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Personal Income Tax Revenue Exceeds Projections in Mid-Year Financial Plan

PIT receipts continue to bring in significant revenue & effectively support state spending Press Contact: Monica Klein, 917-565-0715 press@fiscalpolicy.org NEW YORK, NY | November 15, 2022 — In its Mid-Year Financial Plan Update, the New York State Division of the Budget (DOB) reported that tax revenues continue to exceed previous projections. Personal Income Tax (PIT) receipts continue to outperform expectations — bringing in $48.95 billion — nearly $2 billion more than projected in the enacted budget financial [...]

FPI Statement on New NYS Labor Data and Comptroller DiNapoli’s Labor Force Report

New York added 456,000 jobs from June 2021 to June 2022 — making New York the fifth fastest growing job market in the United States Press Contact: Monica Klein, 917-565-0715 press@fiscalpolicy.org NEW YORK, NY | November 22, 2022 — Nathan Gusdorf, Executive Director of the Fiscal Policy Institute, today released the following statement:  “Recent data released by the Bureau of Labor Statistics today reveal New York State added 456,000 jobs from June 2021 to June 2022, which [...]

October Cash Basis Report shows higher than expected Personal Income Tax receipts

Last three financial plan revenue estimates dramatically underestimated PIT revenue Press Contact: Monica Klein, 917-565-0715 press@fiscalpolicy.org NEW YORK, NY | November 21, 2022 — The New York State Comptroller this week released its October 2022 cash basis report, which documents recent trends in state spending and revenue. Key Points: In fiscal year 2023, New York’s personal income tax (PIT) has raised $35.1 billion year to date. Since Covid, the last three financial plans have all dramatically underestimated [...]

Inequality in New York & Options for Progressive Tax Reform

View and Download PDF November 10, 2022 KEY FINDINGS: A new report from the Institute on Taxation and Economic Policy (ITEP) finds that New York State is home to the highest concentration of extreme wealth in the United States. New York State also has the greatest income inequality in the United States. In order to understand inequality, we need to look at both income and wealth. By both of these measures, New York is the most unequal state in the nation. New Yorkers [...]

Cutting Off Federal Aid to the Unemployed: States are Slamming the Recovery Effort

More than 400,000 people are poised to lose unemployment benefits this weekend as eight states withdraw early from pandemic-era programs. While $300 a week federal supplements to state benefits are not ending until September, eight states (Alabama, Idaho, Indiana, Nebraska, New Hampshire, North Dakota, West Virginia and Wyoming) join seventeen others who have already cut this benefit or plan to do so soon, affecting about four million recipients altogether. Supporters of these cutoffs argue that the supplements are keeping workers from returning to the workforce, [...]

2021-06-17T11:45:37-04:00June 17th, 2021|Blog|

Economy Shows Improvement, but Employment Needs Time to Recover

Read the full report here: Economy Shows Improvement, but Employment Needs Time to Recover Several measures show signs of gradual improvement for New York residents as the state emerges from the covid-19 recession. One such indicator is the steep decline of new unemployment insurance claims, which had recently peaked in winter this year. Another such positive indicator is the continued gradual decrease in the statewide unemployment (U-3) rate, which peaked at 16.2 in April of 2020 as a result of pandemic-induced layoffs and business closures. The [...]

FPI’s Census 2020 Hindsight in Gotham Gazette

Shamier Settle, Policy Analyst with the Fiscal Policy Institute, wrote this article in the Gotham Gazette about the census count and what the numbers mean for New York. FPI started its census work in 2018 with this report, which estimates of how much funding community based organizations would need to conduct outreach for the census count in 2020. That same year FPI also began highlighting the importance of including investments in the census in the state budget. Through their participation on the steering committee of New York Counts 2020, [...]

New York State Fines and Fees Revenue Lacks Transparency, Obscures Economic Harms

New York State relies on fine, fee, and surcharge revenue to fund government operations- including the functions of the courts and state agencies providing criminal justice, public safety, and victim services. This funding is generated via a complex set of state statutes, including penal, vehicle and traffic, environmental conservation, judiciary, and finance laws and is spent through the General Fund and a bevy of State Special Revenue Funds. No one state government entity or agency is charged with comprehensively reporting on the imposition, collection, and [...]

