State Budget

Revenue Projection: One House Budget Tax Proposals

For Immediate Release: March 16, 2023 Press Contact: Monica Klein, press@fiscalpolicy.org Legislature's Tax Proposals Would Raise Between $1.6 – $2.1 Billion Personal income tax proposal would raise approximately $710 million — increase only impacts 0.2% of taxpayers Corporate tax proposals would raise between $930 million – $1.2 billion for transit ALBANY, NY | March 16, 2023 - Following the release of the State Senate and Assembly Budget Proposals, the Fiscal Policy Institute today released annual revenue estimates for the Personal Income Tax, [...]

2023-03-16T16:31:51-04:00March 16th, 2023|Blog, Press Releases, State Budget, State Tax Policy, Tax & Budget|
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Tax Policy Brief: Estimating Revenue from a More Progressive Income Tax

Estimating Revenue from a More Progressive Income Tax March 2023 By Emily Eisner, Ph.D, Economist  Download PDF New York’s budget is largely funded through the state’s personal income tax (PIT). Between 2015 and 2020, state revenue from the personal income tax totaled between $47 billion and $55 billion annually. In 2021, the New York state legislature voted to create new PIT brackets for individuals earning over $1 million annually. This change created a more [...]

2023-03-10T17:12:55-05:00March 10th, 2023|Blog, State Budget, State Tax Policy|
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Tax Policy Brief: Capital Gains Taxes

Estimating the Revenue Impact of Higher State Taxes on Capital Gains February 6, 2023 By Emily Eisner, Ph.D, Economist and Nathan Gusdorf, Executive Director Download PDF The U.S. federal tax code distinguishes between two types of income: ordinary income, which we can generally think of as wage and salary income, and capital gain, which we can generally understand as income from investments (e.g., the sale of appreciated stock).[1] Where a taxpayer has capital gain that [...]

2023-02-22T13:07:47-05:00February 6th, 2023|Blog, State Budget, State Tax Policy|
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Housing Costs, Not Taxes, Drive Migration out of New York

On average, savings from lower housing costs are 15 times greater than savings from taxes Press Contact: Monica Klein, press@fiscalpolicy.org Report by Andrew Perry, FPI Senior Policy Analyst January 2023 View the Article PDF Key Findings 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 [...]

2023-02-06T21:23:20-05:00January 31st, 2023|Blog, Must Read, Reports, Briefs and Presentations, State Budget, State Tax Policy|
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State Corporate Tax Cut Would Cost New York $1.2 Billion in Annual Revenue

A return to historically low 6.5% corporate tax rate would give corporations a $1.5 billion tax cut by the end of FY 2025 Press Contact: Monica Klein, press@fiscalpolicy.org   January 2023 Key Findings New York’s corporate tax rate was increased in 2021. This tax increase has raised $3.4 billion of additional revenue to date. Corporate tax revenue exceeded initial expectations by $750 million over FY 2022-2024. If New York cuts its corporate tax rate this year, returning [...]

2023-02-06T20:41:40-05:00January 30th, 2023|Blog, Economic Outlook, Economic Trends & Policy, Reports, Briefs and Presentations, State Budget, State Tax Policy, Tax & Budget|
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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 [...]

2022-12-19T15:17:57-05:00December 19th, 2022|Blog, Economic Outlook, Economic Trends & Policy, State Budget, Tax & Budget|
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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 [...]

2022-11-30T09:19:13-05:00November 30th, 2022|Blog, Economic Outlook, Economic Trends & Policy, State Budget, Tax & Budget|
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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 [...]

2022-11-30T08:51:54-05:00November 30th, 2022|Blog, Economic Outlook, Economic Trends & Policy, State Budget, Tax & Budget|
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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 [...]

2023-02-06T19:58:27-05:00November 22nd, 2022|Blog, Economic Outlook, Economic Trends & Policy, State Budget, Tax & Budget|
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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 [...]

2022-12-21T14:09:55-05:00November 9th, 2022|Blog, Must Read, Reports, Briefs and Presentations, State Budget, State Tax Policy|
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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 [...]

2021-03-26T16:27:58-04:00March 26th, 2021|Economic Outlook, Economic Trends & Policy, Employment, Unemployment & Job Quality, Governance, Local Tax & Budget Policy, Policy & Research, Social Policy, State Budget, State Tax Policy|
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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 [...]

2021-03-25T12:15:18-04:00March 24th, 2021|Economic Outlook, Economic Trends & Policy, Employment, Unemployment & Job Quality, Fact Sheets, Governance, State Budget|
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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 [...]

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