Portland lost a billion dollars over two years
JAZZ SHAW 9:21 AM on August 07, 2023
Today’s headline may be viewed as shocking and depressing unless you’ve been paying the slightest bit of attention to the news out of Portland, Oregon over the past few years. Based on IRS records, the city lost one billion dollars in municipal revenue between 2020 and 2021, and things didn’t look much better last year either. The underlying reason for this dip in revenue is obvious. Starting with the BLM riots of 2020 and the subsequent wave of homelessness, drug addiction, and crime in the years following, many of those with the ability to do so packed up and moved out. And they took their tax payments with them. More than 14,000 former residents fled the city, and that’s a significant chunk for a town with a population of a little over 600,000. (Washington Examiner)
Portland, Oregon, lost $1 billion between 2020 and 2021 as residents fled rampant homelessness and crime, taking their tax dollars with them.
According to an analysis of Internal Revenue Service data by Oregon Live, Multnomah County, where Portland is located, hemorrhaged 14,257 persons filing taxes, resulting in a record loss of $1 billion in revenue.
Those who moved were also relatively wealthy, with the former residents holding incomes 14% higher than persons who had moved out of the area the year before. Over the course of the year, the average income of county residents who stayed declined slightly.
https://hotair.com/jazz-shaw/2023/08/07/portland-lost-a-billion-dollars-over-two-years-n569605
