At a time when corporations are seeing record profits while not paying their fair share of federal taxes, state corporate income taxes can and should play a role in raising sustainable revenue and adding progressivity to state tax codes. Right now, lawmakers in New Jersey, New York, and Connecticut have a unique opportunity to extend targeted tax changes that have raised billions of dollars from profitable corporations for meaningful public investments.
blog February 28, 2023
New Jersey, New York, and Connecticut Should Keep Corporate Taxes Strong, Extend Surcharges
ITEP Work in Action November 11, 2022
Fiscal Policy Institute: Inequality in New York & Options for Progressive Tax ReformIncome statistics have long shown that the top earners in New York State earn relatively more than their counterparts elsewhere in the U.S. Income inequality alone, however, provides an incomplete…
blog February 9, 2021
Does New York’s Cannabis Tax Idea Offer a Glimpse of the Future?
Taxing cannabis won’t end New York’s budget difficulties, but a potency tax could bring New York a more sustainable stream of cannabis tax revenue than we see in most states. It could also have significant benefits for cannabis consumers.
ITEP Work in Action May 14, 2020
Fiscal Policy Institute: Unemployment Insurance Taxes Paid for Undocumented Workers in NYSIn the midst of a pandemic, there has been a growing call for undocumented immigrants, who make up five percent of the New York State labor force, to be covered…
blog November 13, 2018
Three Tax Takeaways on Amazon’s Expansion Announcement
Today Amazon announced major expansions in New York and Virginia, where it intends to hire up to 50,000 full-time employees. The announcement marks the culmination of a highly publicized search that lasted more than a year and involved aggressive courting of the company by cities across the nation. The following are three tax-related observations on the announcement.
October 17, 2018
New York: Who Pays? 6th EditionNEW YORK Read as PDF NEW YORK STATE AND LOCAL TAXES Taxes as Share of Family Income Top 20% Income Group Lowest 20% Second 20% Middle 20% Fourth 20% Next…
September 26, 2018
Tax Cuts 2.0 – New YorkThe $2 trillion 2017 Tax Cuts and Jobs Act (TCJA) includes several provisions set to expire at the end of 2025. Now, GOP leaders have introduced a bill informally called…
December 16, 2017
How the Final GOP-Trump Tax Bill Would Affect New York Residents’ Federal TaxesThe final tax bill that Republicans in Congress are poised to approve would provide most of its benefits to high-income households and foreign investors while raising taxes on many low-…
December 6, 2017
How the House and Senate Tax Bills Would Affect New York Residents’ Federal Taxes
The House passed its “Tax Cuts and Jobs Act” November 16th and the Senate passed its version December 2nd. Both bills would raise taxes on many low- and middle-income families in every state and provide the wealthiest Americans and foreign investors substantial tax cuts, while adding more than $1.4 trillion to the deficit over ten years. The graph below shows that both bills are skewed to the richest 1 percent of New York residents.
ITEP Work in Action December 1, 2017
Fiscal Policy Institute: Dream Act: What’s At Stake for New YorkThere are 76,000 young immigrants who were potentially eligible for DACA that call New York home. They currently contribute a total of $115 million to local and state taxes annually…
blog November 14, 2017
House Tax Plan Offers an Exceptionally Bad Deal for California, New York, New Jersey, and Maryland
An ITEP analysis reveals that four states would see their residents pay more in aggregate federal personal income taxes under the House’s Tax Cuts and Jobs Act. While some individual taxpayers in every state would face a tax increase, only California, New York, Maryland, and New Jersey would see such large increases that their residents’ overall personal income tax payments rise when compared to current law.
November 14, 2017
How the Revised Senate Tax Bill Would Affect New York Residents’ Federal Taxes
The Senate tax bill released last week would raise taxes on some families while bestowing immense benefits on wealthy Americans and foreign investors. In New York, 38 percent of the federal tax cuts would go to the richest 5 percent of residents, and 19 percent of households would face a tax increase, once the bill is fully implemented.
