Type Archives - Page 2 of 56 - Fiscal Policy Institute

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 than half of New Yorkers are leaving for low tax states. This data confirms State fiscal policy should focus on turning New York into a place where people can afford to live and raise families — from investing in universal childcare and high-quality public education to affordable housing and reliable public transit. Conversely, budget cuts or underfunding will only hinder New York's economic recovery. Increasingly unaffordable housing and childcare, combined with shrinking state services, will continue to drive both individuals and businesses out of our state.

Anthony Troia2023-10-21T15:14:47-04:00October 20th, 2023|Migration, Press Releases, Tax Policy|

Halfway Into Fiscal Year, Tax Receipts Remain Stable — Budget Gaps Likely to Shrink

The State Comptroller released its September Cash Report today, showing that year to date cash receipts came in over projections but under 2022 levels. Following the cash report release, FPI Executive Director Nathan Gusdorf released the following statement.

Anthony Troia2024-03-26T16:32:03-04:00October 17th, 2023|Financial Plans & Cash Reports, Press Releases|

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.

Anthony Troia2023-10-21T15:00:11-04:00September 21st, 2023|Press Releases, State Budget, Tax Policy|

FPI: August State Cash Receipts Remain Steady for Fourth Straight Month

The State Comptroller released its August Cash Report Friday, showing that August tax receipts came in over projections and over August 2022 levels. Following the cash report release, Fiscal Policy Institute Executive Director Nathan Gusdorf released the following statements.

Anthony Troia2024-03-26T16:23:42-04:00September 18th, 2023|Financial Plans & Cash Reports, Press Releases|

Mind the Gap: When are State Budget Gaps a Concern?

New York’s fiscal year 2024 Enacted Budget Financial Plan, released June 2023, projected budget shortfalls for fiscal years 2025 through 2027. While future budget gaps are a perennial feature of New York’s budget forecasts, the most recent projected gaps exceed those generally projected in times of greater economic stability, aligning instead with gaps projected during economic downturns. These projections must be interpreted, however, in light of an improving economic outlook as well as the inherent uncertainty of fiscal forecasting.

Anthony Troia2024-03-28T23:43:58-04:00September 5th, 2023|Blog, FPI in the News, Policy & Research, Reports, Briefs and Presentations, State Budget, Tax & Budget|

FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss

FOR IMMEDIATE RELEASE: August 23, 2023 Media Contact: press@fiscalpolicy.org FPI: Recent Investment Firm Relocations Unlikely to Result in State Tax Loss “These business decisions are unlikely to have a noticeable effect on the state’s tax revenues” ALBANY, NY — Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statement: “A recent article stated that New York State lost ‘$1 trillion in assets’ due to a number of asset management firms moving their headquarters out [...]

Anthony Troia2023-09-06T13:37:29-04:00August 23rd, 2023|Press Releases, State Budget|

July Cash Receipts Remain Steady for Third Straight Month

For Immediate Release: August 16, 2023 Media Contact: press@fiscalpolicy.org July Cash Receipts Remain Steady for Third Straight Month "Three months of strong tax receipts confirm State economy remains robust & align with improving economic forecasts" ALBANY, NY | August 16, 2023 — The State Comptroller released its July Cash Report today, showing that July tax receipts came in over projections and over July 2022 levels: July 2023 receipts: $7.75 billion July 2023 projections: $6.87 [...]

Anthony Troia2023-09-06T13:41:36-04:00August 16th, 2023|Financial Plans & Cash Reports, Press Releases|

June Cash Receipts Continue to Stabilize Following April Volatility

The New York State Comptroller's June cash basis report shows that tax receipts for the month of June have stabilized after a shortfall in April. The stable June receipts confirm that New York’s tax base and economy remain strong, and that shortfalls in April reflected weaker-than-expected capital gains in tax year 2022 rather than an imminent downturn.

Anthony Troia2023-10-21T15:11:13-04:00July 14th, 2023|Financial Plans & Cash Reports, Press Releases|

May Cash Receipts Begin to Stabilize Following April Volatility

Following the release of the State Comptroller's May Cash Report yesterday, Fiscal Policy Institute Executive Director Nathan Gusdorf today released the following statements: "The New York State Comptroller's May cash basis report shows that total tax receipts for fiscal year 2024 to date are 3.4 percent over the projections in the Enacted Budget financial plan, with Personal Income Tax receipts to date exceeding such projections by 5.5 percent."

Anthony Troia2023-10-21T15:10:59-04:00June 16th, 2023|Blog, Financial Plans & Cash Reports, Press Releases|

Statement on FY 2024 Budget

Budget relies on temporary tax rates for corporations and highest earners — state's long-term fiscal stability would be better served by making tax rates permanent. Failure to address high cost of living will continue to drive working & middle-class New Yorkers out of state — and undermine statewide economic growth.

Anthony Troia2023-09-06T13:49:57-04:00May 2nd, 2023|Press Releases, State Budget|

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.

Anthony Troia2023-09-08T10:19:24-04:00March 16th, 2023|Press Releases, State Budget, Tax Policy|

Taxes & Migration Fact Sheets

Millionaire and Middle Class Taxes & Migration Fact Sheets

Anthony Troia2023-09-08T10:20:14-04:00March 10th, 2023|Fact Sheets|

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

March 8, 2023 Most businesses do not pay the corporate tax. Only corporations pay the corporate tax, and approximately 95% of businesses are not corporations. [1] Most businesses are partnerships, LLCs, S-corporations, or sole proprietorships, none of which pay the corporate tax. The biggest corporations pay most of the tax. More than 80% of corporations in New York pay less than $1,000 in tax. [2] Around 75% of all New York corporate tax revenue comes from the 500 most [...]

Anthony Troia2023-09-08T11:05:11-04:00March 7th, 2023|Fact Sheets, Migration, Tax Policy|

FPI Statement on FY 2024 Executive Budget

FOR IMMEDIATE RELEASE: February 1, 2023 Media Contact: press@fiscalpolicy.org FPI Statement on FY 2024 Executive Budget "As we head into a possible recession, it is essential to invest in the public services that stabilize the quality of life and the cost of living for working New Yorkers" ALBANY, NY | February 1, 2023 — Fiscal Policy Institute Executive Director Nathan Gusdorf today issued the following statement: “While Governor Hochul’s budget recognizes the importance of [...]

Anthony Troia2023-09-08T10:47:07-04:00February 2nd, 2023|Press Releases, State Budget, Tax Policy|

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."

Anthony Troia2023-09-08T10:27:21-04:00January 10th, 2023|Press Releases, State Budget, Tax Policy|