There are taxes on business inventory?
So then, a company buys products for resale or use in their business, and are taxed on it, when the products have not been sold or used?
There is no inventory tax in Sweden.
That’s not the real reason for Just in Time. Inventory ties up cash and can become obsolete or spoil and rot before it’s sold.
https://definitions.uslegal.com/i/inventory-tax/
https://taxfoundation.org/does-your-state-tax-business-inventory/
Because property taxes tend to be locally assessed and collected, the bulk of the revenue generated goes to local governments, meaning that elimination could strain local budgets.
please provide a clear, non-politicized reason for the tax, besides “Mo Munee For Goobermint”.
Can’t seem to find one . ...
Quit abusing the news forum with your vanities.
whatever....
What pisses me off is that Bob buys a car and the state taxes it. OK, it’s been taxed. The Bob sells that car to Fred and it gets taxed again. And so on... Huh?
We have agreed to so much bullshit in this country. The parasitic professional politicians have sold this country out for 50 years or more. Well, those morons have created a lot of problems for themselves. There will be so many lawsuits over takings and other things after this you won’t be able to get a day in court for years. The tax base is going to go to hell because of all the businesses that these lunatics have killed. Government does not create a penny, what will these dip$hits do when they no longer have the “revenue” to run their overly bloated governments? And now, they have piled trillions on debt backed by paper?
The only good thing is that the market will jump up and down like a Pogo stick. Money to be made there. And, a lot of stuff will be bought cheap in the coming days. Fast forward 90 days and see what the real estate market looks like....
Just in Time = fragile
Even before coronavirus, manufacturers in Canada were having problems with the indians or protestor or whatever the hell they were blocking the railway tracks in Ontario.
This was a big burden of book publishing companies. Back in the day, they ran larger printing and were able to warehouse and sell them.
This rule ended that and made for smaller runs and many more books going out of print.
Conversations involving the property tax tend to focus on residential property and individual payers, but businesses also pay property taxes. In fact, it’s the largest tax paid by businesses on the state level. In addition to taxes on the value of buildings and land, businesses also can pay property taxes on their equipment and furniture, known as a business tangible personal property tax (TPP). A number of states include inventory as part of their TPP tax. Ten states tax inventory, with four additional states having partial taxes on inventory.
States have explored ways to repeal or limit the burden of inventory taxes, but local funding is a common sticking point. Because property taxes tend to be locally assessed and collected, the bulk of the revenue generated goes to local governments, meaning that elimination could strain local budgets. In Mississippi, for instance, the inventory tax was estimated to generate $168 million in 2010 for Mississippi localities. Immediate elimination of the tax could wreak havoc on local government budgets. - https://taxfoundation.org/does-your-state-tax-business-inventory/