Reports, Briefs and Presentations

Housing Costs, Not Taxes, Drive Migration out of New York

On average, savings from lower housing costs are 15 times greater than savings from taxes Press Contact: Monica Klein, press@fiscalpolicy.org Report by Andrew Perry, FPI Senior Policy Analyst January 2023 View the Article PDF Key Findings The typical family that moves out of New York State saves 15 times more from lower housing costs than they do from lower taxes. Of the top twenty largest county-to-county moves out of New York State, annual mortgage costs are [...]

Anthony Troia2023-02-06T21:23:20-05:00January 31st, 2023|Blog, Must Read, Reports, Briefs and Presentations, State Budget, State Tax Policy|

State Corporate Tax Cut Would Cost New York $1.2 Billion in Annual Revenue

A return to historically low 6.5% corporate tax rate would give corporations a $1.5 billion tax cut by the end of FY 2025 Press Contact: Monica Klein, press@fiscalpolicy.org January 2023 Key Findings New York’s corporate tax rate was increased in 2021. This tax increase has raised $3.4 billion of additional revenue to date. Corporate tax revenue exceeded initial expectations by $750 million over FY 2022-2024. If New York cuts its corporate tax rate this year, returning [...]

Anthony Troia2023-02-06T20:41:40-05:00January 30th, 2023|Blog, Economic Outlook, Economic Trends & Policy, Reports, Briefs and Presentations, State Budget, State Tax Policy, Tax & Budget|

Inequality in New York & Options for Progressive Tax Reform

View and Download PDF November 10, 2022 KEY FINDINGS: A new report from the Institute on Taxation and Economic Policy (ITEP) finds that New York State is home to the highest concentration of extreme wealth in the United States. New York State also has the greatest income inequality in the United States. In order to understand inequality, we need to look at both income and wealth. By both of these measures, New York is the most unequal state in the nation. New Yorkers [...]

Anthony Troia2022-12-21T14:09:55-05:00November 9th, 2022|Blog, Must Read, Reports, Briefs and Presentations, State Budget, State Tax Policy|

Economy Shows Improvement, but Employment Needs Time to Recover

Read the full report here: Economy Shows Improvement, but Employment Needs Time to Recover Several measures show signs of gradual improvement for New York residents as the state emerges from the covid-19 recession. One such indicator is the steep decline of new unemployment insurance claims, which had recently peaked in winter this year. Another such positive indicator is the continued gradual decrease in the statewide unemployment (U-3) rate, which peaked at 16.2 in April of 2020 as a result of pandemic-induced layoffs and business closures. The [...]

Anthony Troia2021-06-10T11:04:49-04:00June 10th, 2021|Economic Trends & Policy, Employment, Unemployment & Job Quality, Reports, Briefs and Presentations|

State and Local Employment in New York, Cut in the Pandemic, Has Been Down for a Decade

Read the full report here: State and Local Employment in New York, Cut in the Pandemic, Has Been Down for a Decade State and local government employment is vital to our economy and our quality of life. State and local governments—and their employees—exist because New Yorkers have decided over generations that we need people who are dedicated and trained to teach our children, clean our streets, protect our communities, maintain our highways and bridges, and perform hundreds of other jobs. The number of public employees [...]

Anthony Troia2021-04-21T15:53:19-04:00April 21st, 2021|Economic Trends & Policy, Employment, Unemployment & Job Quality, Policy & Research, Reports, Briefs and Presentations|

Domestic Workers are Essential Workers: By the Numbers in New York

Download the full report: "Domestic Workers Are Essential Workers: By the Numbers in New York" Throughout the coronavirus crisis domestic workers have been placed under a double pressure. Already underpaid, many have lost their jobs, or lost hours on the job, putting them under added financial stress. Even when on the job, however, domestic workers find themselves under added physical and psychological stress, acting as essential workers during a pandemic at some risk to their own health as they protect the health of others. Domestic [...]

Anthony Troia2021-04-12T08:05:19-04:00April 12th, 2021|Health Care, Immigration, New York State, Reports, Briefs and Presentations|

Unemployment Compensation for Excluded Workers: $3.5 Billion Needed for 2020 and 2021

The New York State Assembly and Senate both support creating a fund to provide unemployment insurance to workers who are excluded from the unemployment insurance system, primarily undocumented immigrants and people leaving incarceration during the Covid-19 pandemic. Both houses included $2.1 billion in their one-house budgets this week, the starting points for negotiating the final state budget. This is an impressive commitment to a critical priority. However, matching the minimum level of benefits that other unemployed New Yorkers receive and extending the aid through the [...]