State and Local Employment in New York, Cut in the Pandemic, Has Been Down for a Decade

Read the full report here: State and Local Employment in New York, Cut in the Pandemic, Has Been Down for a Decade State and local government employment is vital to our economy and our quality of life. State and local governments—and their employees—exist because New Yorkers have decided over generations that we need people who are dedicated and trained to teach our children, clean our streets, protect our communities, maintain our highways and bridges, and perform hundreds of other jobs. The number of public employees [...]

Undocumented Women in NYC Particularly Hard Hit by “She-Cession”

Something different has happened during the COVID recession than is typical for other recessions: there has been noticeably more job loss among women than among men.  Dr. C Nicole Mason, President of the Institute for Women’s Policy Research, coined the term “she-cession” to describe this gendered pattern of job loss that is the converse of what in 2008-09 was sometimes called a “mancession.” Women of color, as Mason notes, have been even more starkly impacted by job loss, a double impact since they started in [...]

2021-05-12T10:51:24-04:00April 19th, 2021|Blog, Immigration|

Make Care Work, Fair Work

FPI's Shamier Settle was interviewed on Equal Rights & Justice radio, WBAI 99.5 FM with Marrisa Senteno, Co-Director of the NY Chapter of the National Domestic Workers's Alliance. FPI's report, Domestic Workers are Essential Workers: By the Numbers in New York  , was highlighted in this episode of Equal Rights and Justice with Mimi Rosenberg. Listen to the interview below.    

2021-05-04T12:03:54-04:00April 16th, 2021|FPI in the News, Immigration, New York State|

Domestic Workers are Essential Workers: By the Numbers in New York

Download the full report: "Domestic Workers Are Essential Workers: By the Numbers in New York" Throughout the coronavirus crisis domestic workers have been placed under a double pressure. Already underpaid, many have lost their jobs, or lost hours on the job, putting them under added financial stress. Even when on the job, however, domestic workers find themselves under added physical and psychological stress, acting as essential workers during a pandemic at some risk to their own health as they protect the health of others. Domestic [...]

Domestic Workers in New York: By the Numbers

FOR IMMEDIATE RELEASE: April 12, 2021 Contact: Shamier Settle, ssettle@fiscalpolicy.org, 347-834-5760 Domestic Workers are Essential Workers: By the Numbers in New York Domestic Workers are Essential to our Economy and will be highlighted in Biden Infrastructure Plan Read the report: “Domestic Workers are Essential Workers: By the Numbers in New York” (Albany, NY) –Domestic workers are doing the intense and intimate labor of caring for our families and our households. As the fallout of the global pandemic has made clear, they are essential to our [...]

2021-04-12T08:27:50-04:00April 12th, 2021|Immigration, New York State, Press Releases|

Why older Americans with student loan debt might want to consider refinancing

When people hear the phrase "student loan debt" they usually picture young adults. However, more and more older adults carry education debt which can impact their financial security and inter in their ability to afford essential expenses, especially in their retirement years. Unfortunately, according to recent research from the Fiscal Policy Institute, Americans aged 60 and up are actually the fastest-growing age segment within the student loan market. In just the past decade, the number of adults 60 and over who have student loan debt [...]

2021-03-29T14:22:30-04:00March 29th, 2021|FPI in the News|

Fact Sheet: State and Local Government Employment Has Been Largely Static, With Full-Time Jobs Eliminated in Critical Areas

Full-time employment in state government jobs grew by only 1 percent in New York State between 2010-2019, with the number of those employed totaling just over 236,000 in 2019. At the same time, local government employment decreased by 1 percent for full-time employees, with the number of employed totaling just over 882,000 in 2019, down from 893,000 in 2010. Full-time employment losses in both state and local government affected the areas of health, natural resources, and social and public welfare. Employment losses in health and [...]

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