Tax-free weekend may not be saving you money in the long run
Ready. Set. Shop.
And you can best believe that many shoppers are taking advantage of the state sales tax holidays.
“I just get what I need that’s it,” said Kareen Harris.
“My bill was 66-something,” said Roxie Allison.
Money people are spending to stock up on school supplies and a whole lot more.
But are people really saving money on what they’re buying?
“I do not know the normal price. So, I don’t know if they were marked up to cover the taxes or not,” said Allison.
Reporter: “Do you think you’re saving money? No,” said Harris. “Because you’re spending more not thinking about the tax.”
And the July 31 Forbes magazine article, may have you thinking twice before buying that pair of shoes.
According to the magazine, the state sales tax holidays actually cost taxpayers money.
And many states have renewed their temporary reprieve on state sales tax collections items…as part of “feel good” legislative acts.
Meaning it sounds good to voters and it’s good for government.
“What it does in one way is bring consciousness to folks about getting ready..getting a good foundation for the school year that starts,” said Delegate Betsy Carr. (D-69th)
We asked Delegate Betsy Carr, is the sales tax holidays just a reason for consumers to spend money?
“I think that our citizens are wise and they’re going to make smart decisions,” said Carr. “But these are things that they know that they need to purchase. And so, why not do it at a time when they can save a little money.”
When we asked Carr, if retailers raise the prices during this time of year? She said no. But believes retailers may not lower those prices because they hope to sell more merchandise.