skip to main content
skip to newscasts

Tuesday, October 22, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Teen in custody after 5 found dead in shooting at home in Washington state; and Voting at 16-more than a teen dream; How greener schoolyards benefit Colorado kids, communities; Mental health takes center stage in NC superintendent race.

view newscast page
play newscast audioPlay

Elon Musk's controversial voter incentives, union mobilization in key states, Connecticut's new early voting options, Florida's climate change concerns and rising fears of post-election violence highlight ongoing political tensions leading up to Election Day.

view newscast page
play newscast audioPlay

New rural hospitals are becoming a reality in Wyoming and Kansas, a person who once served time in San Quentin has launched a media project at California prisons, and a Colorado church is having a 'Rocky Mountain High.'

Experts: Taxing NY’s Wealthiest Won’t Chase Them Away

play audio
Play

Tuesday, March 24, 2009   

Albany, NY - A new study says New York’s richest residents aren’t likely to migrate from the state if their personal income taxes are raised, contrary to claims by Governor Paterson, New York Mayor Michael Bloomberg, and others. Raising taxes on the wealthy is one of the methods under consideration as Albany tries to close a budget gap estimated at $8 billion. The study, performed by the Fiscal Policy Institute (FPI), a nonpartisan research and education group, debunks the often-heard claim that the state’s richest residents will move away if their taxes are raised.

James Parrott, the FPI’s chief economist and deputy director, says the study concludes that progressive tax reform should be part of the solution.

"We just don’t see any empirical evidence that raising taxes on high-income individuals at a state level in this country – in the modest range that we’re talking about – induces wealthy people to change their location preferences; to consider or to actually move out of the state."

Researchers considered a variety of precedents, says Parrott, including a Princeton University study of what happened when neighboring New Jersey raised its top personal income tax rate to almost 9 percent in 2002.

"That study found there was no real adverse impact on the willingness of high-income people to continue living in New Jersey."

Moreover, says Parrott, New York’s current fiscal pressures largely stem from excessive tax cuts made over the last three decades.

Geri Palast, executive director of the Campaign for Fiscal Equality, which seeks to reform the state’s educational funding, says, in order to avoid harmful cuts in education spending, the legislature and the governor may finally be ready to approve a progressive tax.

"The Assembly has historically voted for this and I think they’re ready to go. I think the Senate – although they do have a slim Democratic majority – at the end of the day, will find the votes."

Governor Paterson and legislative Democrats are reported to have quietly agreed on an $8-billion, two-year tax hike on individuals making more than a $500,000 per year.

The full FPI report is available at www.fiscalpolicy.org.





get more stories like this via email

more stories
To qualify for in-state tuition through the Native American Tuition Advantage Program, MSU students must meet at least one of several criteria, including providing a Certificate of Degree of Indian Blood, a photocopy of a Tribal ID, and a letter of Tribal Certification or proof of citizenship. (Jorge Ferreiro/Adobe Stock)

Social Issues

play sound

Michigan State University has launched a new program to expand educational opportunities for Native American students across the country. The Native …


Social Issues

play sound

With the Randall's Island Humanitarian Emergency Response and Relief Center closing, immigrant advocates want the other such centers closed, too…

Environment

play sound

By Claire Elise Thompson for Grist.Broadcast version by Eric Galatas for Colorado News Connection reporting for the Solutions Journalism Network-Publi…


North Carolina's agricultural business employs more than 100,000 farmers in poultry. (Adobe Stock)

Environment

play sound

By Dawn Attride for Sentient.Broadcast version by Shanteya Hudson for North Carolina News Service reporting for the Sentient-Public News Service Colla…

Health and Wellness

play sound

As mental health challenges continue to rise among young people, advocates across North Carolina are pushing for increased access to mental health …

Statistics from the ALICE in Arkansas initiative show a significant increase in the number of ALICE households following COVID. (Zadvornov/Adobe Stock)

Social Issues

play sound

By Daniel Breen and Josie Lenora for Little Rock Public Radio.Broadcast version by Freda Ross for Arkansas News Service reporting for the Little Rock …

Social Issues

play sound

This November, Oregon could join a growing number of states switching to ranked-choice voting for federal and state elections. Measure 117 would …

play sound

By Hannah Wallace for Reasons to be Cheerful.Broadcast version by Suzanne Potter for California News Service reporting for the Solutions Journalism Ne…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021