Skip to content
Home » News » New York State » New York nets more federal dollars than it pays, thanks to pandemic aid

New York nets more federal dollars than it pays, thanks to pandemic aid

  • / Updated:
  • Staff Report 

In a financial turn buoyed by historic pandemic relief efforts, New York received more from the federal government than it contributed in taxes for the third consecutive year, State Comptroller Thomas P. DiNapoli reported. In the Federal Fiscal Year 2022, New York paid $361.8 billion in taxes while receiving $383 billion in federal spending, translating to $1.06 returned for every dollar sent to Washington, a per capita surplus of $1,076.

Finger Lakes Partners (Billboard)

This favorable balance, attributed to emergency federal spending to combat the economic impacts of the pandemic, saw New York ranking 39th among states, a position reflecting a wider trend of 45 states receiving more than they contributed. The report notes this as a deviation from past trends where New York often paid more than it got back, with only five states experiencing a deficit in 2022.

Comptroller DiNapoli cautioned that this positive balance might not persist as pandemic-related federal aid winds down. He highlighted the federal budget’s role in fostering equitable outcomes nationwide and expressed hope that the findings would promote constructive fiscal policy discussions. New York’s significant returns on Medicaid, housing, and transit stand out, even as the state sees less spending per capita on federal employee benefits and highways.

Categories: New York StateNews