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update charts
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DTrim99 committed Jan 22, 2025
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Expand Up @@ -92,9 +92,9 @@ Using PolicyEngine’s microsimulation capabilities through 3 years of pooled da

**Figure 1: Winners and Losers from the NY WFTC by Income Decile (2025)**

![](https://cdn-images-1.medium.com/max/2000/0*jRjNv_ApjbG60hWv)
![](https://cdn-images-1.medium.com/max/1000/1*SICGa9ii5d7HiCNy9xiocw.png)

In 2025, the NY WFTC would benefit 30% of New York residents as the initial maximum benefit of the NY WFTC ($550) exceeds the existing Empire State Child Credit ($330). This translates to an increase in average net income [across all income deciles](https://policyengine.org/us/policy?focus=policyOutput.winnersAndLosers.incomeDecile&reform=72622&region=ny&timePeriod=2025&baseline=2) and a reduction in [poverty and child poverty](https://policyengine.org/us/policy?focus=policyOutput.povertyImpact.regular.byAge&reform=72622&region=ny&timePeriod=2025&baseline=2) of 1.6% and 4.0%, respectively, applying the Supplemental Poverty Measure. Furthermore, higher-income households are unaffected in 2025 as the WFTC’s minimum benefit and Senate Bill S277C’s changes to the dependent exemption do not come into effect until 2026.
In 2025, the NY WFTC would benefit 30.7% of New York residents as the initial maximum benefit of the NY WFTC ($550) exceeds the existing Empire State Child Credit ($330). This translates to an increase in average net income [across all income deciles](https://policyengine.org/us/policy?focus=policyOutput.winnersAndLosers.incomeDecile&reform=72622&region=ny&timePeriod=2025&baseline=2) and a reduction in [poverty and child poverty](https://policyengine.org/us/policy?focus=policyOutput.povertyImpact.regular.byAge&reform=72622&region=ny&timePeriod=2025&baseline=2) of 1.6% and 4.0%, respectively, applying the Supplemental Poverty Measure. Furthermore, higher-income households are unaffected in 2025 as the WFTC’s minimum benefit and Senate Bill S277C’s changes to the dependent exemption do not come into effect until 2026.

## Statewide Impact in 2029

Expand All @@ -108,7 +108,7 @@ In 2025, the NY WFTC would benefit 30% of New York residents as the initial maxi

**Figure 2: Winners and Losers from the NY WFTC by Income Decile (2029)**

![](https://cdn-images-1.medium.com/max/2000/0*JohuFoEPyZwxCc2v)
![](https://cdn-images-1.medium.com/max/1000/1*qp0po4EGMoqHejBO9Y-HTw.png)

Once the NY WFTC phases in completely for tax year 2029, a greater percentage of New York residents will see their net income [increase by more than 5%](https://policyengine.org/us/policy?focus=policyOutput.winnersAndLosers.incomeDecile&reform=72622&region=ny&timePeriod=2029&baseline=2). Additionally, the reduction in [poverty and child poverty](https://policyengine.org/us/policy?focus=policyOutput.povertyImpact.regular.byAge&reform=72622&region=ny&timePeriod=2029&baseline=2) grows significantly as the maximum benefit of the NY WFTC rises. Deep child poverty would [drop by 22.0%](https://policyengine.org/us/policy?focus=policyOutput.povertyImpact.deep.byAge&reform=72622&region=ny&timePeriod=2029&baseline=2) in 2029 as well. To see the impact of Senate Bill S277C for all years of implementation, see the table in Appendix A.

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