Tax Policy

New York’s Millionaires Will Get a $12 Billion Federal Tax Cut Next Year

Download PDF   On July 4, 2025, President Donald Trump signed into law the federal reconciliation legislation known as the “One Big Beautiful Bill Act” (OBBBA), which enacted $4.5 trillion of tax cuts and reduced federal outlays for Medicaid and SNAP by $1.2 trillion. Democrats have decried the bill as tax cuts for billionaires while Republicans have defended it as middle-class tax relief. The Fiscal Policy Institute has previously analyzed the national distribution of the OBBBA’s benefits, finding that the act broadly benefits the [...]

2025-11-20T11:41:34-05:00November 20th, 2025|Fact Sheets, Featured on Home, Tax Policy|
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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.

2025-12-02T11:53:38-05:00October 9th, 2025|Economic Trends & Policy, Featured on Home, Migration, Policy & Research, Reports, Briefs and Presentations, Tax Policy|
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Fixing Unemployment Insurance

Download the Memo Download the Report The Fiscal Policy Institute today released two publications on how to fix New York State's insolvent unemployment insurance system: a memo recommending tax changes, and a short report detailing the UI system’s chronic underfunding and low benefit level. Unemployment insurance (UI), which provides temporary income to laid-off workers, is one of the State’s most important economic stabilization policies. Unemployment can both throw workers into poverty and exacerbate recessions by [...]

, 2025-04-04T14:22:31-04:00March 24th, 2025|Must Read, Social Policy, State Budget, Tax Policy|
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Fact Sheet: Climate Change Superfund Act

Last month, both the Senate and Assembly of the New York State legislature passed the Climate Change Superfund Act (S.02129). The Act, first introduced during the FY 2022 budget cycle, would require the largest fossil fuel companies to pay a total of $75 billion — to be paid over 25 years in $3 billion annual increments — to New York State.

2025-04-15T14:08:47-04:00July 24th, 2024|Climate, Fact Sheets, Social Policy, Tax & Budget, Tax Policy|
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The Medicaid MCO Tax Strategy

The legislative one-house budgets come out firmly for higher Medicaid spending, restoring most of the governor’s cuts and offering significant rate increases. But how will they pay for it? The Senate and Assembly budget memos propose to raise $4 billion a year through an obscure mechanism: A tax on Medicaid managed care plans, the private insurance companies which administer most of the state’s Medicaid program.

2024-12-18T15:58:18-05:00March 19th, 2024|Blog, Featured on Home, Healthcare, State Budget, Tax Policy|
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Tax Policy Brief: Fiscal Stability and Progressivity in the Personal Income Tax

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.

2024-12-19T09:19:57-05:00March 8th, 2024|Must Read, Policy & Research, Tax & Budget, Tax Policy|
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Who is Leaving New York State? Part I: Income Trends

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 all households earning over $170,000 significantly increased their likelihood of moving out of state, migration trends reverted to normal in 2022.

2024-12-20T00:05:54-05:00December 5th, 2023|Migration, Must Read, Press Releases, State Budget, Tax Policy|
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