of Directors of the Fiscal Policy Institute announced today that it has appointed Frederick G. Floss, professor of economics and finance at Buffalo State College, as FPI’s new Executive Director. Floss is the Fiscal Policy Institute’s third executive director. He succeeds Frank J. Mauro who led FPI for the past 20 years. “Fred Floss brings an excellent combination of knowledge, skills and experiences to the leadership of FPI and to the discussion of the key fiscal and economic issues facing [...]

Fiscal Policy Institute2024-12-18T12:27:28-05:00December 19th, 2013|Press Releases, Tax & Budget|

New Report Examines Shale Drilling Impact

November 21, 2013. Drilling in the six states that span the Marcellus and Utica Shale formations has produced far fewer new jobs than the industry and its supporters claim, according to a report by the Multi-State Shale Research Collaborative, a group of research organizations tracking the impacts of shale drilling that includes the Fiscal Policy Institute. The Marcellus and Utica shale formations span six states: New York, Ohio, Pennsylvania, West Virginia, Maryland, and Virginia. Natural gas development in these six states was fueled by high [...]

Fiscal Policy Institute2024-12-18T12:27:28-05:00November 21st, 2013|Economic Outlook, Economic Trends & Policy, Press Releases, Reports, Briefs and Presentations|

Tax Reformers Urge Governor and Legislature to Take the Politics out of the Tax Debate—And Give the Public a Voice!

September 4, 2013. Statewide tax reform groups and activists from across New York State gathered at the State Capitol today to urge the Governor and the State Senate to “shed a little sunshine” on the tax reform debates that have left many New Yorkers “out in the cold.” The NYS Senate (through its Finance Committee, and its Investigations and Government Operations Committees) is holding “Invitation Only” hearings across the state to “Review Existing Tax Policy and Discuss Reform Initiatives” and the Governor’s Tax Reform and [...]

Fiscal Policy Institute2024-12-18T12:27:28-05:00September 4th, 2013|City Budget, Press Releases, State Budget, Tax & Budget, Tax Policy|

State of Working New York 2013: Workers Are Paying a High Price for Persistent Unemployment

August 28, 2013. New York workers are paying a high price for persistent unemployment four years into the weakest recovery since the Great Depression, according to the Fiscal Policy Institute’s (FPI) 2013 edition of The State of Working New York. The report notes that in addition to lost job opportunities and health benefits, New York workers are suffering from prolonged periods of joblessness, and high rates of underemployment (or “hidden unemployment”), reflecting more discouraged workers who have given up looking for work. Moreover, out-of-work New [...]

Fiscal Policy Institute2024-12-18T12:27:29-05:00August 28th, 2013|Economic Outlook, Economic Trends & Policy, Must Read, Press Releases, Reports, Briefs and Presentations|