Posted on Aug 8, 2023
Tax Data Reveals Large Flight of High Earners from Major Cities During the Pandemic - Economic...
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When millions of Americans rethought their living situations during the pandemic, their moves changed the geography of where money is made in the United States.
Why it matters: A new analysis of tax data by the Economic Innovation Group, shared first with Axios, quantifies the reasons some of America's biggest cities are struggling to rebuild their economies post-pandemic.
It also shows a surge in income that arrived in many rural and exurban places and in popular vacation destinations.
Not only did residents leave the biggest cities, but those who left disproportionately had high incomes, meaning the hit to those local economies was larger than migration numbers alone would imply.
DUH.
Why it matters: A new analysis of tax data by the Economic Innovation Group, shared first with Axios, quantifies the reasons some of America's biggest cities are struggling to rebuild their economies post-pandemic.
It also shows a surge in income that arrived in many rural and exurban places and in popular vacation destinations.
Not only did residents leave the biggest cities, but those who left disproportionately had high incomes, meaning the hit to those local economies was larger than migration numbers alone would imply.
DUH.
Tax Data Reveals Large Flight of High Earners from Major Cities During the Pandemic - Economic...
Posted from eig.orgPosted in these groups: 
U.S. Department of Labor
Economy
U.S. Department of Labor Economy
Posted >1 y ago
Responses: 1
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This is why we need to vote carefully, to chose representatives who can make decisions based on second and third order consequences rather than the immediate gratification of buying votes. We definitely don't need any more senile petty criminals and women who crawled their way to the top on their knees. (Forgive me, but my patience has fled with my country's principles, leaving me a very annoyed old man)
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