Impact of President Obama's tax plan on New York and how the planned tax hike or tax increase will impact New York's economy.

1. THE EFFECTS OF THE OBAMA TAX PLAN
New York
President Obama’s tax plan would allow portions TOTAL EMPLOYMENT
of the 2001 and 2003 tax cuts to expire, resulting in Annual Change in Jobs
steep tax hikes beginning in January 2011 for small
2011 2015 2020
businesses and those earning $250,000 or more. 0
The tax hikes would significantly affect the economy
in New York, most notably in the number of jobs –10,000
and change in personal income.
Among the results, from 2011 to 2020, the state –20,000
of New York would:
• Lose, on average, 44,601 jobs annually. –30,000
• Lose, per household, $22,135 in total
disposable personal income.
–40,000
• See total individual income taxes increase by
$48,969 million.
–50,000
Source: Heritage Foundation calculations based on the IHS Global
Insight U.S. macroeconomic model, and data from the U.S. Census –60,000
Bureau and U.S. Department of Labor, Bureau of Labor Statistics.
–56,338
REAL DISPOSABLE INCOME TOTAL INDIVIDUAL INCOME TAXES
Annual Change per Household Annual Change in Millions of Dollars
$6,075.2
2011 2015 2020
$0 $7,000
–$300
$6,000
–$600
–$900 $5,000
–$1,200
$4,000
–$1,500
$3,000
–$1,800
–$2,100 $2,000
–$2,400
$1,000
–$2,700
–$3,000 $0
2011 2015 2020
–$2,801.78
Chart NY • Obama Tax Plan by State heritage.org

2. THE EFFECTS OF THE OBAMA TAX PLAN
Change in Employment in New York
Average Annual Change in Total
Employment, 2011 to 2020, by
Congressional District
Jobs Lost: 800–1,399
Jobs Lost: 1,400–1,599 23
Jobs Lost: 1,600–1,799
Jobs Lost: 1,800–2,320
20
25 21
28
26
24
22
27 29
19
18 1
2
5 3
64
State: 44,601 jobs lost annually on average
Source: Heritage Foundation calculations based on the IHS Global Insight U.S. macroeconomic model, and data from the U.S. Census Bureau and U.S.
Department of Labor, Bureau of Labor Statistics.
Map NY • Obama Tax Plan by State heritage.org