Anthony Troia2021-03-18T07:28:43-04:00March 17th, 2021|Blog, Immigration, New York State, Reports, Briefs and Presentations, State Budget, State Tax Policy, Tax & Budget|

The American Rescue Plan Act of 2021: New York’s Share of the Coronavirus Fiscal Recovery Fund

Read the full report: The American Rescue Plan Act of 2021: New York’s Share of the Coronavirus Fiscal Recovery Fund The American Rescue Plan Act of 2021 includes $350 billion in aid for states, territories, and tribal governments for the purpose of alleviating the fiscal stress caused by the COVID-19 pandemic. Of the $350 billion, $195.3 billion is allocated for payments to states, $130.2 billion for city and county governments, $20 billion for tribal governments, and $4.5 billion for territories. These coronavirus fiscal recovery funds [...]

Anthony Troia2021-04-08T16:09:19-04:00March 12th, 2021|Employment, Unemployment & Job Quality, Federal Tax & Budget, Local Tax & Budget Policy, Must Read, Policy & Research, Reports, Briefs and Presentations, State Budget|

New York’s Pandemic State Budget: Recovering and Reimagining

FOR IMMEDIATE RELEASE: February 10, 2021 Media Contact: communications@fiscalpolicy.org, 518-786-3156 ***VIDEO link below*** New York's Pandemic State Budget: Recovering and Reimagining Fiscal Policy Institute's Recommendations for the FY 2022 State Budget Read the report: "Economic and Fiscal Outlook 2022: New York Recovering and Reimagining" Watch the video: Fiscal Policy Institute's Annual State Budget Presentation 2021 (Albany, NY) Today the Fiscal Policy Institute (FPI) released a 30-minute video highlighting its report "New York State's Pandemic Budget: Recovering and Reimagining." FPI urges a bold vision in crafting the FY [...]

Anthony Troia2021-06-29T14:44:56-04:00February 9th, 2021|Must Read, Press Releases, Reports, Briefs and Presentations, State Budget, State Tax Policy, Tax & Budget|

FPI’s Presentation on the Proposed Executive Budget for FY 2022

Our state budget helps determine the future for every New Yorker. This year the stakes are exceptionally high as the pandemic continues to imperil our health and financial well-being. Will the choices we make crafting our state budget reduce inequality, or will the gap continue to widen? FPI took a look at the proposed New York State Executive Budget and offered actions to create a more just New York for all. Watch our 30-minute video overview and read the report "Economic and Fiscal Outlook 2022: New York Recovering and Reimagining" to learn more. [...]

Anthony Troia2021-02-22T13:40:11-05:00February 8th, 2021|Must Read, Reports, Briefs and Presentations, State Budget, State Tax Policy|

Student Loan Debt Shortchanges Us All

Economic Recovery Depends on Our Ability to Contribute to the Economy Read the report: “The Rising Burden of Education Debt on Older New Yorkers” December 3, 2020 (Albany, NY) The burden of education debt is not limited to students, it includes their parents and grandparents. Currently, the fastest-growing age-segment of the student loan market is age 60 and older. With New York looking for a speedy economic recovery, solving the education debt crisis means a healthier and more productive state. "Higher education has been portrayed as the key to unlock the door to opportunity [...]

Anthony Troia2020-12-30T09:47:36-05:00December 3rd, 2020|Education, Reports, Briefs and Presentations|

COVID-19 Revenue Shortfalls Threaten Increase to Fines and Fees

November 2020 Declining revenues threaten New York State’s Local Governments, starting with steep declines in sales tax revenue collections. This revenue stream, which annually totals just over $16 billion for New York State’s counties, cities, towns, villages, and school districts, is expected to shrink precipitously in 2020 and into 2021, exceeding the six percent decline realized during The Great Recession.[i] At the same time, the state’s property tax cap limits local governments’ ability to bolster local revenues. Moreover, Congress’s continued decision not to pass a [...]

Anthony Troia2020-12-30T09:49:26-05:00November 23rd, 2020|Governance, Reports, Briefs and Presentations|

Medicaid Cuts Would Put 554,000 Essential Workers in New York at Risk

October 14, 2020 Many of New York’s “essential workers,” people working in jobs deemed necessary throughout the COVID pandemic, rely on Medicaid for their own health care. They risk severe hardship if federal policymakers fail to provide appropriate increases in Medicaid funding or weaken protections for program enrollees, according to a new analysis from the Center on Budget and Policy Priorities. In New York State over half a million, 554,000, essential workers rely on Medicaid. The economic fallout from the COVID-19 pandemic led to a [...]

Anthony Troia2020-12-30T09:54:20-05:00October 14th, 2020|Blog, Employment, Unemployment & Job Quality, Health Care, Reports, Briefs and Presentations|

Pandemic Economics Demand A Diverse Response

October 14, 2020 In light of New Jersey's adoption of a millionaires tax to help fill a statewide revenue hole caused by the coronavirus, many asked what about New York? Like New Jersey, New York was hard hit by the pandemic, and its economy continues to suffer. Like New Jersey, New York has historic fiscal problems with a budget shortage of $14.5 billion this year, and in the tens of billions of dollars over the next several years. Like New Jersey, we continue to wait on the federal government [...]

Anthony Troia2020-12-30T09:53:25-05:00October 14th, 2020|Economic Outlook, Press Releases, Reports, Briefs and Presentations|