diff --git a/src/posts/articles/ny-wftc.md b/src/posts/articles/ny-wftc.md index 72a5531b4..936006d42 100644 --- a/src/posts/articles/ny-wftc.md +++ b/src/posts/articles/ny-wftc.md @@ -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®ion=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®ion=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®ion=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®ion=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 @@ -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®ion=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®ion=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®ion=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.