Sales Tax in California Goes Down 1 Percentage Point This Weekend
Yes, we've seen the t-shirts: 2010 sucked. It's true. And so far, 2011 isn't exactly sparking the turnaround of the new century. Not yet.
But there's hope.
Thanks to the often sedentary ways of the California legislature, a 2009, one-percentage point sales tax increase will expire tomorrow. That means ...
... in L.A. sales tax would go from 9.75 percent to 8.75 percent, saving you about a penny on every dollar spent.
That could add up, for example, if you plan to buy a big-ticket item like a car.
While pros would advise you do your auto shopping at the end of the month, when desperate sales people are trying to make goals, it might pay to wait a day and take advantage of the tax savings.
The flip side of this upside is that the state is in still dire economic straights and certainly could have used the extra cash the old tax rate provided.
The lost for California coffers as a result of the one percentage point reduction was estimated to be $4.5 billion.
Find your local sales tax rate here (and subtract a point if you're looking at this before July 1).
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