Fiscal Policy Institute
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Working toward a better New York for all. Founded in 1991, FPI works to create a strong economy in which prosperity is broadly shared.
Acting Executive Director Emily Eisner joined WTEN to discuss proposed tax cuts in the legislative one-house budgets in light of federal cuts to SNAP and Medicaid
11/20/2025
On average, President 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.
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 York’s Millionaires Will Get a $12 Billion Federal Tax Cut Next Year - Fiscal Policy Institute Download PDF On July 4, 2025, President Donald Trump signed into law the federal reconciliation legislation known as the “One Big Beautiful Bill Act” (OBBBA), which enacted $4.5 trillion of tax
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