That comes to $12 billion in federal tax cuts for New York's millionaires—at the cost of up to one million New Yorkers losing health insurance and hundreds of thousands facing hunger due to SNAP and Medicaid cuts.

🚨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...

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

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

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

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.

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).

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)

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)

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

🚨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)

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...

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).

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.

Trump has called congestion pricing “the most regressive tax known to womankind (man!)."

We don't think so.