Sales Tax About To Skyrocket In New York State?

There are reports that some areas of New York State could see a massive bump in a sales tax rate.

As the world is watching to see what happens next in global trade, some states and cities are trying to close gaps in their finances and higher sales taxes may be the next move.

As if the threat of tariffs are not enough to make you nervous, spending more on taxes has elevated that fear.

WHAT ARE WE PAYING?

Currently, in New York City, the sales tax rate is 8.85% which includes the city and state tax together.

WHAT ARE THEY PAYING?

In California, there are reports that some areas will be paying as much as 11% or MORE with a new sales tax rate.

According to NBC TV in San Diego, Calinfornia, "In Los Angeles County, for example, some cities will now see rates up to 11.25%".

ESSENTIAL READ: Two Week Break For New York Schools

NBC in Los Angeles ran the following story showing some of the other areas that will see an increase.

COULD WE PAY MORE SOON?

There are some cities in New York State that are struggling to close a budget gap or shortfall. In Buffalo, New York for example, they are trying to figure out how to fix a $50 million issue! A higher hotel tax, bigger parking ticket fines and other fees are all part of what some say could be next in Buffalo.

At the start of the week, investors will be watching the markets to see if there will be some sort of rebound after a tough week last week.