Tax & Budget

Fiscal Policy Institute on State of the State

In response to Governor Kathy Hochul’s 2023 State of the State, Fiscal Policy Institute Executive Director Nathan Gusdorf today issued the following statement: “In her State of the State, Governor Kathy Hochul laid out a wide-ranging agenda that identified many of the crises facing New Yorkers — but was silent on the need for new revenue. The Governor cannot deliver on an agenda to expand affordable housing and healthcare, strengthen our schools, and transition our state to a green economy without new funding. There is no credible vision to rebuild New York after Covid without new revenue."

Fiscal Policy Institute2024-12-18T12:24:16-05:00January 10th, 2023|Press Releases, State Budget, Tax Policy|

November Cash Basis Report shows higher than expected Personal Income Tax receipts

The New York State Comptroller this week released its November 2022 cash basis report, which documents recent trends in state spending and revenue.

Fiscal Policy Institute2025-04-04T14:27:18-04:00December 19th, 2022|Financial Plans & Cash Reports|

Personal Income Tax Revenue Exceeds Projections in Mid-Year Financial Plan

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 plan and $500 million more than projected in the first quarterly update to the financial plan. Through the first half of the fiscal year, PIT receipts exceeded enacted and first quarter projections by 17 percent and 8 percent, respectively.

Fiscal Policy Institute2025-01-17T16:06:16-05:00November 30th, 2022|Economic Outlook, Financial Plans & Cash Reports|

October Cash Basis Report shows higher than expected Personal Income Tax receipts

The New York State Comptroller this week released its October 2022 cash basis report, which documents recent trends in state spending and revenue.

Fiscal Policy Institute2025-04-04T14:27:19-04:00November 22nd, 2022|Financial Plans & Cash Reports, Press Releases|

Inequality in New York & Options for Progressive Tax Reform

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.

Nathan Gusdorf, Andrew Perry2025-04-04T14:23:18-04:00November 9th, 2022|Must Read, Tax Policy|

FPI Testifies to NYS Senate on Fines and Fees

FPI's Chief Economist, Jonas Shaende, was invited to testify before the New York State Senate Standing Committee on Codes and the New York State Senate Standing Committee on Crime Victims, Crime, and Corrections. Dr. Shaende spoke in support of the proposed S.3979C (Salazar)/A.2348B (Niou), the End Predatory Court Fees Act. Testimony: Full Text

Jonas Shaende2024-12-18T12:24:17-05:00October 29th, 2021|City Budget, Testimony|

Local Governments Across New York State Must Re‐examine Fine and Fee Revenue

Many local governments across New York State ‐ particularly small town and village governments ‐ rely on fine and fee revenue as part of their annual budget, with more than 30 towns and villages having a reliance of ten percent or greater on this type of revenue. Much of it is generated through Justice Courts which have jurisdiction over vehicle and traffic violations, evictions, small claims, and certain criminal offenses. Click here to read the full report: Local Governments Across New York State Must Re‐examine [...]

Jonas Shaende2024-12-18T12:24:17-05:00August 31st, 2021|City Budget, Fact Sheets|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:20-04:00March 26th, 2021|City Budget, Economic Outlook, Economic Trends & Policy, Labor Market & Workforce, Policy & Research, Social Policy, State Budget, Tax Policy|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:20-04:00March 24th, 2021|Economic Outlook, Economic Trends & Policy, Fact Sheets, Labor Market & Workforce, State Budget|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:20-04:00March 23rd, 2021|Blog, Economic Trends & Policy, State Budget, Tax & Budget, Tax Policy|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:20-04:00March 23rd, 2021|Blog, State Budget, Tax & Budget, Tax Policy|

Fact Sheet: New York State Must Invest in Not‐for‐Profit Service Providers to Protect New Yorkers and Advance Equity

The Social Assistance subsector includes workers who provide direct and vital social assistance services to consumers, including vulnerable and at-risk populations and communities. It consists of the following industry groups: Individual and Family Services; Community Food and Housing, and Emergency and Other Relief Services; Vocational Rehabilitation Services; Child Day Care Services.1 In 2019, there were nearly 380,000 people estimated to be employed in New York’s social assistance subsector by not-for-profit, government, and private employers, 133,000 of whom (35 percent) were employed by not-for-profits. In New York State, total not-for-profit employment is largest in the Individual and Family Services and Child and Day [...]

Fiscal Policy Institute2025-04-04T14:27:21-04:00March 22nd, 2021|Fact Sheets, Labor Market & Workforce, State Budget, Tax & Budget|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:21-04:00March 19th, 2021|FPI in the News, Migration, State Budget, Tax & Budget, Tax Policy|

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 [...]

Fiscal Policy Institute2025-04-04T14:27:21-04:00March 18th, 2021|FPI in the News, Migration, State Budget, Tax & Budget, Tax Policy|