By Adam Andrzejewski for RealClearPolicy
In the early days of the Covid-19 pandemic, people hunkered down and waited for the virus to pass. Americans were told to stay home for a few weeks “to flatten the curve” of Covid cases. Some municipalities are just now lifting restrictions. One such place is New York City, where Mayor Eric Adams lifted the mask mandate for toddlers on June 13.
In addition to the Covid fears, restrictions, and mandates in 2020, the death of George Floyd at the hands of a police officer in Minneapolis set off riots and looting in cities all over the country, including New York City.
The Big Apple’s district attorneys dropped the charges against the violent people who created chaos amid so-called “looting dance parties.”
Police were outnumbered and some were attacked by rioters. The combination of riots and Covid restrictions led many New Yorkers to leave the city permanently.
The IRS reported last month that about 300,000 of the city’s wealthiest residents fled during the early days of the coronavirus pandemic in 2020. Those residents collectively earned $21 billion in total income in 2019, the New York Post reported.
That’s $21 billion that went to other states — Florida, New Jersey, Connecticut, Hawaii, Colorado, Utah, and Wyoming. Many fled to these states with the hopes of more space, fewer restrictions, and less violent crime.
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These wealthy New York City residents paid on average 6.5 percent of their earnings to New York State income tax and 4 percent to NYC payroll tax. At about 10.5 percent, the city and state lost out on potentially $2 billion in income tax revenue alone.
That figure that doesn’t account for the 8.875 percent sales tax split between NYC and the state, nor does it account for property tax paid to NYC.
Once again, we see how policies in some states during the pandemic have repercussions that will reverberate for years.
Syndicated with permission from Real Clear Wire.
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