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Fiscal Year 2025 Revenue Likely to Exceed State Projections by At Least $4 Billion

The DOB’s assumed growth rates for State revenue are very low by historical standards and are out of sync with most forecasts of U.S. economic growth over coming years. FPI expects State revenue growth in FY25 will likely exceed current forecasts by at least $4 billion.

Tax Policy Brief: Fiscal Stability and Progressivity in the Personal Income Tax

New York State often faces calls for higher tax revenue, whether due to concerns over revenue shortfalls or a desire to increase public spending. This brief assesses the soundness of raising revenue through the Personal Income Tax, examining the fiscal stability of such revenue, fundamental fairness considerations, and responses to common arguments against raising the state income tax.

2024-03-28T20:58:23-04:00March 8th, 2024|Must Read, Policy & Research, Tax & Budget, Tax Policy|

New: Expiring Tax Rates to Drive Down Expected Fiscal Year 2028 Revenue

By Andrew Perry, Senior Policy Analyst January 2024 Approximately $2.4 Billion of FY28 budget gap will be due to the Personal Income Tax and Corporate Franchise Tax surcharge expirations. In the fiscal year 2022 budget, New York enacted temporary increases to the personal income tax (PIT) and corporate franchise tax (CFT) rates. PIT rates were raised for tax filers with more than $1 million in annual income, and new brackets were created for filers with incomes over $5 million [...]

2024-01-16T08:22:12-05:00January 16th, 2024|Fact Sheets, Featured on Home, Must Read, State Budget|

High Earners Move Out Of New York Less Often Than Working & Middle Class And Do Not Move In Response To Tax Hikes

A groundbreaking new report from the Fiscal Policy Institute, “Who Is Leaving New York State? Income Trends” reveals for the first time that the richest New Yorkers are far less likely to move out of New York than working and middle-class New Yorkers in normal, non-Covid years. While this pattern temporarily changed during Covid, when all households earning over $170,000 significantly increased their likelihood of moving out of state, migration trends reverted to normal in 2022.

2024-04-08T13:45:21-04:00December 5th, 2023|Migration, Must Read, Press Releases, State Budget, Tax Policy|

Fiscal Year 2024 Enacted Budget Financial Plan Analysis

New outyear budget gaps in the fiscal year 2024 Enacted Budget Financial Plan reflect heightened pessimism about the state’s economic trajectory by the State’s Division of Budget (DOB). While all economic projections are highly uncertain, the State is well-equipped to weather economic turbulence if these projections do materialize.

Workforce Report: Labor Shortage Mitigation in New York’s Home Care Sector

New York State has been reported to be one of the states most at risk of incurring a shortage of healthcare workers over the next decade. With a quickly growing population of adults over the age of 65 (“older adults”) and a movement towards “aging in place,” the demand for home care workers will rise dramatically over the next decade.

2024-04-18T15:09:22-04:00March 29th, 2023|Healthcare, Labor Market & Workforce, Must Read|

Inequality in New York & Options for Progressive Tax Reform

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.

2023-09-08T10:30:11-04:00November 9th, 2022|Must Read, Tax Policy|

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 [...]

Excluded Worker Fund Will Benefit 290,000 Undocumented New Yorkers and Boost Local Economies

The New York State Excluded Worker Fund passed in this year's budget at last provides a meaningful level of assistance to undocumented workers who have been excluded from major federal pandemic assistance. The $2.1 billion fund creates two tiers of aid. Tier 1 is on a rough par with unemployment insurance, and provides $15,600 to undocumented workers who can meet its strict standards of proof of eligibility. Tier 2 pays $3,200, and is on a par with the three rounds of federal stimulus payments ($1,200, $600, [...]

2021-04-07T08:51:42-04:00April 7th, 2021|Migration, Must Read|

The American Rescue Plan Act of 2021: New York’s Share of the Coronavirus Fiscal Recovery Fund

Read the full report: The American Rescue Plan Act of 2021: New York’s Share of the Coronavirus Fiscal Recovery Fund The American Rescue Plan Act of 2021 includes $350 billion in aid for states, territories, and tribal governments for the purpose of alleviating the fiscal stress caused by the COVID-19 pandemic. Of the $350 billion, $195.3 billion is allocated for payments to states, $130.2 billion for city and county governments, $20 billion for tribal governments, and $4.5 billion for territories. These coronavirus fiscal recovery funds [...]

New York’s Pandemic State Budget: Recovering and Reimagining

FOR IMMEDIATE RELEASE: February 10, 2021 Media Contact: communications@fiscalpolicy.org, 518-786-3156 ***VIDEO link below***   New York's Pandemic State Budget: Recovering and Reimagining  Fiscal Policy Institute's Recommendations for the FY 2022 State Budget    Read the report: "Economic and Fiscal Outlook 2022: New York Recovering and Reimagining"  Watch the video: Fiscal Policy Institute's Annual State Budget Presentation 2021 (Albany, NY) Today the Fiscal Policy Institute (FPI) released a 30-minute video highlighting its report "New York State's Pandemic Budget: Recovering and Reimagining." FPI urges a bold vision in crafting the FY [...]

FPI’s Presentation on the Proposed Executive Budget for FY 2022

Our state budget helps determine the future for every New Yorker. This year the stakes are exceptionally high as the pandemic continues to imperil our health and financial well-being. Will the choices we make crafting our state budget reduce inequality, or will the gap continue to widen? FPI took a look at the proposed New York State Executive Budget and offered actions to create a more just New York for all.  Watch our 30-minute video overview and read the report "Economic and Fiscal Outlook 2022: New York Recovering and Reimagining" to learn more.   [...]

Generating State Revenue Essential for Post-Pandemic Recovery

Billionaire Mark-to-Market Tax Can Raise Over $5.5 Billion To Help Keep New York State Running New York can and must do more to address its budget crisis than wait for federal relief. While the economy has taken a hit, the state can raise enough tax revenue to avoid catastrophic budget cuts—to education, health care, and other crucial services—and add new programs to combat the coronavirus recession by helping those most in need. The Fiscal Policy Institute’s latest report explains how a new type of tax [...]

2021-02-01T15:36:33-05:00August 12th, 2020|Must Read, Press Releases, Tax Policy|
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