Latest Census Data, Combined with FPI Analysis, Reveal New York Losing Working and Middle Class
The latest Census data should serve as a red flag for policy makers: New York is losing more residents than any other state in the nation.
November State Receipts Exceed Projections for Sixth Month Straight
November receipts 10.7% above latest projections and 9% above November 2022 receipts
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.
October Cash Receipts Remain Stable More Than Halfway Through Fiscal Year
October receipts 5.6% above latest projections and 7.5% above October 2022 receipts
State Fiscal Outlook Improves in Mid-Year Update to Financial Plan
As FPI projected earlier this month, Financial Plan update reduces projected FY 2025 budget gap by over 50 percent If current revenue trends continue, next fiscal year's projected budget gap would further narrow
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.
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.
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.
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.
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 [...]
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 billionJuly 2023 projections: $6.87 billionJuly 2022 receipts: $6.97 billionFollowing the cash report release, Fiscal Policy Institute Executive Director Nathan Gusdorf released the following statements: What the cash [...]
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.
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."
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.
Revenue Analysis: 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.