According to an article in the Fiscal Policy Institute, Senate & Assembly Raise Corporate Tax Through 2026, Raise Personal Income Tax Through 2027 — Raising Combined $2.2 Billion
ALBANY, NY. Note that we changed the title and removed the word “wisely” from this presentation to their original title which is actually titled “One-House Budgets Wisely Raise Taxes On Wealthiest New Yorkers — But Only Temporarily” since we have heard from many tax professionals who do not like the tax increases extracted from their clients who do not have enough money to pay their taxes now. In fact, many New Yorkers are leaving the city for lower tax jurisdictions.

— Following the release of the State Senate and Assembly One-House Budgets, Fiscal Policy Institute Director Nathan Gusdorf today released the following statement:

“In light of New York’s affordability crisis and the need for deeper State investments to lower the cost of living, the one-house budgets wisely invest in affordable housing, healthcare, and higher education. Additionally, the legislature sensibly rejects the Governor’s proposed cuts to public schools and home care worker wages.

“Both budgets prudently raise the top personal income tax and corporate tax rates to fund these investments, relying on increased revenue from those least affected by the affordability crisis. However, the budgets only increase taxes on the top 0.3 percent of taxpayers, and only on a temporary basis through 2027. The State’s long-term fiscal health would be better served by broadly increasing the progressivity of our tax system for all high earners on a permanent basis.

“Over the past four years, we have seen the importance of robust fiscal spending in the wake of the Covid-19 pandemic. New York’s fiscal base is stable and growing, and should be levied to strengthen the state’s economy and support working- and middle-class New Yorkers who currently face prohibitively high costs of living.
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