Black Friday Shoppers Enlightened on the Lowest and Highest Sales Taxes
For those holiday shoppers who wish to be extravagant at the local stores during the Thanksgiving weekend and the Black Friday, they will not only be competing with the sales taxes but the door-buster bargains as well. In some localities and states, this may be much lower or even higher.
A broad variety of sales tax rates exist. These range from the states with no sales taxes to those that exceed 7 % from the check out register. A map of the ten lowest and highest state sale taxes has been produced in order to assist those shopping for the holidays take advantage of their buying power. Delaware, Alaska, New Hampshire, Oregon and Montana are some of the states where the sales tax has never been imposed. Nevertheless there are some taxes that are imposed which have got the authority of the state. Examples include the Delawares’s lodging tax, New Hampshire’s state sales tax and also the limited local sales taxes with which the Montana’s resort community use.
The most recent state sales tax rates have been displayed on the Wolters Kluwer CCH. It is important to note that there are some customers who could be paying more than the sales taxes for their states. Nevertheless, some communities may be dealing with the local sales taxes which are applicable for particular areas only.
According to Cyber Monday, it is was highlighted that even if the online retailers do not generally pull together sales or apply taxes on purchases bought in the states where they physically operate from, there is a legal obligation on consumers to pay taxes in case the online retailer does not use taxes or fails to collect taxes. In fact, there are a number of customers who do exactly that.
The Marketplace Fairness Act was passed during last year. This act would have formalized collection of all online sales in the several states which have signed on to the Use Tax Agreement and also streamlined the sales. Nevertheless, the House leadership has turned down the bill. The House speaker spokesman, John Boehner R-Ohio has also shown that he will proceed to have the bill blocked till the congressional term is over in December.
- Increase in Recovery of VAT on Financial Services in No Deal Brexit
- HMRC Issued a Petition for Winding up to Notts County Football Club
- London Grocer Found Guilty in £120k VAT Fraud
- HMRC Enquiring English Premier League Clubs and Players Over Potential Tax Avoidance on Sale of Players’ Image Rights
- VAT Fraud Leads Father and Son Duo to Jail
- Mechanic Ordered to Pay Back £208k with Respect to a Tax Fraud
- Large Businesses Tax underpayments increases by 13% to £25bn