Tax-Free weekend is notably just as popular as Black Friday. This is the weekend when all the parents are shopping for back to school clothes and supplies. This is also when college students head out and do some shopping for needed supplies for the upcoming semester. However, tax-free weekend is reportedly not all what it’s cracked up to be. Here are FIVE facts about this popular weekend that everyone should know.
Tax-Free Weekend is Only Active in 15 States
Did you get that? Out of the 50 states that make up the United States of America, only 15 will be participating in tax-free weekend. If tax-free weekend is so great, why is it not being offered in all 50 states?
Only Certain Items Are Eligible
Each state has specified what items will be included in this year’s tax-free weekend. For example, Texas includes clothing, school supplies and other back to school items such as backpacks but you must spend $100 or more to take advantage of no sales tax.
Tax-Free Weekend Takes Money Away from State Funding
It has been reported that on average, each state that participates in tax-free weekend ends up losing roughly 60 million dollars that could otherwise be spent on roads, healthcare, and schools.
You Don’t Save A lot of Money
On average, the typical parent shopping for back to school items will only save around 10-15 dollars. This makes a lot of people question if going out to shop amongst a huge crowd of folks is even worth the $10.00 saved.
Irony in Tax-Free Weekend
The undoubted irony in tax-free weekend is that us as residents of the United States is not bound by any constitutional law requiring us to pay taxes. It has been debated for years by numerous citizens that the imposing of federal income tax is illegal per the United States Constitution.
Extra Nugget: Retailers are notorious for running their sales ads around the tax-free holiday, then drive up prices in efforts to NOT cripple the bottom line.
Tell us what you think, should there be tax-free weekends or should it be eradicated?