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.