Category: Tax Policy

  • High Earners Move Out Of New York Less Often Than Working & Middle Class And Do Not Move In Response To Tax Hikes

    High Earners Move Out Of New York Less Often Than Working & Middle Class And Do Not Move In Response To Tax Hikes

    A groundbreaking new report from the Fiscal Policy Institute, “Who Is Leaving New York State? Income Trends” reveals for the first time that the richest New Yorkers are far less likely to move out of New York than working and middle-class New Yorkers in normal, non-Covid years. While this pattern temporarily changed during Covid, when…

  • Latest Census Data Confirms New York Losing Residents to Neighboring States with Lower Housing Costs

    New Census data revealed that New York State lost a net total of 244,100 people in 2022. The latest Census data, which details state-to-state migration patterns, confirms the Fiscal Policy Institute’s prior findings: New Yorkers are primarily moving to neighboring states with a lower cost of living, and in particular, lower housing costs. Meanwhile, less…

  • FPI Statement in Response to State Spending Freeze Directive

    In response to the State Division of the Budget directive to State agencies ordering a spending freeze at current levels next year, Fiscal Policy Institute Executive Director Nathan Gusdorf released the following statement.

  • Low Expectations: Understanding the NYC Budget Gap

    Low Expectations: Understanding the NYC Budget Gap

    The Fiscal Policy Institute today released a new report, “Low Expectations: Understanding the NYC Budget Gap.” Through an analysis of the past ten years of New York City outyear budget gaps, the report illustrates how the City uses conservative budget forecasting to protect against economic downturns, and outlines why lawmakers should not misinterpret outyear budget…

  • Exempting Suburbs from Payroll Mobility Tax Would Cost MTA $200 Million

    Exempting Suburbs from Payroll Mobility Tax Would Cost MTA $200 Million

    As the legislature currently contemplates a Payroll Mobility Tax (PMT) increase from 0.34 percent to 0.5 percent to fund the MTA, the Fiscal Policy Institute today released a new report, Who Should Pay the Payroll Mobility Tax? The Case Against Excluding Suburban Counties.

  • 7 Fiscal Policy Recommendations as the Budget Approaches

    With New York State’s fiscal year 2024 budget due April 1, 2024, the Governor and Legislature are nearing the end of negotiations on key policy priorities and the scale of new investments in public services. This brief provides an overview of FPI’s recommendations on major fiscal policy areas at issue in budget negotiations.

  • Overview of Fiscal Year 2024 Executive vs Legislative Budget Proposals

    The fiscal year 2024 Executive Budget limits spending growth to 2.0 percent, with new spending concentrated in Medicaid and School Aid. In contrast, the Assembly proposes budget growth of 5.9 percent, reflecting additional investments in the MTA, SUNY and CUNY, and assistance for low-income renters, paid for through increased taxes on multimillionaires and corporations.

  • The Cost of New Property Tax Breaks for Local Government

    Tackling New York State’s housing crisis is a central priority of the fiscal year 2024 executive budget. The budget proposes a suite of policy responses designed to create 800,000 new housing units, especially in the New York metropolitan area. Many of these measures, including required changes to local land use policy, are appropriately ambitious, given…

  • Revenue Projection: One House Budget Tax Proposals

    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, Corporate Tax, and Corporate Tax Surcharge proposals.

  • Tax Policy Brief: Estimating Revenue from a More Progressive Income Tax

    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…

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

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  • FPI Annual Budget Briefing

    FPI presented its annual briefing on the Executive Budget on Thursday, February 16.

  • Tax Policy Brief: Revenue Impact of Higher State Taxes on Capital Gains

    In this brief we evaluate three options for increasing the New York State tax rate on long-term capital gains. The options assessed here include: (1) a low surtax rate of 1% and 2%, (2) moderate surtaxes of 2% and 4%, and (3) surtaxes of 7.5% and 15%, as proposed in bill S2162/A2576 sponsored by Senator…

  • FPI Statement on FY 2024 Executive Budget

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

    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.