As the exodus of taxpayers from the Empire State continued during the past decade, which other states gained the most at New York’s expense? And how were migration patterns affected by changing economic conditions? Read More
Category: Reports
New York State has a new law capping annual increases in local government and school district property taxes. Effective in local fiscal years starting on or after Jan. 1, 2012, the law limits the annual growth of property taxes levied by local governments and school districts to 2 percent or the rate of inflation, whichever is less. Read More
On Dec. 6, 2011, Gov. Cuomo and legislative leaders announced a deal to extend New York's biggest income tax increase in 50 years, targeting earners of $1 million and more for what will be the third highest income tax rate imposed by any major state. Read More
In the wake of the nation’s worst economic downturn since the 1930s, New York State’s counties, municipalities and school districts face intense budgetary pressure. To bring spending into line with tightly constrained revenues, especially under a newly imposed property tax cap, local governments need more than ever to control rising employee salary and benefit costs. Read More
Traditional public employee pension programs in New York State have become unaffordable for taxpayers—while denying workers the ability to choose more flexible approaches to retirement planning. Read More
Opponents of the proposed Tier 6 pension reform like to point out that the average annual benefit paid by the state pension system in 2011 was $19,151 — “not a big amount for someone whose [sic] gave a lifetime of service,” as the Public Employees Federation (PEF) puts it in a letter and blast fax to state legislators. Read More
Low-income working families in New York State receive a significant annual wage supplement through the Earned Income Tax Credit (EITC), which is available to eligible filers of federal, state and New York City income tax returns. Read More
The movement of people in and out of New York over the past two decades, including the combined effects of foreign immigration and domestic migration, has produced significant changes in the Empire State’s age profile. Read More