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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · 22h

"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

Hell Gate *subscribe today!* @hellgatenyc.com · 1d

Did New York's last big tax increase on the wealthy actually drive our millionaires to Florida?

No, absolutely not, says a new study.

And other links to start your day!

hellgatenyc.com/the-myth-of-...

The 'Myth' of the Fleeing NY Millionaire

And other links to start your day Tuesday.

hellgatenyc.com

Fiscal Policy Institute @nyfiscalpolicy.bsky.social · 5d

Critics of @zohrankmamdani.bsky.social's plan to fund social programs say raising taxes on millionaires will lead to significant out-migration among the wealthy

But 2023 tax data from New York Department of Taxation and Finance refutes this—confirming that tax flight among high earners is a myth

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · 5d

🚨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...

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · 6d

For more info see @emmurpheis.bsky.social's report from April, "The Urgent Need to Raise Unemployment Insurance Benefits" fiscalpolicy.org/the-urgent-n...

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · 6d

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/...

Weekly unemployment insurance benefits set to increase

The maximum unemployment insurance benefit rate from $504 per week to $869 per week beginning, now that the state has paid off its unemployment trust fund debt.

www.cityandstateny.com

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · 14d

See @emmurpheis.bsky.social's testimony before the Rent Guidelines Board here:
fiscalpolicy.org/fpi-testifie...

RGB should index to CPI less shelter costs

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · 14d

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...

Stabilized Rents Up 12.6% in Adams’ New York

www.cssny.org

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 11

New Data Show Rising Inequality, Strong Wage Growth for Top Earners - Fiscal Policy Institute

New data released this morning show that inequality is rising in New York, with income gains for the state’s richest residents driving statewide wage growth well above the national average.

fiscalpolicy.org

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 11

NY’s income inequality rose in 2024— remaining the highest of any state, while national inequality fell.

Gini measure of income inequality in New York and the US

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 11

Top 20% of NY households saw 2.9% income growth (vs. 1.4% nationally), and the top 5% saw 3.8% (vs. 0.7% nationally). NY’s comparatively small middle class is shrinking, with 13% more households earning <$25K and 26% more earning >$200K than the US average.

Share of low- and high-income households in New York and the US

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 11

NY job growth is sluggish at 0.6% in Q1 2025 and 1.2% in 2024, trailing national averages. High-paying industries—and historic federal tax cuts for these same top earners—are fueling growth in wages for high-earners, not jobs.

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 11

In Q1 2025, NY wages grew 8.0%, outpacing the US at 4.8%. But low-income households saw only 0.7% income growth (vs. 1.9% nationally) and middle-income households 1.6% (vs. 2.1% nationally).

New York and US real wage growth by income group from 2023 to 2024

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 11

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)

Ben Casselman @bencasselman.bsky.social · Sep 9

The U.S. economy probably added half as many jobs in the 12 months ending in March as previously reported, according to the preliminary benchmark revision data released by the Bureau of Labor Statistics on Tuesday. #NumbersDay
www.nytimes.com/2025/09/09/b...

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 9

High health care prices have played a major role in premium growth in recent years. Only a comprehensive set of price regulations can help address the root cause of unaffordable health insurance premiums in the state.

Read the full brief: fiscalpolicy.org/ny-small-gr... (7/7)

New York’s Small Group Market Has Big Problems - Fiscal Policy Institute

Health insurance premiums will rise steeply for many small businesses in 2026. New York’s small group market may be facing a death spiral.

fiscalpolicy.org

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 9

To ensure the small group & individual marketplaces can provide affordable, high-quality insurance for all, policymakers should adopt measures to stem enrollment losses and address high premiums. As we reported in July: (6/7)
fiscalpolicy.org/troubling-t...

Troubling trends in New York’s small group market - Fiscal Policy Institute

Read Full Report By Bailey Hu, Health Policy Analyst, & Michael Kinnucan, Director of Health Policy Prior to the passage of the Affordable Care Act (ACA) in 2010, small business employers in New York and other states often had difficulty buying affordable health insurance, especially if their employees were in

fiscalpolicy.org

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 9

Unfortunately, @NYDFS's rate increases indicate that these trends will likely continue. Oxford Health Insurance (subsidiary of
@UHC), the largest insurer in NYC & Long Island's small group markets, has an approved increase of 11.8% for 2026, more than 2x its 2025 increase. (5/7)

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 9

As of last March, the average monthly premium for a gold-tier, single-coverage plan ranged above $1,200 in NYC & Long Island. Both regions also saw high rates of premium growth in 2020–24, outpaced only by Rochester's stunning 45 percent jump in premiums. (4/7)

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 9

In 2020–24, enrollment dropped by 24% while premiums also soared in most regions of the state. (3/7)

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 9

New numbers from NY Department of Dinancial Services show premiums will rise steeply for many small businesses in 2026. Since those who leave the market tend to be younger and healthier, the average cost of insuring those remaining rises, causing more businesses to leave. (2/7)

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Sep 9

🚨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)

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Jul 25

Importantly, FPI's estimates of the funding cuts are much higher than those announced by the NYS Division of the Budget. We explain why in these reports.

Report 1: fiscalpolicy.org/the-state-is...

Report 2: fiscalpolicy.org/making-sense...

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Fiscal Policy Institute @nyfiscalpolicy.bsky.social · Jul 25

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).

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Reposted by Fiscal Policy Institute

emily murphy eisner (they/them) @emmurpheis.bsky.social · Jul 25

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...

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Reposted by Fiscal Policy Institute

emily murphy eisner (they/them) @emmurpheis.bsky.social · Jul 25

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).

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Reposted by Fiscal Policy Institute

emily murphy eisner (they/them) @emmurpheis.bsky.social · Jul 1

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.

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