Cities are Finding Cash Now by Charging Additional Sales Taxes

Finding cash now that the recession is over may prove to be more difficult than previously hoped. The reason is because state and local governments have been elevating the taxes charged to consumers and little has been done to publicize it. Other issues have taken precedence in the media. Heath care policies, federal income taxes and changes in retirement planning have all become high priorities in the world of finance. The Obama administration has made waves with its focus on the above challenges, and that's where media attention has fallen.

A study done by Vertex, Inc.

Almost without notice, state and local tax rates have gone up. Vertex, Inc. is a company that calculates sales tax for internet sellers, and it recently released its findings. The general sales tax rate nationwide was 8.6% at the end of 2009. That's the highest it has been since the company began tracking the rate in 1982. That percentage translates into a nickel of additional tax for every $100 purchase over the past year. In 2009, seven states raised sales tax rates. Back in 2008, only four states used the tactic to bring in additional revenue, and the year before only one state made an increase. That is indicative of the state of the economy today and how desperate state legislators are to bulk up coffers. In addition to the changes in sales taxes, income tax rates for the wealthy and small businesses are also on the rise.

Cities with the highest sales tax rates

When it comes to finding places to make purchases, there are certain states that, according to Vertex, Inc., are the highest in charging sales tax. Here are the number one highest taxing locations: ... click here to read the rest of the article titled "Cities are Finding Cash Now by Charging Additional Sales Taxes"