New York's loss of residents to other states is a long-established and troubling trend. But the impact of out-migration on the Empire State's economy, and on personal income in particular, is another, more complicated story.
Unfortunately, the annual release of Internal Revenue Service (IRS) data on interstate taxpayer migration continues to inspire some wrongheaded conclusions on this score. [Read_more]
New York State has long been home to a large share of the nation’s wealthiest households. But since the Great Recession ended, the Empire State has fallen behind when it comes to gaining additional income millionaires [Read_more]
New York pols need to recognize that it's in their own interest to pay more attention to these commuters, if only to keep their tax payments flowing smoothly. At the very least, that means giving a higher priority to infrastructure improvements that benefit taxpayers on both sides of the Hudson. [Read_more]
Mayor Bill de Blasio says the wealthiest New Yorkers should "chip in a little extra"—a mere $800 million in higher income taxes, or an average of $25,000 per affected household—to pay for subway improvements and transit fare subsidies. But given Washington's tax reform agenda, de Blasio's latest soak-the-rich tax hike proposal is badly timed. [Read_more]
New York State's unfunded liability for other post-employment benefits (OPEB) grew to $87.3 billion in fiscal 2017, a $9.4 billion increase over the previous year, according to a disclosure in the state Budget Division's just-released Financial Plan Update for the first quarter of fiscal 2017. [Read_more]
President Trump last week suggested that economically struggling upstate New York residents should be willing to move to areas with better job prospects. This wasn’t exactly an original or outrageous idea — yet it still managed to ruffle feathers among defensive New York officials. [Read_more]
Last week, Governor Andrew Cuomo staged a series of upstate ribbon-cutting events at which he again touted the region's economic progress. Today came something of a reality check: the monthly state Labor Department jobs report, which showed weak year-to-year private employment growth in upstate's largest metro areas. [Read_more]
Seemingly stalled on health care and Medicaid, congressional Republicans and the Trump administration will soon turn their attention to taxes—another area in which federal reform offers mixed prospects for New York State. [Read_more]
Over the past three years, Gov. Andrew Cuomo has reaped an unprecedented windfall of more than $10 billion in fines and penalties paid by major financial institutions for violating various state and federal banking laws.
Coming virtually out of the blue, the windfall represented a unique opportunity to get ahead of the state’s most pressing problems — including but not limited to those of the transit system.
It’s an opportunity Cuomo has mostly squandered. [Read_more]
Compared to national and statewide averages, rural counties in upstate New York have a much larger share of residents aged 65 and older, the latest Census Bureau estimates show.
The 65+ population was 15.3 percent of the U.S. total as of mid-2016, according to census data released today. The Empire State as a whole was just a hair above the national average, with 15.4 percent of New Yorkers falling into the age category that demographers generally tag as elderly. [Read_more]
Governor Andrew Cuomo sprang his announcement of a five-year contract agreement with state's largest union on Tuesday afternoon— the last possible moment to win legislative approval of the deal so checks can start going out to union members. But he released absolutely no details of what he was about to ask lawmakers to approve before they end their session today. [Read_more]
New York's public schools spent $21,206 per pupil in the 2014-15 school year, topping all states and exceeding the national average by 86 percent, according to U.S. Census Bureau data released today. [Read_more]
New York State's fiscal outlook appears to have deteriorated in the past three months, based on an initial review of the financial plan update released late today by Governor Cuomo's Division of the Budget (DOB). [Read_more]
From a New York perspective, the proposed repeal of itemized deductions for state and local tax payments was the (expected) headline item in the rough outline of a tax reform presented in Washington today by Trump administration officials. [Read_more]
New York state, its local governments and public authorities are committed to spending tens of billions of dollars on public works in the next five to 10 years. But under current law, they’re also committed to wasting billions of taxpayer dollars on public works — to subsidize the above-market compensation of the state’s shrinking but politically influential construction unions. [Read_more]
Governor Andrew Cuomo's "free" tuition plan bore all the earmarks of having been hastily reverse-engineered from a campaign slogan—a Bernie Sanders presidential campaign slogan, that is. Indeed, the governor didn't try hard to dispel that impression, inviting the Vermont senator himself to deliver a endorsement of the plan when it was first rolled out at a Queens College rally on Jan. 3. [Read_more]
Out of the clear blue sky, a provision making labor union dues fully deductible for state personal income tax purposes was inserted in New York's final fiscal 2018 budget deal, which was enacted by the Legislature over the weekend. [Read_more]
The tentative state budget deal would pour another $385 million into the biggest, murkiest pork-barrel slush fund New York has ever seen.
The latest version of the Capital Projects bill (A.3004D) would further fatten the State and Municipal Facilities Program (SMFP), building total funds available through the program to $1.64 billion. [Read_more]
Nearly two-thirds of New York State’s tax receipts are now generated by the personal income tax, or PIT, which relies disproportionately on the highest-earning one percent of New York taxpayers.
This paper presents charts and tables highlighting notable trends in state PIT data in light of proposals to extend or increase the state’s so-called “millionaire tax,” along with scheduled PIT rate reductions in tax brackets below the highest income levels. [Read_more]