"Many policymakers think that tax cuts will lure [high-income earners] in, but this is mostly a fool’s errand. In normal times, the rich are deeply rooted and not movable."

Bills being debated by NYC Council would slow the building of affordable housing & make construction more expensive & less targeted to the city's needs—putting major obstacles in the way of the mayor-elect's affordable housing agenda @emmurpheis.bsky.social speaks w/ @spectrumnewsny1.bsky.social

It's true: "no child care system can survive without sustained attention & investment." The deciding factor in whether New York achieves truly universal childcare will be whether that system is supported by sustainable, recurring revenue that grows with the program over time 🧵

Wow so NYC admins systematically underestimate revenues during the budget process, sometimes by big margins, and uses this “structural pessimism” to govern. Andrew Perry of @nyfiscalpolicy.bsky.social says this will determine how Mamdani governs. www.phenomenalworld.org/analysis/mam...

Today, three of our staff members joined the @zohrankmamdani.bsky.social admin's transition committee: 🏢 Executive Director Nathan Gusdorf on Government Operations 🏘️ Chief Economist Emily Eisner on Housing 🏥 Director of Health Policy Michael Kinnucan on Health www.cbsnews.com/newyork/news...

Will taxing the rich spur them to flee New York? No. "There was no notable increase in out-migration among high earners following the State’s 2021 increases to the top Personal Income Tax rates. These higher tax rates raise approximately $3.6 billion annually"— @nyfiscalpolicy.bsky.social

On average, Trump's OBBBA will give the equivalent of a $129,600 annual tax cut to each millionaire in New York next year—2.7% of their total income.

“The top 1% just received a trillion-dollar federal tax cut. It’s only fair that they now pay a little bit more to make New York City affordable" — on the Mayor-elects' proposed 2 percentage point rate hike on those making more than $1 million a year

With SNAP cuts looming, @governor.ny.gov just pledged an additional $65M to fund charitable food assistance. However, on Saturday 3 million New Yorkers, including 1,000,000 children, who rely on SNAP for food security will lose $640M per month in benefits, triggering a hunger crisis in NY. 1/2

NYSNA members welcomed Ulster County Exec. @jenmetzgerny.bsky.social, Michael Kinnucan @nyfiscalpolicy.bsky.social, Juanita O. Lewis @cvhaction.bsky.social for a powerful panel on the impact of the federal healthcare cuts.

"Now that we have enough data to study the 2021 tax increase, that increase did not lead to more out-migration for high earners." —@emmurpheis.bsky.social in today's Morning Spew

🚨New Tax Data Confirm Tax Flight Is A Myth: Analysis of new tax data shows that the 2021 tax increases on high earners raise an estimated $3.6 billion annually, boosting state revenue without triggering increased out-migration among high earners. fiscalpolicy.org/new-tax-data...

We're proud to have worked with the AFL-CIO to reform this system—convincing the State to pay down its $7B debt, raise the maximum weekly UI benefit rate, and expand the taxable wage base to increase the fund’s long-term fiscal stability. www.cityandstateny.com/policy/2025/...

Rent increases are contributing to an affordability crisis in NYC. A new factsheet from @cssnyorg.bsky.social draws on our RGB testimony to show that hikes for rent-stabilized tenants under Adams and Bloomberg have caused rents to outpace the cost of other goods. www.cssny.org/publications...

New data from the US Census Bureau & Bureau of Labor Statistics show rising income inequality in New York. Top earners are driving strong wage growth, while low- and middle-income households lag behind. (1/6)

🚨NY health insurance premiums are set to rise by 13% for small businesses — on track to double by 2031. Small group markets in some areas may be facing a death spiral. (1/7)

Today, FPI is releasing two reports on how to understand the impact of federal funding cuts in New York. Key points: 1) the cuts amount to over $20bn annually by 2030, 2) 1.5 million NYers will lose healthcare, 3) FPI advises a special session to remedy (1) and (2).

Importantly, our estimates of the funding cuts are *much* higher than the State has announced. We explain why in the two reports. Report 1: fiscalpolicy.org/the-state-is... Report 2: fiscalpolicy.org/making-sense...

Today, @nyfiscalpolicy.bsky.social is releasing two reports on how to understand the impact of federal funding cuts in New York. Key points: 1) the cuts amount to over $20bn annually by 2030, 2) 1.5 million NYers will lose healthcare, 3) FPI advises a special session to remedy (1) and (2).

New York stand stands to lose a lot in this budget bill. @nyfiscalpolicy.bsky.social has written about job loss, healthcare access, food assistance, and economic harm.

Analysis from me and Michael Kinnucan at @nyfiscalpolicy.bsky.social showed that New York could lose 215k jobs due to medicaid cuts coming from the house bill... the senate bill is an even more severe cut for NY ie. more jobs lost. fiscalpolicy.org/new-york-emp...

FPI's Emily Eisner on the cruel and economically damaging impacts of cuts to SNAP in the federal budget reconciliation bill.

