The State Budget Outlook
New York State’s Division of the Budget forecasts overestimate the risk of revenue shortfalls but also underestimate the OBBBA impacts, thereby minimizing their impact on the state budget.
New York’s Millionaires Will Get a $12 Billion Federal Tax Cut Next Year
The OBBBA will save New York taxpayers who earn $1 million in annual income a collective $12 billion in federal taxes each year. This is equivalent to an annual average tax cut of $129,600 per millionaire taxpayer, 2.7 percent of their total income.
Governor Hochul Commits $106 Million to Fighting Hunger During Federal Shutdown
With the federal shutdown entering its thirtieth day, it is now expected that federal funding for SNAP benefits (food stamps) will run out at the end of October. This morning, Governor Hochul announced an additional $65 million in funding for charitable food assistance, bringing overall state funding for emergency food assistance to $106 million. We commend the governor for her efforts to keep New Yorkers fed while the federal government gambles with human lives. The best way to ensure that the forty-two [...]
New Data Confirm Tax Flight Is A Myth
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.
FPI Testimony to New York City Council on Impacts of the OBBBA
On September 15, 2025, two members of FPI's senior staff presented testimony to the New York City Council on the impacts of the federal legislation known as the "One Big Beautiful Bill Act."
Siena Poll Spreads Misinformation About Medicaid Funding for Immigrants
Pollster used discredited Republican talking points on OBBBA
Making Sense of Federal Funding Cuts in New York
A Q&A about federal funding cuts
The State is Understating Threats to NYS Medicaid After OBBBA
New York can protect its Medicaid system from Trump’s cuts – but it needs to act now.
Filling the Gaps: State Tax Policy after the OBBBA
The new federal budget will cost New York State $10 billion annually. The State will have to step in.
FPI Briefing on State Tax Policy after the OBBBA
FPI Director Nathan Gusdorf presented a briefing on July 17 about how state tax policy can respond to the federal funding cuts in the "One Big Beautiful Bill Act".
FPI Briefing on the Federal Budget Reconciliation Bill
The OBBBA spending cuts are concentrated in Medicaid and food stamps (SNAP), with devastating effects for New Yorkers. The bill will cut federal funding to the New York State budget by approximately $10 billion annually and kick 1.5 million New Yorkers off their health insurance, more than doubling the statewide uninsured population. On top of the direct fiscal costs to New York State, the OBBBA will cut an additional $13 billion in funding to New York’s healthcare system.
The Federal Budget is an Assault on New York
Fiscal Policy Institute Director Nathan Gusdorf today released a statement on the federal budget legislation that passed the U.S. House of Representatives this afternoon by a vote of 218-214, with all of New York's Republican representatives voting in favor of the bill.
Financial Plan Analysis of FY 2026 Enacted Budget
On Friday, June 13, New York State’s Division of the Budget released its financial plan for this year’s enacted State budget. The financial plan forecasts a national economic slowdown over the next four years as well as dramatic federal budget cuts. These forecasts indicate that the State will likely need to implement tax increases to manage the fallout from federal economic and fiscal policy.
Fact Sheet: SNAP Cuts in New York
3.5 million New Yorkers – 18 percent of the state population – depend on SNAP benefits, which average $209 per month for a participant (about $2,500 per year). The OBBBA would threaten SNAP benefits for over 1 million New Yorkers, including 363,000 children.
New York Will Lose $15.4 Billion Per Year Under The “One Big Beautiful Bill Act”
The OBBBA spending cuts are concentrated in Medicaid and food stamps (SNAP), with devastating effects for New Yorkers. The bill will cost the New York State government $15.4 billion annually and kick 1.5 million New Yorkers off their health insurance, more than doubling the statewide uninsured population.