Thursday, July 1, 2010

Taxing News

Terrible news for all of the fashionistas with a love for all things luxe. Governor Patterson is in the midst of considering reinstating the NY sales tax. If he decides to pass this, then come fall, New York will revoke the current tax exemption on clothing, and all clothing and shoes that cost upwards of $110 will be taxed. By April 2011, all clothing and shoes that cost under $55 will be exempt and by 2012 the tax exemption will be put back in place.

Governor Patterson declares,"There's a sales tax on clothing, which I don't think is a particularly good idea, but it is a revenue source."
What do you think? Is this the best way to raise revenue?

Source: [NYRack]

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