And here it begins, the Retail Industry wants help due to the poor economy. No one is asking for a bailout, yet, they are asking President-elect Barack Obama to add a series of sales tax-exempt shopping days…
The National Retail Federation called for three periods of sales tax-free shopping that would last 10 days each in March, July and October 2009. The trade group estimates that it would save consumers about $20 billion, or $175 per family.
Under the industry group’s proposal, which would exclude alcohol and tobacco sales, the federal government would reimburse states for the lost tax revenue. State sales tax rates range from 2.9% to 7.25%, the group said. The five states without a sales tax — Alaska, Delaware, Montana, New Hampshire and Oregon — would also receive monies.
Without swift, additional Congressional measures, the current economic weakness could worsen, creating a more rapid downward spiral — beyond what economists are predicting for 2009 — in the years ahead,” the NRF said.
The retailers are setting the groundwork for asking for federal aid.
Here is an interesting note – Amazon.com says the best holiday shopping ever. What they fail to mention is how much revenue was pulled in. They are simply reporting how many items were sold.
UPDATE: TechCrunch has a breakout of the number of items ordered.
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