Tax evasion is no longer just for the fabulously wealthy. Starting yesterday, Marylanders enjoy a week of sales tax-free shopping. The tax holiday applies to all clothing and footwear under $100.
According to The Sun, a tax-free week in 2001 lost the state around $5 million dollars, but since then we have no clear statistics about how much the state loses in revenue versus how much it helps area businesses and consumers. Here’s hoping!
Shoppers seem psyched about the tax holiday, but I wonder if they would be equally excited about a statewide 5.66 percent-off sale? Because that’s essentially what this is. In promoting the tax-free week, Comptroller Peter Franchot has pointed out that a family saves $60 for every $1,000 it spends, but that doesn’t sound too sexy either. Maybe he should have said we’d save $6,000 for every $100,000 we spend…
Of course, if you’re in need of school clothes for your children or a new fall wardrobe for yourself, why not buy it all this week?
Let me know what you do with the savings.
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