Ready for another tax squeeze? Here’s what to expect, according to an authoritative source.
If it feels like the sales tax pressure on your company is out of control, it’s not your imagination.
The Tax Foundation’s latest study reveals that 2011 tax collections came to $764 billion, just behind the record $781 billion total in 2008.
And states won’t be letting up on companies anytime soon. Consider: The average amount of sales taxes paid by businesses has increased by about 4% every year since 1997.
With most states contending with budget shortfalls, they’ll be looking to make up the sizable difference from your company’s coffers.
Another trend: A baker’s dozen of states have made statewide rate changes in the past four years, and even more increases are expected.
For more details from the Tax Foundation, go here.