New York and California Lost a Combined $92B in Income as Americans Left for Other States: If the COVID-19 pandemic did one thing it brought us perspective on where and how we work and our quality of life; COVID Pandemic is Officially Over in the U.S., Excess-Deaths Data Show, and other C-Virus related stories
New York and California lost a combined $92B in income as Americans left for other states — these are the low-tax areas that scooped up those billions:
If the COVID-19 pandemic did one thing it brought us perspective on where and how we work and our quality of life.
Or at least it seems that way considering how many Americans chose to move out of state, and in doing so picked locations that offer less of a wallop on the wallet taxwise.
Two of the most populated and highest taxing states in the country — California and New York — lost about $92 billion in income over two years as a result of recent exoduses. Here’s what’s driving these great migrations and where those billions of dollars landed.
What the numbers show
New York state lost $25 billion in adjusted gross income from migration out of the state in 2021, according to Internal Revenue Service data analyzed by CNBC. This was on top of the $20 billion the state lost in 2020.
As for California, the Golden State lost $29 billion in 2021 after losing $18 billion in 2020.
That’s a total of $92 billion between them over just two years. And overall, both states went from a budget surplus to a deficit.
However, New Yorkers and Californians can’t put all the blame on COVID-19. Migration from both states represents a growing trend that merely picked up speed during the pandemic as higher-income earners and businesses seek out lower-tax areas to set up shop.
Even so, the numbers were staggering. California and New York have seen more than three times the combined losses from before the pandemic in 2019, according to CNBC. —>READ MORE HERE
COVID pandemic is officially over in the U.S., excess-deaths data show:
The COVID-19 pandemic is definitively over, according to two recent reports focused on the same metric.
That metric is excess deaths, a measure of the difference between the number of deaths that occurred through the pandemic years, beginning in March 2020, and the number that would be expected in a nonpandemic year, based on data from earlier years.
At the peak of the pandemic, U.S. deaths were at times more than 40% in excess of monthly norms, according to the Human Mortality Database, as shown in the chart below.
But in the past few months that number has fallen so much it’s showing that fewer Americans died in, for example, March 2023 than would be expected in a typical March.
A separate report from the Centers for Disease Control and Prevention found that the excess-deaths metric was below 1% in the week through June 17. The reports were first highlighted by the New York Times this week.
None of this means that COVID-19 has gone away, however. The illness is expected to be with us forever, much like seasonal flu, but the efficacy of vaccines and the natural immunity that has been built up through infections have made it much less frequent and severe. —>READ MORE HERE
Follow links below to relevant/related stories and resources:
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