Uncle Sam Dumps Taxpayers on Valentine’s Day

Taxpayers are unlucky in love this Valentine’s Day. Of an identified $18.6 billion in Valentine’s Day related spending on candy, flowers, dinner, jewelry, greetings cards, clothing, and hotels, government composes 33.1 percent of those costs. But how does government love thee? Let us tax the ways….
Valentine’s Day spending is subject to income taxes, payroll taxes, corporate income taxes, and other taxes on business activity. Government then includes additional fees, excise taxes, and international tariffs that further increase the cost of giving a special day to your loved one.

First, the government takes a good bite out of your box of chocolates – 30.8 percent of the price goes to the government. And make sure you save a space at your romantic dinner for a third wheel – Uncle Sam is driving up the cost of your night out by 30.8 percent.

A token to show your affection won’t come cheap either: Depending on how much you’re willing to splurge on a Valentine’s Day gift, tariffs on jewelry will make even the most committed paramours think twice. Gold necklaces and diamonds owe 35.82 percent of their price to government taxation. If you think your loved one won’t notice that you didn’t spring for the real thing, you certainly will when you hand over the cash: government demands an extra 6 percent for the knock-off bling.

Read more at The Cost of Government Center

Comments

Comments

  1. Roger Mitchell says:

    Yes well when the fools running the corporation we call America have no money or business sense what can anyone expect.. Unlike a private Corp. that is held in check and forced to have a budget out CEO and his broad of directors figure they do not need to honor the law and supply a budget they just keep taxing and spending and we get to pay for their free ride.. I’d expect a air tax for breathing our CO2 (: Then The Obamas and Al Gore and George Soros Richard Sandor and many more of their cronies and old school buddies will make billions more with their company called the Chicago Carbon Exchange ..But they are building up the country’s economy everyday man its booming all over just ask one of them (: