The aftershocks of COVID-19 coming into focus
The aftershocks of the COVID-19 virus epidemic are coming into focus. The future for the state, county and municipality tax revenues should fall precipitously.
Workers and employers have become inured with the work-at-home concept which could lower company expenses for office space. But the lower income by building owners would lower profits and taxes paid.
It is also said such workers would take pay cuts, thus lowering income taxes.
Worse, those at home workers will take deductions for their home offices.
Then, they should be driving less. Thus, lower gasoline sales plus lower income for the providers.
Further, we might even see lower auto sales which provide considerable to the economy.
Already, Internet sales and home delivery have decimated the brick and mortar sector, causing unemployment and lower sales and real estate tax revenue.
The governor has asked Congress to come to the state’s aid. Rather, all states should be devastated.
We suggest the governors of all the states appear before a Senate sub-committee to make their case, do the red and blue states.
This epidemic is no party’s fault, more an act of God.
Hopefully the president and his Senate will appreciate the present crisis and the tectonic shift in the future economy and support the states (the people) as well as they have reaped big business and even churches.