Economic Trends & Policy

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

NY Personal Income Tax has raised $37.8 billion year to date — 37.5% more than state projections Press Contact: Monica Klein, 917-565-0715press@fiscalpolicy.org NEW YORK, NY | December 19, 2022 — The New York State Comptroller this week released its November 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 $37.8 billion year to date — 37.5 percent more than state projections.Since COVID, the last [...]

Anthony Troia2022-12-19T15:17:57-05:00December 19th, 2022|Blog, Economic Outlook, Economic Trends & Policy, NYS Budget, Tax & Budget|

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 [...]

Anthony Troia2022-11-30T09:19:13-05:00November 30th, 2022|Blog, Economic Outlook, Economic Trends & Policy, NYS Budget, Tax & Budget|

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 [...]

Anthony Troia2022-11-30T08:51:54-05:00November 30th, 2022|Blog, Economic Outlook, Economic Trends & Policy, NYS Budget, Tax & Budget|

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 [...]

Anthony Troia2022-11-22T08:12:17-05:00November 22nd, 2022|Blog, Economic Outlook, Economic Trends & Policy, NYS Budget, Tax & Budget|

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 [...]

Anthony Troia2021-06-10T11:04:49-04:00June 10th, 2021|Economic Trends & Policy, Employment, Unemployment & Job Quality, Reports, Briefs and Presentations|

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 [...]

Anthony Troia2021-04-21T15:53:19-04:00April 21st, 2021|Economic Trends & Policy, Employment, Unemployment & Job Quality, Policy & Research, Reports, Briefs and Presentations|

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 [...]

Anthony Troia2021-03-26T16:27:58-04:00March 26th, 2021|Creating Vibrant Communities, Economic Outlook, Economic Trends & Policy, Employment, Unemployment & Job Quality, Good Governance, Local Tax & Budget Policy, NYS Budget, NYS Tax Policy, Policy & Research|

Fact Sheet: Black New York Workers Have Been Hit Hard By The Pandemic Statewide

THE COVID‐19 PANDEMIC HAD AN UNPRECEDENTED EFFECT ON THE JOBS AND INCOMES OF NEW YORK STATE RESIDENTS, in addition to upending social norms and taking the lives of thousands. However, the pandemic’s burden was not evenly distributed across our population. The Fiscal Policy Institute found that Black workers statewide, who already had a higher rate of unemployment prior to the pandemic, experienced even greater losses. Our first analysis compares the employment measures among Black New Yorkers between March to November 2019 and March to November [...]

Anthony Troia2021-03-25T12:15:18-04:00March 24th, 2021|Economic Outlook, Economic Trends & Policy, Employment, Unemployment & Job Quality, Fact Sheets, Good Governance, NYS Budget|

A Tax Credit for Working New Yorkers

New York State’s Earned Income Tax Credit (EITC) is a proven program that working New Yorkers rely on. The EITC keeps more money in workers’ pockets, providing more money to spend on essentials like food, transportation, housing, education, and child care. The EITC is a critical support for workers, their families, local economies, and the state! Before the pandemic, far too many New Yorkers were unable to earn a stable and sufficient income through work. This problem persisted despite the recent increases to our state’s [...]

Anthony Troia2021-03-23T16:46:34-04:00March 23rd, 2021|Blog, Economic Trends & Policy, NYS Budget, NYS Tax Policy, Tax & Budget|

Fact Sheet: New York State Must Invest in Not‐for‐Profit Service Providers to Protect New Yorkers and Advance Equity

The Social Assistance subsector includes workers who provide direct and vital social assistance services to consumers, including vulnerable and at-risk populations and communities. It consists of the following industry groups: Individual and Family Services; Community Food and Housing, and Emergency and Other Relief Services; Vocational Rehabilitation Services; Child Day Care Services.1 In 2019, there were nearly 380,000 people estimated to be employed in New York’s social assistance subsector by not-for-profit, government, and private employers, 133,000 of whom (35 percent) were employed by not-for-profits. In New York State, total not-for-profit employment is largest in the Individual and Family Services and Child and Day [...]

Anthony Troia2021-03-24T12:47:48-04:00March 22nd, 2021|Employment, Unemployment & Job Quality, Fact Sheets, Good Governance, NYS Budget, Tax & Budget|

New York lawmakers propose tax increases on the rich. Here’s who would pay up

The New York State Senate passed its one-house budget resolution which includes raising the tax rate on those earning over $1 million a year. The Assembly supports this tax reform as well. "Big challenges require bold action and demand a combination of transformative vision and concrete commonsense response," said Jonas Shaende, chief economist for the Fiscal Policy Institute, a liberal think tank in Albany. "The Legislature’s proposals show their willingness to consider a broad array of measures to ensure New Yorkers’ health and well-being." Read the Gannett article which appears in lohud and [...]

Anthony Troia2021-03-17T10:00:21-04:00March 16th, 2021|Economic Trends & Policy, FPI in the News, NYS Budget, NYS Tax Policy, Tax & Budget|

Tax opponents wonder if they still can count on Gov. Cuomo

As the state budget process progresses, both houses released their one-house budget proposals which include increased taxes for top earners and corporations. Critics contend these tax reforms are not needed due to federal aid. Advocates point out the long-standing need for tax reform to set the state on the right course. "The legislature’s proposals recognize the need for support to ensure all New Yorkers can live, work, access health care, and receive a sound education," the labor-backed Fiscal Policy Institute said. Read the Newsday article [...]

Anthony Troia2021-03-23T12:29:57-04:00March 16th, 2021|Economic Trends & Policy, FPI in the News, NYS Budget, NYS Tax Policy, Tax & Budget|

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 [...]

Anthony Troia2021-04-08T16:09:19-04:00March 12th, 2021|Employment, Unemployment & Job Quality, Federal Taxes & Budget Policy, Local Tax & Budget Policy, Must Read, NYS Budget, Policy & Research, Reports, Briefs and Presentations|

The American Rescue Plan and the New York State Budget

The year 2021 began under the threat of a historic state budget shortfall of $15 billion. Compounded by municipal and county-level fiscal stress, it imperiled funding for public services and employees – a terrible risk as New York continued to experience the social, emotional, and fiscal impacts from the pandemic. The governor’s proposed Executive Budget featured an “if-then” scenario that reflected a minimum level of $6 billion in federal aid and assumed a remaining $9 billion difference. At the same time, the governor requested $15 [...]

Anthony Troia2021-03-11T16:54:05-05:00March 11th, 2021|Blog, Economic Trends & Policy, Federal Taxes & Budget Policy, NYS Budget, Tax & Budget|

Economists Push Biden On Path To Citizenship For Undocumented Immigrants

FPI joined a letter from economists urging the Biden Administration this week to include a pathway to citizenship for undocumented immigrants in upcoming legislation. The letter highlighted that such an action would benefit the nation as a whole. Benefits would include increasing jobs, productivity, boost wages, and tax revenue. The group of more than 60 signatories includes former Obama economic advisor Jason Furman, Eileen Appelbaum of the Center for Economic and Policy Research and David Kallick of the Fiscal Policy Institute. Read the Forbes article [...]

Anthony Troia2021-03-16T16:24:20-04:00February 12th, 2021|Economic Trends & Policy, Employment, Unemployment & Job Quality, Federal Taxes & Budget Policy, FPI in the News, Immigration|