Yesterday was the last day of the sales tax holidays here in Georgia and although it is too early to tell if it was a success, back to school shoppers were certainly taking advantage of no sales tax. Quite a few states have sales tax holidays scheduled for the summer’s end to assists consumers in saving money. Although the holidays stimulate the economy, many times it is at the expense of the state’s revenue departments. When these departments go without the necessary revenue, we the consumer usually loose. The state revenue departments do have one option they can exercise and that is raising tax rates.
According to a recent report by CCH, state and local taxes (S. A. L. T.) are on the rise so don’t be surprised if you are paying more for items in the coming months. If you were curious to see where your state’s S. A. L. T. rate is be sure to take a look at this map.
Keeping Your Business N Synergy (and salt free)