The coronavirus pandemic created a nuisance in the world, resulting in some major serious losses. While the whole world had a major setback amidst the pandemic, the state of Oklahoma enjoyed rapid rebounds. The first year of the pandemic was difficult for all. All the states experienced major losses in revenue. According to the state reports, Oklahoma suffered from a major loss of $117 billion in revenue during the first year of the pandemic. The Associated Press analyzed the report, presenting the losses, which were partly boosted by federal aid. The drastic turnovers resulted in some major decisions taken by the governors and lawmakers. They introduced a gush in spending, along with a surge of tax cuts. While the world believed the Coronavirus deteriorated the conditions of the state, the assistant manager for the suburbs of Upland had different views. He explained how the pandemic has benefited the state, under the guise of creating calamity. The net result because of the pandemic, he explained, was positive since the sales tax revenues are skyrocketing. Stating the facts, he explained how surprised he was seeing that the sales tax revenues have turned out to be fruitful for all.
The Shift of Customers, Due to the Pandemic, From Intangible to Tangible Benefited the Nation, as a Whole
If it is still mind-boggling, here is the example of Upland. To explain this, there is a prime example of the city of Upland. It is a city of around 79,000 people where the citizens faced severe losses as a result of the pandemic. The small part faced a serious loss of $6.1 million in the year 2020. Thus, it was named a short-lived recession. While it seemed a disastrous incident to the citizens, Parker explained how it benefited the whole nation. He termed this recession as “generous for the nation.” During the pandemic, more than 900 towns notified their revenue numbers to the American Plan Act. Comparing the figures, the $6.1 million was a median amount among all. Furthermore, due to the pandemic, the preferences of the netizens changed, which benefited the nation. Due to the lockdown and the policies of isolation, all the service sectors were banned in the state. Due to this, the consumers started spending more money on the products than the services, since the services involved human interaction. The sudden shift of the customers lifted the revenues of the city. Parker explained that the service sectors are often exempted from sales taxes. However, the case is opposite with the goods taxes. The sales tax, in the goods, is applied in every way. He further carried out his statement by adding that since the people started preferring goods over services, more sales tax was collected for the city. Thus, the financial situations of the town changed turned around, which proved to be advantageous for Upland. Now that the financial situation has been improved, the money collected can be used for the development.
hAfter huge pandemic losses, governments see rapid rebound | The Independent
After huge pandemic losses, governments see rapid rebound – KESQ