November 6, 2017
How the House Tax Proposal Would Affect New York Residents’ Federal Taxes
The Tax Cuts and Jobs Act, which was introduced on November 2 in the House of Representatives, includes some provisions that raise taxes and some that cut taxes, so the net effect for any particular family’s federal tax bill depends on their situation. Some of the provisions that benefit the middle class — like lower tax rates, an increased standard deduction, and a $300 tax credit for each adult in a household — are designed to expire or become less generous over time. Some of the provisions that benefit the wealthy, such as the reduction and eventual repeal of the estate tax, become more generous over time. The result is that by 2027, the benefits of the House bill become increasingly generous for the richest one percent compared to other income groups.
October 4, 2017
GOP-Trump Tax Framework Would Provide Richest One Percent in New York with 84.0 Percent of the State’s Tax Cuts
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in New York equally. The richest one percent of New York residents would receive 84.0 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $872,200 next year. The framework would provide them an average tax cut of $103,660 in 2018, which would increase their income by an average of 3.2 percent.
August 17, 2017
In New York 57.9 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
A tiny fraction of the New York population (0.6 percent) earns more than $1 million annually. But this elite group would receive 57.9 percent of the tax cuts that go to New York residents under the tax proposals from the Trump administration. A much larger group, 44.8 percent of the state, earns less than $45,000, but would receive just 3.6 percent of the tax cuts.
July 20, 2017
Trump Tax Proposals Would Provide Richest One Percent in New York with 66.9 Percent of the State’s Tax Cuts
Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in New York would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $3,234,000 in 2018. They would receive 66.9 percent of the tax cuts that go to New York’s residents and would enjoy an average cut of $176,680 in 2018 alone.
ITEP Work in Action April 25, 2017
Fiscal Policy Institute: Immigrant Youth Add $140 Million to New York Tax Revenues
The report, conducted by the Institute on Taxation and Economic Policy and co-released in New York by the Fiscal Policy Institute, focuses on the executive order known as Deferred Action for Childhood Arrivals, or DACA. The executive order first went into effect in 2012, and in New York State, of the estimated 820,000 undocumented immigrants, about 76,000 are eligible for DACA.
ITEP Work in Action April 3, 2017
Fiscal Policy Institute: Economic Contribution, Taxes Paid, and Occupations of Unauthorized Immigrants in New York StateThere is a widespread misconception that unauthorized immigrants do not pay taxes. Yet, a careful national study prepared by the Institute on Taxation and Economic Policy—and coreleased in New York…
media mention January 14, 2017
Poughkeepsie Journal: The state of Hudson Valley immigration“Whatever one’s political view, the fate of New York’s immigrant population could have a significant impact on state and local economies. Undocumented immigrants make up a large portion of the…
media mention December 23, 2016
Nassau Herald: Lessons learned about Long Island immigrants“And, according to the FPI, “Like U.S.-born residents, immigrants pay a lot in property taxes.” Seventy-three percent of Long Island immigrants live in owner-occupied homes, and 40 percent of them…
media mention December 20, 2016
Politifact: Most taxes are lower since Cuomo was elected“Property taxes statewide continue to rise despite a state imposed cap. Most municipalities are not able to raise property taxes more than 2 percent without voter approval. The Department of…
media mention December 7, 2016
Village Voice: Why Cuomo’s Hopes for Trump Infrastructure Cash Could Crumble“And transportation experts warn that plenty of worthy projects would likely fall by the wayside if P3s were the only option. “We’re not going to have private companies filling our…
media mention October 31, 2016
Poughkeepsie Journal: Tax exempt: Millions in breaks for IDAs, but few jobs“Matt Gardner, executive director of the Institute on Taxation and Economic Policy, a Washington, D.C., nonprofit research group, agreed that New York has done a good job of keeping tabs…
media mention October 14, 2016
CBS News: Is your state next to raise its gas tax?“’There has been a lot of procrastination,’ said Carl Davis, research director of the Institute on Taxation and Economic Policy. ‘It’s an issue that the states cannot put off any…
media mention October 11, 2016
The Huffington Post: The Latino Contributions to New York“According to the Institute on Taxation and Economic Policy, undocumented immigrants pay $11.6 billion in state and local taxes every year at an average rate of 8 percent, a significantly…