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California has the highest base sales tax rate, 7.25%. Including county and city sales taxes, the highest total sales tax as of September 1, 2013, was in Arab, Alabama, 13.50%. [2] Sales tax is calculated by multiplying the purchase price by the applicable tax rate. The seller collects it at the time of the sale.
Sales and use tax is calculated as the purchase price times the appropriate tax rate. Tax rates vary widely by jurisdiction from less than 1% to over 10%. Sales tax is collected by the seller at the time of sale. Use tax is self assessed by a buyer who has not paid sales tax on a taxable purchase. Unlike value added tax, sales tax is imposed ...
Because the rate of a sales tax does not change based on a person's income or wealth, sales taxes are generally considered regressive. However, it has been suggested that any regressive effect of a sales tax could be mitigated, e.g., by excluding rent, or by exempting "necessary" items, such as food, clothing and medicines. [21]
A $2.8 Billion Home Goods Empire and $200 Million Net Worth. The Scott Brothers have a lot at stake. They have a $2.8 billion home goods brand empire but, as TV hosts, they also have the added ...
A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. [2] The statutory tax rate is expressed as a percentage and will always be higher than the effective tax rate. [3]
"Home Depot put up a good quarter — same-store sales of -2% beat the Street's estimate of -4.1% and came in slightly above market expectations of -2.5%, margins beat across the P&L, and FY23 ...