Tag: Migration

Extending the budget window reveals large, yawning budget gaps growing from nearly $8 billion in 2026 to nearly $20 billion by the end of the decade. Read More

Remote work and a more mobile professional class will increase the speed and scope of New York's ongoing out migration. Read More

New York's exceptionally wealthy state tax base is also exceptionally fragile, due to its heavy dependence on the highly volatile (and portable) investment-driven incomes of Wall Street workers and fund managers. Read More

For the better part of three years now, Gov. Cuomo has been pounding SALT — the federal income-tax deduction for state and local taxes. Read More

E.J. McMahon, research director at the Empire Center for Public Policy, had presented estimates to the joint legislative fiscal committees earlier this year on the potential consequences of departures. He predicted that if the state lost 10% of residents with median adjusted gross income of more than $10 million, New York would lose $265 million in tax revenue, more than the entire state-funded budget for the Department of Environmental Conservation. (The total state budget is $175 billion.) Read More

There has also been declining enrollment at New York's public colleges, mainly at its community colleges. At public schools, the 2.6 million students is the lowest in nearly 30 years, according to the Empire Center for New York State Policy. Read More

Government watchdog E.J. McMahon, of the Empire Center, warned that the Amazon ordeal would be noticed by other firms. “The Amazon fiasco definitely sent a signal, and it’s not a good signal from multiple angles,” McMahon said. “Governor DeSantis couldn’t have picked a better time to work on poaching New York businesses, especially high earners in finance. More than a few will no doubt find it tempting to at least listen to Florida’s pitch.” Read More

New York continues to lead the nation when it comes to net outflow of residents to other states. Read More