Tax expert warns over ‘ripple effects’ of Baltimore bridge collapse: Economic damage ‘hard to comprehend’
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The Francis Scott Key Bridge in Baltimore collapsed into the Patapsco River on Tuesday due to a ship strike, causing significant economic damage. Tax revenue expert and CEO Niko Spyridonos warns that the impact of the bridge collapse is 'hard to comprehend' and will have ripple effects on the local economy, governments, and the rest of the country. The port of Baltimore is the busiest in the US for car shipments, handling over 750,000 vehicles in 2023, and is also the largest US port for handling farm and construction machinery. The bridge collapse has completely cut off all five terminals of the Port of Baltimore, impacting the logistics of exports and imports. Redirecting ships and repairing the bridge will take months. The disaster also affects tax revenue going to Baltimore's government and the surrounding county, as property taxes fund local agencies and essential services. The government may consider measures such as tax discounts or exemptions for the affected area. Economists warn that the impact on the Baltimore economy will be substantial and may affect the overall supply chain. The economic effects may also be felt by the average American consumer, leading to higher grocery bills and gas prices. The longer it takes to rebuild the bridge, the worse the impact will be.
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