State Tax Policy

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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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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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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A Tax Credit for New York State Workers Hit Hardest by the Pandemic

Our state's Earned Income Tax Credit (EITC) keeps more money in workers' pockets, helping them pay for essentials including food, transportation, housing, education, and child care, as well as cover extra expenses. This tax credit is even more beneficial during the pandemic. The New York State Assembly's FY 2022 One-House Budget Proposal includes expanding the state EITC from 30 percent of the federal credit to 40 percent of the federal credit beginning in Tax Year 2021. That is a 25 percent increase to the maximum [...]

2021-03-23T16:43:56-04:00March 23rd, 2021|Blog, State Budget, State Tax Policy, Tax & Budget|
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One Year Into Pandemic, Thousands Of Excluded Workers Are Still Begging For Relief

This Gothamist article tells the personal story of an excluded worker and the on-going efforts in New York State to create an excluded worker fund. Excluded workers are those who have lost work due to COVID, but have been excluded from any federal or state relief (federal stimulus or state unemployment due to their immigration status or recent incarceration. “The need is urgent,” said David Dyssegaard Kallick, director of the Fiscal Policy Institute’s Immigration Research Initiative. “Unemployment insurance has been a lifesaver to so many [...]

2021-03-22T15:24:56-04:00March 19th, 2021|FPI in the News, Immigration, New York State, State Budget, State Tax Policy, Tax & Budget|
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Report Finds $3.5B Needed for Aiding Excluded Workers During Pandemic

The New York State Senate and Assembly both supported creating a fund to provide unemployment insurance to workers who are excluded from the unemployment insurance system, primarily undocumented immigrants and people leaving incarceration during the Covid-19 pandemic. Both houses included $2.1 billion in their one-house budgets. The report shows that while $2.1 billion is an impressive signal from the legislature, $3.5 billion is the amount that is needed to match the minimum benefits other workers receive and to continue that aid through the end of [...]

2021-03-18T14:15:04-04:00March 18th, 2021|FPI in the News, Immigration, New York State, State Budget, State Tax Policy, Tax & Budget|
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Unemployment Compensation for Excluded Workers: $3.5 Billion Needed for 2020 and 2021

The New York State Assembly and Senate both support creating a fund to provide unemployment insurance to workers who are excluded from the unemployment insurance system, primarily undocumented immigrants and people leaving incarceration during the Covid-19 pandemic. Both houses included $2.1 billion in their one-house budgets this week, the starting points for negotiating the final state budget. This is an impressive commitment to a critical priority. However, matching the minimum level of benefits that other unemployed New Yorkers receive and extending the aid through the [...]

2021-03-18T07:28:43-04:00March 17th, 2021|Blog, Immigration, New York State, Reports, Briefs and Presentations, State Budget, State Tax Policy, Tax & Budget|
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“Legislature Supports $2.1 Billion in Aid to Excluded Workers; Report Shows $3.5 is Needed”

FOR IMMEDIATE RELEASE: March 18, 2021 Media Contact: communications@fiscalpolicy.org, 518-786-3156 “Legislature Supports $2.1 Billion in Aid to Excluded Workers; Report Shows $3.5 is Needed” Read FPI’s report: Unemployment Compensation for Excluded Workers: $3.5 Billion Needed for 2020 and 2021 (Albany, NY) – New York State may be on the brink of providing unemployment benefits to workers who are currently excluded from the state’s unemployment insurance fund. The New York State Assembly and Senate both support a fund of $2.1 billion to extend benefits to undocumented [...]

2021-03-31T14:53:18-04:00March 17th, 2021|Immigration, New York State, Press Releases, State Budget, State Tax Policy, Tax & Budget|
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