A $15 minimum wage in New York state aims to eliminate low-income poverty, but Earned Income Tax Credits could be the solution without the added financial consequences to employers. Read More
Tag: Income tax
Gov. Andrew Cuomo's campaign for a statewide $15-an-hour minimum wage is based on the assertion that "no one who works a full-time job should be forced to live in poverty." Few would disagree. But here's the thing: No one who works a full-time job in New York has to live in poverty — thanks largely to a program pioneered at the state level by the governor's father. Read More
Before leaving Albany for the Legislature's Presidents' Week recess, Assembly Speaker Carl Heastie tweeted up a storm in support of a new soak-the-rich tax hike proposal backed by most of his fellow Assembly Democrats. In the process, he trotted out some familiar myths and misleadingly incomplete data to support the claim that wealthy New Yorkers don't pay their "fair share" of state income taxes. Read More
The poverty-fighting effectiveness of the state and federal Earned Income Tax Credit in New York is the focus of “Making Work Pay,” a new Issue Brief from the Empire Center for Public Policy. In light of Governor Andrew Cuomo’s push for a $15-an-hour statewide minimum wage, the briefing paper explains how the EITC already serves to boost low wages to levels well above the poverty line. Read More
Lawmakers should reject the Thruway toll gimmicks in the budget, and should repair the 'cliff' in the state's estate tax, Empire Center president E.J. McMahon testified. Read More
As the cold weather moves in, more and more New York residents move out. They used to call them snowbirds, but each year tens of thousands now stay long after the snow flies. There are two big reasons, weather and taxes, and one government watchdog group says its costing New York State. Read More
Staten Island Congressman Dan Donovan, whose borough gets free ferry service to Manhattan, isn't particularly enthusiastic about this new Amtrak proposal to build a rail tunnel beneath the Hudson River. Read More
The stock market turmoil of the last week is a reminder of why it's risky, verging on foolhardy, for New York's state government to depend as heavily as it does on high-income households and Wall Street investors. In the current fiscal year, taxes paid by the highest-earning 1 percent of New York taxpayers—including commuters to jobs in the state—are expected to generate 43 percent of personal income tax receipts, which in turn translates into 27 percent of total state taxes. Read More