Join NOW at 12:30pm on Friday May 9 for a discussion of the NY State budget with FPI experts. us06web.zoom.us/webinar/regi...

At 12:30pm today, @nyfiscalpolicy.bsky.social will give an update on the NY state budget. Please join if you're interested! us06web.zoom.us/webinar/regi...

New Op-Ed in the NY Daily News today: "Albany Must Prep for Federal Cuts" NY policymakers must reject tax cuts and the irresponsible "inflation refund" and instead invest in real affordability for New Yorkers.

New Op-Ed for me and Nathan Gusdorf of @nyfiscalpolicy.bsky.social in the NY Daily News today: "Albany Must Prep for Federal Cuts" NY policymakers must reject tax cuts and the irresponsible "inflation refund" and instead invest in real affordability for New Yorkers.

Excellent Op-Ed in the Times Union yesterday by Ian Greer at @cornellilr.bsky.social: "New York must get serious about fixing Unemployment Insurance" Cites to FPI's proposal for UI reform in NY. www.timesunion.com/opinion/arti...

Happening today!

This Thursday, 4/17 at 12:30pm, the Fiscal Policy Institute is hosting the first in a series of Federal Policy Updates. We expect to hold these updates on a bi-weekly basis. Primarily for policymakers, advocates, and labor leaders in New York Register at the link: us06web.zoom.us/webinar/regi...

This Thursday, 4/17 at 12:30pm, the Fiscal Policy Institute is hosting the first in a series of Federal Policy Updates. We expect to hold these updates on a bi-weekly basis. Primarily for policymakers, advocates, and labor leaders in New York Register at the link: us06web.zoom.us/webinar/regi...

The NYCHA budget is hugely at risk of losing federal funds. - Over 2024-2028, NYCHA expects $4.5 billion in capital funding from the federal government. - NYCHA’s Section 9 program received $1.3 billion in federal operating subsidies in 2024. fiscalpolicy.org/preventing-a...

Here's a link to the full report: fiscalpolicy.org/the-urgent-n...

While raising the benefit is the most urgent need, there is also a long term need to reform the UI tax. The current tax has resulted in perpetual insolvency in NY's UI fund. We propose expanding the base to 100% of wages and reducing the rate to 1-1.6%.

We urge the State of New York to pay off the $6.4 billion debt to the US government, increase the maximum and minimum benefits that NYers can receive, and reform the tax mechanism to broaden the base and lower the rate so that the UI tax is less regressive.

Given the increasing probability of a global recession, New York must urgently address the shortcomings of its UI program. A recessionary shock in New York could result in between 800,000 and 1.2 million unemployed New Yorkers. Current benefits are below poverty levels.

The maximum benefit is below most peer states' max benefit

Because the max weekly benefit has been frozen at its 2019 level, its real value has fallen over time, so that unemployed workers are being paid far less now than they were in 2019.

Story by Sam Mellins, budget analysis by @emmurpheis.bsky.social / @nyfiscalpolicy.bsky.social

Today, the @nyfiscalpolicy.bsky.social and I released a report calling on NY policymakers to urgently reform NY's unemployment insurance program. New York workers have lost out on a total $8.8 billion in UI benefits since 2020, when the maximum benefit became frozen.

I just want to say at the outset that I think this is a stupid policy -- will not actually help people with cost of living ($500 per family isn't nothing but also isn't enough as a one time payment) while costing the state a lot ($3bn). More later. apnews.com/article/new-...

New York City must add new housing to alleviate the affordability crisis that has caused out-migration and threatens economic stagnation and decline. City of Yes should pass today and the City should commit to greater affordability policies.

We need to pass City of Yes and increase fiscal investment that supports housing security for low income renters.

New York City needs to increase housing so that it can continue to grow and also allow current residents to stay and thrive.

City of Yes is up for votes this morning in the zoning committee and Land Use committee. The council is looking for a deal that includes budget commitments from the mayor towards affordability measures (what they call “City for All”)

What about the state budget, many are asking, in last Friday's "quick start" meeting, Senate and Assembly projected revenue $900m and $1.2b higher than the Governor. Higher revenue on this order would entirely eliminate next year's projected shortfall

NYC's november budget modification shows higher-than-expected spending (policy, rental assistance) slightly more-than-offset by lower-than-expected asylum seeker, pension, and debt service costs and higher tax revenue

Projected future gaps are essentially unchanged and remain lower than historic averages. These are typically closed with higher-than-projected revenue

FPI and @emmurpheis.bsky.social in @gothamist.bsky.social and WNYC this morning talking about rise in housing costs in New York City and the urgent need for action to produce more housing and invest in affordability. gothamist.com/news/data-pr...

Op-Ed in Crain's out today by our own @emmurpheis.bsky.social: New York must invest in housing along with adopting City of Yes reforms www.crainsnewyork.com/op-ed/op-ed-...

Trump has called congestion pricing “the most regressive tax known to womankind (man!)." We don't think so.