What do J.C. Penney, Saks Fifth Avenue and Petsmart have in common?
At first blush, it would seem very little. Penney’s is a mid-line retailer, Saks a high-end name with a fashionista following, and Petsmart, is — well, you know — the place for doggie biscuits and tick dips.
According to the Wall Street Journal the National Retail Federation, the country’s largest trade association representing the retailers, has asked President-elect Barack Obama for three periods of sales tax-free shopping that would last 10 days each in March, July and October 2009. The trade group estimates that it would save consumers about $20 billion, or $175 per family.
The retailers want a stimulus package, too.
The taxpayers have been turned into Santa Claus. The too-often long arm of government has abused us for decades (i.e. forced public financing of sports stadiums for wealthy private owners, public funding for abortions, etc.)
If banks, the auto industry can lap it up at the gravy train, why would retailers think they should miss out? Especially if they configure it so it looks as though they will be doing us a favor.
I’m no economist, but I’m not sold on the fact that these tax-free sales periods are the answer. And won’t this negatively impact city and state revenues while benefitting the retailers?
This is outrageous. Who do you think pays for this “sales tax free” shopping ? Local municipalities and the taxpayer. Just say NO !
Ridiculous! Do they really suppose that people who are scared witless that they will lose their jobs are concerned about the tax on a purchase?! Enough- give the bail out money directly to the people and let us pay off our mortgages, car loans, credit card debt and student loans and then we’ll start spending. Giving it to carmakers to squander on union workers making way more than their skills warrant or banks so that they can continue to hoard it while cranking up interest rates on credit cards is totally nuts. Give us our own money- and I’m talking serious money, not B.O.s paltry $1000 tax credit per family- and we’ll put it to good use. Otherwise, shut off the tap now.