FOR IMMEDIATE RELEASE: February 10, 2020

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 2022 state budget, recommending progressive tax policies so that all New Yorkers can grow, prosper, and build a foundation for the future. The video replaces FPI’s annual in-person budget presentation.

Statement from Rachel Hyman, Interim Executive Director

“New York is a wealthy state, and it has the ability to meet its existing financial commitments and cover the cost of our pressing new needs – whether or not the federal government can partially or fully close the state’s $15 billion budget shortfall. FPI’s 31st annual state budget briefing video highlights an array of state revenue-raising options, including individual and corporate tax reforms. FPI urges the governor and legislature to implement just tax policies to get us through hard times and put us on a course towards growth.”  

State Economy 

New York became a pandemic hotspot early on and responded aggressively with mitigation measures. The mandatory pause of most business activity led to a sharp increase in unemployment. In the nine months since the pandemic took effect in New York, the state has lost 1.2 million jobs, one job in every eight, compared to the same nine months in 2019.

Statement from Jonas Shaende, FPI’s Chief Economist:

“Big challenges require bold action. The federal government must help meet the health and fiscal hurdles brought on by the pandemic. However, our need for immediate relief cannot eclipse the state’s responsibility to assure a just tax structure, quality public education, supportive services, support cash-strapped local governments and struggling small businesses. There is no single solution for recovery – crafting the state budget for FY 2022 requires transformative vision and commonsense action.” 

FPI recommends implementing responsible tax policies, including rethinking the personal tax rate for top earners with the Millionaires’ Tax. Eliminating or reforming tax policies that benefit wealthy investors and corporations are also on the table. That includes the Unearned Income Surcharge, Corporate Tax Surcharge, mandate Global Intangible Low-Tax Income (GILTI) compliance Billionaires Mark-to-Market Tax, Pied-à-Terre Tax, modernize the Stock Transfer Tax and reduce the burden of tax expenditures. Statewide advocacy organizations have pressed to generate state revenue before cutting public funding.

Impact and Recovery 

The pandemic had a disproportionate impact on the state’s labor force. The most significant percentage of pandemic-related job loss occurred among hourly workers and workers with low wages. Job loss occurred at a higher rate for Black, Hispanic, Asian workers, women, and immigrants. Undocumented workers, excluded from CARES Act stimulus programs and state unemployment programs, continue to experience the most severe economic uncertainty.

Statement from David Dyssegaard Kallick, Deputy Director, Director of Immigration Research Initiative:

“Our state’s strength is our diversity. Immigrants and refugees are invaluable to our economy as they put their energy, talent, and experience to work in communities statewide. Supporting immigrant workers who have lost income during the pandemic will help families keep food on the table while benefiting their local economies.”  

The Fiscal Policy Institute believes the State’s FY 2022 Budget gives New York an opportunity to create a more progressive tax code that raises revenue to support our public schools and fund the public services that communities rely on. We look forward to Assembly Speaker Carl E. Heastie, Senate Majority Leader Andrea Stewart-Cousins, and Governor Andrew Cuomo working together to create the sound public policies that all New Yorkers need and deserve.

If you have questions, please contact FPI’s Communication Director,  communications@fiscalpolicy.org or (315) 436-0558. FPI’s reports and analysis are available at www.fiscalpolicy.org.

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

 

The Fiscal Policy Institute is a nonpartisan, nonprofit research and education organization committed to improving public policies and private practices to better the economic and social conditions of all. 

###

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FOR IMMEDIATE RELEASE: February 10, 2020

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 2022 state budget, recommending progressive tax policies so that all New Yorkers can grow, prosper, and build a foundation for the future. The video replaces FPI’s annual in-person budget presentation.

Statement from Rachel Hyman, Interim Executive Director

“New York is a wealthy state, and it has the ability to meet its existing financial commitments and cover the cost of our pressing new needs – whether or not the federal government can partially or fully close the state’s $15 billion budget shortfall. FPI’s 31st annual state budget briefing video highlights an array of state revenue-raising options, including individual and corporate tax reforms. FPI urges the governor and legislature to implement just tax policies to get us through hard times and put us on a course towards growth.”  

State Economy 

New York became a pandemic hotspot early on and responded aggressively with mitigation measures. The mandatory pause of most business activity led to a sharp increase in unemployment. In the nine months since the pandemic took effect in New York, the state has lost 1.2 million jobs, one job in every eight, compared to the same nine months in 2019.

Statement from Jonas Shaende, FPI’s Chief Economist:

“Big challenges require bold action. The federal government must help meet the health and fiscal hurdles brought on by the pandemic. However, our need for immediate relief cannot eclipse the state’s responsibility to assure a just tax structure, quality public education, supportive services, support cash-strapped local governments and struggling small businesses. There is no single solution for recovery – crafting the state budget for FY 2022 requires transformative vision and commonsense action.” 

FPI recommends implementing responsible tax policies, including rethinking the personal tax rate for top earners with the Millionaires’ Tax. Eliminating or reforming tax policies that benefit wealthy investors and corporations are also on the table. That includes the Unearned Income Surcharge, Corporate Tax Surcharge, mandate Global Intangible Low-Tax Income (GILTI) compliance Billionaires Mark-to-Market Tax, Pied-à-Terre Tax, modernize the Stock Transfer Tax and reduce the burden of tax expenditures. Statewide advocacy organizations have pressed to generate state revenue before cutting public funding.

Impact and Recovery 

The pandemic had a disproportionate impact on the state’s labor force. The most significant percentage of pandemic-related job loss occurred among hourly workers and workers with low wages. Job loss occurred at a higher rate for Black, Hispanic, Asian workers, women, and immigrants. Undocumented workers, excluded from CARES Act stimulus programs and state unemployment programs, continue to experience the most severe economic uncertainty.

Statement from David Dyssegaard Kallick, Deputy Director, Director of Immigration Research Initiative:

“Our state’s strength is our diversity. Immigrants and refugees are invaluable to our economy as they put their energy, talent, and experience to work in communities statewide. Supporting immigrant workers who have lost income during the pandemic will help families keep food on the table while benefiting their local economies.”  

The Fiscal Policy Institute believes the State’s FY 2022 Budget gives New York an opportunity to create a more progressive tax code that raises revenue to support our public schools and fund the public services that communities rely on. We look forward to Assembly Speaker Carl E. Heastie, Senate Majority Leader Andrea Stewart-Cousins, and Governor Andrew Cuomo working together to create the sound public policies that all New Yorkers need and deserve.

If you have questions, please contact FPI’s Communication Director,  communications@fiscalpolicy.org or (315) 436-0558. FPI’s reports and analysis are available at www.fiscalpolicy.org.

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

 

The Fiscal Policy Institute is a nonpartisan, nonprofit research and education organization committed to improving public policies and private practices to better the economic and social conditions of all. 

###

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