Join Us
Publications
How Tax Reforms Can Address Historic Inequality and Save Our State
Emerita Torres, Debipriya Chatterjee
Summary:
As New Yorkers continue to suffer from the economic fallout of COVID-19, the governor and state legislature will face difficult policy choices to keep the government running, with a state budget deficit of $14.9 billion (est.) in FY 2021, and its projected expansion to $39 billion by FY 2024. The governor and legislature must focus on reforming the inequities inherent in the tax system to acquire new sources of revenue while addressing the continued rise in inequality. A just recovery that avoids catastrophic cuts to services for vulnerable New Yorkers—from health care to education—is within reach.
Several legislators and coalition groups have proposed tax reforms that can put the state on a path towards an equitable recovery. This report provides an analysis of select tax reform areas— personal income, wealth, and financial sector transactions—and how such reforms would reduce inequality while raising urgently needed revenue for the state.
Issues: Economic Mobility & Security
Download PDF
