Taxes & Migration Fact Sheets
Millionaire and Middle Class Taxes & Migration 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 [...]
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 [...]
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."
FPI Statement on New NYS Labor Data and Comptroller DiNapoli’s Labor Force Report
Nathan Gusdorf, Executive Director of the Fiscal Policy Institute, today released the following statement: “Recent data released by the Bureau of Labor Statistics today reveal New York State added 456,000 jobs from June 2021 to June 2022, which represents a 5.1% annual increase — making New York the fifth fastest growing job market in the United States."
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.
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
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 [...]
Economy Shows Improvement, but Employment Needs Time to Recover
Read the full report here: Economy Shows Improvement, but Employment Needs Time to Recover Several measures show signs of gradual improvement for New York residents as the state emerges from the covid-19 recession. One such indicator is the steep decline of new unemployment insurance claims, which had recently peaked in winter this year. Another such positive indicator is the continued gradual decrease in the statewide unemployment (U-3) rate, which peaked at 16.2 in April of 2020 as a result of pandemic-induced layoffs and business closures. The [...]
New York State Fines and Fees Revenue Lacks Transparency, Obscures Economic Harms
New York State relies on fine, fee, and surcharge revenue to fund government operations- including the functions of the courts and state agencies providing criminal justice, public safety, and victim services. This funding is generated via a complex set of state statutes, including penal, vehicle and traffic, environmental conservation, judiciary, and finance laws and is spent through the General Fund and a bevy of State Special Revenue Funds. No one state government entity or agency is charged with comprehensively reporting on the imposition, collection, and [...]
FPI Testifies to Congress on Immigrant Businesses and Economic Recovery
The director of FPI's Immigration Research Initiative, David Dyssegaard Kallick, was invited to testify before the Congressional Small Business Committee about the role of immigrant businesses in the economic recovery after Covid. Kallick talked about two recovery scenarios: A Main Street-centered rebuilding that picks up on some innovations from the Covid period such as outdoor restaurants, expanded pedestrian areas, and bike paths that have transformed many downtowns and urban centers in very positive ways. This scenario would entail Main Streets as vibrant places where people [...]
State and Local Employment in New York, Cut in the Pandemic, Has Been Down for a Decade
Read the full report here: State and Local Employment in New York, Cut in the Pandemic, Has Been Down for a Decade State and local government employment is vital to our economy and our quality of life. State and local governments—and their employees—exist because New Yorkers have decided over generations that we need people who are dedicated and trained to teach our children, clean our streets, protect our communities, maintain our highways and bridges, and perform hundreds of other jobs. The number of public employees [...]
Domestic Workers are Essential Workers: By the Numbers in New York
Download the full report: "Domestic Workers Are Essential Workers: By the Numbers in New York" Throughout the coronavirus crisis domestic workers have been placed under a double pressure. Already underpaid, many have lost their jobs, or lost hours on the job, putting them under added financial stress. Even when on the job, however, domestic workers find themselves under added physical and psychological stress, acting as essential workers during a pandemic at some risk to their own health as they protect the health of others. Domestic [...]
Domestic Workers in New York: By the Numbers
FOR IMMEDIATE RELEASE: April 12, 2021 Contact: Shamier Settle, ssettle@fiscalpolicy.org, 347-834-5760 Domestic Workers are Essential Workers: By the Numbers in New York Domestic Workers are Essential to our Economy and will be highlighted in Biden Infrastructure Plan Read the report: “Domestic Workers are Essential Workers: By the Numbers in New York” (Albany, NY) –Domestic workers are doing the intense and intimate labor of caring for our families and our households. As the fallout of the global pandemic has made clear, they are essential to our [...]
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 [...]