Today marks the start of Tennessee's own economic stimulus: a three day weekend eerily similar to Senator John McCain's proposed gas tax holiday for this summer.
As with the Republican nominees, there is a lot of sizzle and excitement in the news, but not very much substance. Nationally, Senator McCain's proposal broadly sweeps through federal coffers. For consumers, however, there is much more to be happy about. Senator McCain's proposal won't even allow someone buying 15 gallons of gas to offset the retail price of a single gallon. Sure, saving $2 or $3 for a single fill-up is nice, but not enough to cause a shift in consumer spending.
The same holds true for Tennessee's annual tax free weekend. A second weekend was added this year, and if you're reading this before Monday, you're still in the window. Just remember to check out the tax-free rules before you start hog-wild spending.
A school item, for example, that is $100 or less is tax-exempt this weekend,. but if the item is $101, you owe sales tax for the entire amount, not just the single dollar over $100. Likewise, a computer under $1500 (think online retailers don't love this?) is tax-exempt, but you had better be under $1500 when all the extras are added. And, like every local tax authority, the good folks in the Tennessee government are happy to remind their constituents that use tax, as always, applies.
Labels: economy, taxes, Tennessee
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