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Government Taxes Sales Article
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Learning about Government Taxes on Sales
from:When you consider the meaning of government taxes on sales, several thoughts may come into your mind. In all probability, the first thing that will come into mind is a state sales tax. Although this is the most common, it is not the only means. Some states also have a use tax, a luxury tax, and other types of government taxes on sales. On some products, there is also a federal excise tax on certain products, though it usually pertains to communications products such as telephones and mobile devices.
Other government taxes on sales you may find include transfer taxes on a car, real estate transfer taxes, cigarette tax, alcohol tax, gasoline tax, luxury tax usually charged for hotel/motel stays, and transportation taxes on airline, bus, and train tickets. Many other government taxes on sales are possible, but many are hidden so that the consumer is not aware of all of the potential taxes. One might also consider the gross receipts tax in the category of government taxes on sales since it involves the taxation of a company's sales.
These government taxes on sales can increase the price of good to where the average consumer cannot afford the product. With so many taxes, consumer goods become unmanageable for some people. What that means for the retailer that they lose money in sales or have to compensate in some way. For example, in the past when you bought a new car, you had to pay the transfer tax in addition to any down payment that you were making, but with the price of cars, in order to keep sales, the dealerships and banks had to resort to allowing customers to include the transfer taxes in their loan. Unfortunately, the same does not hold true of transfer taxes on real estate; it must be paid at the closing, and with the median price of homes today, it can be a rather substantial sum of money to pay.
With so many different taxes, sometimes the consumer can feel like he or she is taxed excessively, but the fact that things are spread throughout a number of products usually makes it more manageable. The problem enters the picture with high-ticket items such as cars and real estate because even if the transfer tax is only 2 per cent as it is in some states, that can add up if you're buying a $20,000 car or a $150,000 home. In that case, a person has to decide if they want or need the car or home enough to dig deeper into their pockets to pay the government taxes on sales or wait until a later date. Unfortunately, the only thing a later date might accomplish is the possibility of a lower price on the item, not a decrease in the tax.
Government Taxes Sales Specific Links
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Government Taxes Sales News
Arnold's 'Ishtar' - Wall Street Journal
 Boston Globe | Arnold's 'Ishtar' Wall Street Journal - Last month the Governor called for a 1.5-percentage-point increase in the state sales tax rate for three years. This would bring the state and local sales ... California Vet Service Tax Fails; Might Resurface Details of plans to tackle Calif's budget deficit Will these tax proposals close state's $28 billion budget hole? |
Romania triples old car tax to boost new sales - Reuters
Romania triples old car tax to boost new sales Reuters - BUCHAREST, Dec 4 (Reuters) - Romania's outgoing centrist minority government said on Thursday it will triple a registration tax for second-hand cars as of ... |
Strapped GOP Governors Face Tough Call on Taxes - Wall Street Journal
 South Carolina Now | Strapped GOP Governors Face Tough Call on Taxes Wall Street Journal - During the third quarter, income-tax revenue fell 12% and corporate-income-tax revenue plummeted 35.7%. Rising sales taxes helped make up the shortfall, ... Governor: Bailouts a bad idea |
Prudential Plans Sale of Stake in Wachovia Securities (Update4) - Bloomberg
 The Star-Ledger - NJ.com | Prudential Plans Sale of Stake in Wachovia Securities (Update4) Bloomberg - While the final price hasn’t been set, the insurer’s stake in Wachovia Securities is worth about $5 billion before tax, Prudential said. ... Prudential Financial, Inc. Announces 2009 Earnings Guidance Prudential to Sell Wachovia Securities Stake to Wells |
How far should taxpayers go to rescue automakers? - Reuters
 FOXNews | How far should taxpayers go to rescue automakers? Reuters - Although GM has offered to drop its Pontiac line in exchange for government loans, Americans like Pontiac. It’s GM’s third best-selling brand, with US sales ... Video: Auto Execs Arrive in Style Fixing Detroit: Experts have wide range of ideas Ford Makes Concessions in Effort to Get Government Help |