NYC’s covid policies drove wealthy residents — and their $21 billion — to other states


By Adam Andrzejewski for RealClearPolicy

In the early days of the Covid-19 pandemic, people bowed 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 only now lifting the restrictions. One such place is New York City, where Mayor Eric Adams lifted the toddler mask mandate on June 13.

In addition to Covid fears, restrictions and mandates in 2020, George Floyd’s death at the hands of a Minneapolis police officer sparked riots and looting in cities across the country, including New York City.

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The Big Apple prosecutors dropped charges against the violent people who caused chaos amid so-called “looting dance parties.”

The police were outnumbered and some were attacked by rioters. The combination of riots and Covid restrictions led many New Yorkers to leave the city for good.

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The IRS reported last month that about 300,000 of the city’s wealthiest residents fled during the early days of the 2020 coronavirus pandemic. Those residents collectively earned $21 billion in total revenue in 2019, the New York Post reported.

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That’s $21 billion that went to other states — Florida, New Jersey, Connecticut, Hawaii, Colorado, Utah, and Wyoming. Many fled to these states in hopes of more space, fewer restrictions, and less violent crime.

These wealthy New York City residents paid an average of 6.5 percent of their income in New York state income tax and 4 percent in NYC payroll taxes. At about 10.5 percent, the city and state alone missed out on $2 billion in income taxes.

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That figure doesn’t take into account the 8.875 percent sales tax split between NYC and the state, nor does it account for the property taxes paid to NYC.

Once again, we see how policies in some states during the pandemic have repercussions that will reverberate for years to come.

Syndicated with permission from Real Clear Wire.

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