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The choice of words used in headlines and articles like this are curious. "Lost income" is quite a bit different from tax revenues that were not collected from
by anonymousiam 6y ago
The choice of words used in headlines and articles like this are curious. "Lost income" is quite a bit different from tax revenues that were not collected from people who decided to leave the city. The words are meant to change our perception of whether this is a good thing or a bad thing.
New York is now in a death spiral. They aren't collecting enough tax revenue to match their spending. If they raise taxes even more, even more people will leave. The only thing that will save them is a federal bailout. They are more likely to get one from the incoming administration.
- CryptoPunk 6y agoWhere does it say this is $34 billion in lost tax revenue, as opposed to aggregate personal income?
- malwarebytess 6y agoWhat are you trying to say? By lost income these articles literally mean lost personal income, not taxes. These aren't just "words" they're the entire point. Going to ignore the second paragraph of doomsaying. From the source: >Those 3.57 million people that have emigrated (left town) took about $298 billion dollars of income with them, whereas the 3.5 million people that have immigrated (moved-in) bring about $264 billion dollars of income to town. That’s about $34 billion in income gone in about 8 months of COVID-19. Downstream, there are clear implications. https://global-uploads.webflow.com/5dc3e2af6a906d9cc232e1bc/5fd7d57d5ddb801d05608297_Unacast%20Covid%20Whitepaper.pdf https://global-uploads.webflow.com/5dc3e2af6a906d9cc232e1bc/...