From the course: Taxes for Small Business
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Sales, use, and value-added taxes
From the course: Taxes for Small Business
Sales, use, and value-added taxes
- One of the most annoying taxes from a personal perspective is sales tax, especially in places where the sales tax is added at the point of sale. So all of a sudden, your $99 purchase is now $106.92 in New York City, or in China it's bumped to $115.83. In your country, it may go by a different name like value-added tax or Goods and Services Tax. Collectively, sales taxes are known as consumption taxes. Now there are benefits to governments raising revenue through sales tax. People have to eat and shop and buy services like cellphones and every time you spend money, the government gets paid. Consumption taxes, however, tend to hit lower income people the hardest. You may not notice that extra 8%, but someone living paycheck to paycheck certainly does. But what about a small business owner or manager? Do these really make an impact on you given it's your customers and not you paying the sales tax? In short, yes. You may not be paying the taxes, but you're 100% responsible for…
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