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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
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

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Obama Tax Plan: New York

  • 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