Tuesday, December 30, 2008

Do you love those tax-free holidays?

Posted By on Tue, Dec 30, 2008 at 9:51 AM

The Wall Street Journal reports that the country's largest retail trade association, the National Retail Federation — why do I think of wrestling when I say that aloud? — is trying to get in on Obama's upcoming economic stimulus package. They have asked that a series of sales tax-exempt shopping days be added to the stimulus package to boost consumer confidence and spending.

The National Retail Federation called 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.

I personally think it's a good idea. People just aren't spending the money needed to boost the economy back up. With tax holidays, people are more likely to get out and make those big purchases — after all, everyone loves saving money. In fact, many people will buy merchandise at a lower cost JUST BECAUSE it's offered at a lower price. How many times have you heard someone, or even yourself, say, "I just had to buy it. It was 50 percent off!"

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