By Adam Andrzejewski for RealClearPolicy
Within the early days of the Covid-19 pandemic, folks hunkered down and waited for the virus to go. Individuals have been advised to remain dwelling for a number of weeks “to flatten the curve” of Covid circumstances. Some municipalities are simply now lifting restrictions. One such place is New York Metropolis, the place Mayor Eric Adams lifted the mask mandate for toddlers on June 13.
Along with the Covid fears, restrictions, and mandates in 2020, the dying of George Floyd by the hands of a police officer in Minneapolis set off riots and looting in cities all around the nation, together with New York Metropolis.
The Massive Apple’s district attorneys dropped the charges in opposition to the violent individuals who created chaos amid so-called “looting dance events.”
Police have been outnumbered and a few have been attacked by rioters. The mixture of riots and Covid restrictions led many New Yorkers to go away town completely.
The IRS reported final month that about 300,000 of town’s wealthiest residents fled in the course of the early days of the coronavirus pandemic in 2020. These residents collectively earned $21 billion in whole revenue in 2019, the New York Post reported.
That’s $21 billion that went to different states — Florida, New Jersey, Connecticut, Hawaii, Colorado, Utah, and Wyoming. Many fled to those states with the hopes of extra space, fewer restrictions, and fewer violent crime.
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These rich New York Metropolis residents paid on common 6.5 % of their earnings to New York State income tax and 4 % to NYC payroll tax. At about 10.5 %, town and state misplaced out on probably $2 billion in revenue tax income alone.
That determine that doesn’t account for the 8.875 % gross sales tax break up between NYC and the state, nor does it account for property tax paid to NYC.
As soon as once more, we see how insurance policies in some states in the course of the pandemic have repercussions that may reverberate for years.
Syndicated with permission from Actual Clear Wire.
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