Economic Trends & Policy

Fact vs Fiction: The Truth About New York’s Corporate Tax

March 8, 2023 Most businesses do not pay the corporate tax. Only corporations pay the corporate tax, and approximately 95% of businesses are not corporations. [1] Most businesses are partnerships, LLCs, S-corporations, or sole proprietorships, none of which pay the corporate tax. The biggest corporations pay most of the tax. More than 80% of corporations in New York pay less than $1,000 in tax. [2] Around 75% of all New York corporate tax revenue comes from the 500 most [...]

Fiscal Policy Institute2024-12-19T09:20:00-05:00March 7th, 2023|Fact Sheets, Migration, Tax Policy|

Housing Costs, Not Taxes, Drive Migration out of New York

The typical family that moves out of New York State saves 15 times more from lower housing costs than they do from lower taxes. Of the top twenty largest county-to-county moves out of New York State, annual mortgage costs are on average $18,300, or 34 percent, lower outside New York.

Fiscal Policy Institute2025-04-04T14:27:18-04:00January 31st, 2023|Housing, Migration, Must Read, Tax Policy|

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

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 plan and $500 million more than projected in the first quarterly update to the financial plan. Through the first half of the fiscal year, PIT receipts exceeded enacted and first quarter projections by 17 percent and 8 percent, respectively.

Fiscal Policy Institute2025-01-17T16:06:16-05:00November 30th, 2022|Economic Outlook, Financial Plans & Cash Reports|

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

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 represents a 5.1% annual increase — making New York the fifth fastest growing job market in the United States."

Fiscal Policy Institute2025-04-04T14:27:18-04:00November 30th, 2022|Economic Outlook, Labor Market & Workforce, Press Releases|

Excluded Worker Fund Will Run Out of Money

October 7, 2021 (updated from October 4). The groundbreaking Excluded Worker Fund, which gives aid to people who are excluded from unemployment insurance benefits, has crossed the $1 billion mark, and stands at $1,148,078,400 as of October 4. That’s a huge benefit to workers - nearly all of them undocumented - in our state, and is helping people and local economies in all regions. Equally impressive: 99 percent of those who have been approved get $15,600, the higher of two benefit levels. This is designed to [...]

david2024-12-18T12:24:17-05:00October 4th, 2021|Migration|

Some Regions Lag in Excluded Worker Fund

October 4, 2021. New York State’s historic Excluded Worker Fund has been helping undocumented immigrants and others who were left out of unemployment compensation during the pandemic. According to data provided by the New York State Department of Labor last week, the fund - as predicted - is having an important positive impact on all regions of the state. The most important benefit of the Excluded Worker Fund is helping workers and their families, but the infusion of money into the community helps local economies [...]

david2024-12-18T12:24:17-05:00October 4th, 2021|Migration|

Millions of Dollars Help Immigrants and Boost the Local Economy Across NYS

Sept. 3, 2021. The first data is out: $250 million has already been issued to immigrants who lost work during the pandemic but were excluded from federal aid, and another $600 million is “undergoing final verification.” After just the first month, 50,000 people have already been found eligible, funds have been dispersed to over 10,000, and another 40,000 are in the final stages of the verification process. Equally impressive: 99 percent of those who have received the funds are approved for $15,600, the higher of [...]

david2024-12-18T12:24:17-05:00September 3rd, 2021|Migration|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:19-04:00June 10th, 2021|Economic Trends & Policy, Labor Market & Workforce, Reports, Briefs and Presentations|

NY’s Excluded Worker Fund is a Model for Other States – CBPP and EPI

Two national groups put a spotlight on FPI's work with the Fund Excluded Worker Coalition that resulted in $2.1 billion toward allowing undocumented immigrants to get something like what others in New York got in unemployment benefits and stimulus payments. This was a historic victory that the Center on Budget and Policy Priorities and the Economic Policy Institute are encouraging other states to follow! CBPP: Whitney Tucker, Deputy Director of Research at the Center on Budget and Policy Priorities, pointed to the fund as a prime [...]

david2024-12-18T12:24:17-05:00May 24th, 2021|Blog, Migration|

FPI Testifies to Congress on Immigrant Businesses and Economic Recovery

The director of FPI's Immigration Research Initiative, David Dyssegaard Kallick, was invited to testify before the Congressional Small Business Committee about the role of immigrant businesses in the economic recovery after Covid. Kallick talked about two recovery scenarios: A Main Street-centered rebuilding that picks up on some innovations from the Covid period such as outdoor restaurants, expanded pedestrian areas, and bike paths that have transformed many downtowns and urban centers in very positive ways. This scenario would entail Main Streets as vibrant places where people [...]

david2024-12-18T12:24:18-05:00April 30th, 2021|Blog, Migration, Testimony|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:19-04:00April 21st, 2021|Economic Trends & Policy, Labor Market & Workforce, Policy & Research, Reports, Briefs and Presentations|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:19-04:00April 19th, 2021|Blog, Migration|

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.

Fiscal Policy Institute2025-04-04T14:27:20-04:00April 16th, 2021|FPI in the News, Migration|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:20-04:00April 12th, 2021|Healthcare, Migration, Reports, Briefs and Presentations|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:20-04:00April 12th, 2021|Migration, Press Releases|