A proposed sales tax hike could have you shelling out more almost every time you shop.
News of a possible hike isn’t sitting well with consumers.
In an effort to stop New York State’s financial freefall, lawmakers are considering increasing the sales tax.
That could push New York City’s sales tax to over 9 percent.
Sammy Maialdem uses low sales taxes to draw customers into his Union Square shoe store.
“All the tourists when they come they ask about the tax,” Maialdem said. “When they know the tax is less they buy right away.”
The tight economy is already putting the squeeze on his business. Now he worries higher taxes could hurt him even more.
“I’m guessing that between 10 and 20 percent we’re gonna be down because of the tax,” Maialdem said.
The Retail Council of New York State said any increase in the sales tax would be nerve-wracking for retailers, but even more so for consumers since retailers will be forced to simply pass the taxes down and shoppers will end up paying the price.
For a good reason, it could lessen the blow to both sides.
(Source: WCBSTV)
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7 Responses
Well you can come to Chicago. Sales tax in the city is already 10.25%. In the main business district downtown, we’re at 11.25%.
Very stupid.
People will spend $25 ten times, rather than laying out $200 once. By making it more expensive to shop, you’re just keeping consumers away alltogether.
THE GOVERNMENT GIVETH WITH THE RIGHT HAND, AND THE GOVERNMENT TAKETH WITH THE LEFT!
So, they’re injecting TRILLIONS into the economy to get people moving, while–at the same time–they’re increasing the tax burden, subwat fares, and fees to kill business and the economy.
The Government always looks out for itself first.
Alternatives:
1) get some new businesses in New York (starting with replacing the somewhat defunct financial services industry)
2) raise other taxes (preferably ones paid by someone other than me)
3) cut government spending (especially for programs I don’t benefit from).
4) Federal bailout with “printed money”
Now, listed to complaints about cutting programs, raising other taxes, for the Fed printing money – and post a reply saying “Yes, that’s terrible, but it sure beats raising my taxes”
siren maybe u live on mars but were I live in B.P. we collect and pay taxes big time from the grocery (on non food items or non approved food items (like a bottle of poland spring!) to electronics hardware and everything in between
on the bright side it looks like cash discounts will be up to 10%…
Many businesses will skip the sales tax for customers who pay cash,and then they also pay some of their suppliers in cash. These sales are never reported and the income tax from profits on these sales also go un-taxed,besides the lack of sales tax collected. This IS happening big time.