Andrew Cuomo last raised income taxes on New York’s highest income earners in 2021. For example, they’re helping the city pay its multi-billion dollar tab for the influx of migrants.įiscal hawks, including DiNapoli, previously warned lower than expected tax revenue collection projections could hurt New York’s spending plans.įormer Gov. The state already faces economic headwinds. Hochul warned she’d rather scale back spending on sectors like the migrant funding, resisting preemptive calls by the left-leaning flank of the Democratic party to raise taxes on the wealthy. “As economic conditions change and both federal and State tax policy actions evolve, policy makers will need to monitor the movement of taxpayers to preserve the state’s largest revenue source and ensure vital services can continue to be provided,” the report states. Kathy Hochul and the Democratic-controlled state Legislature are deliberating next year’s budget and how they’ll fund new and continuing priorities, such as healthcare and education. The report’s release comes at a time when Gov. “With nonresidents comprising over half of full-year filers at the highest income levels, and with high-income earners comprising a large share of personal income tax collections, policy makers will need to carefully consider the effect of the movement of taxpayers on State tax and budget matters,” he added.ĭiNapoli appears to warn lawmakers against disrupting the current personal income tax rates, as that collection is the state’s largest and most consistent revenue source.
“As net departures and out-migration rates remained elevated in 2021, the total number of nonresident taxpayers grew.” “In 2021, the total number of New York’s personal income tax filers declined for the first time since the Great Recession,” he wrote in the 22-page report published Tuesday. People who filed annual tax returns as part-year filers also jumped in both 20, and the number of non-resident taxpayers also increased. Single people, as opposed to married couples or families with dependents, are the largest group of personal income tax filers.ĭiNapoli’s report also shows they make up the largest group exiting the state. The analysis revealed that more individuals left New York, a majority of those living in the five boroughs, in both 20 than moved in, compared to pre-pandemic years. Kathy Hochul are about to negotiate a budget Both New Yorks tax brackets and the associated tax rates were last changed one year prior to 2021 in 2020. This means that these brackets applied to all income earned in 2020, and the tax return that uses these tax rates was due in April 2021. The report's release comes as state lawmakers and Gov. This page shows s archived New York tax brackets for tax year 2020.Personal income tax filers make up the largest portion of New York's tax collections.The analysis revealed that more net individuals left New York, a majority of those living in the five boroughs, in both 20 than moved in, compared to pre-pandemic years.