Taxable Trick Or Tax-free Treat?
What makes Halloween candy taxable? TPC’s John Buhl dives into the treat bag full of definitions of taxable and nontaxable food items developed by the Streamlined Sales Tax Governing Board. Does candy include flour? Is it in the shape of a bar, a drop, or a piece? It all matters when it comes to taxes. “Every time a new food item hits the market, state sales tax officials have to figure out what tax treatment should apply.” There’s no rest for the weary—or the hungry.
Poll on EV tax credit knowledge: Axios reports on a BlueLabs Analytics survey showing only 22 percent of Americans know a “great deal” or “good amount” about the Inflation Reduction Act’s electric vehicle (EV) tax credit. Just 10 percent of respondents said they’ll “definitely” choose an electric vehicle for their next car, while another 28 percent “might.”.
Cook County, Illinois, homeowners see largest property tax increase in 30 years. A new study by the Cook County Treasurer shows that the median homeowner in the county’s north and northwest suburbs saw tax bills climb 15.7 percent this year. The study also finds the tax burden is shifting from commercial properties to residential properties, despite policymakers saying they wanted to shift the burden in the opposite direction.
A tax shortfall in South Africa. Bloomberg reports that South African Finance Minister Enoch Godongwana is reworking the nation’s budget, given lower-than-expected tax revenues. The government expects to collect 52 billion rand (the equivalent of 2.8 billion US dollars) less than projected in February. The consolidated budget shortfall will be 5.3 percent of gross domestic product in the current fiscal year. Godongwana will deliver his mid-year budget statement tomorrow.
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