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Better stock up on these now
As the budget brouhaha rages on up in Albany, Governor Paterson is on a veto-ing frenzy, in the midst of veto-ing a whopping 6,900 (by hand-signing no less), all except the dreaded temporary elimination of the over $110 clothing and shoe tax exemption. "There's a sales tax on clothing, which I don't think is a particularly good idea, but it is a revenue source,” says the Governor, as quoted from a radio interview in Crain's.
If Paterson follows through, then come Fall, New York will reinstate the sales tax on clothing and shoes for items over $110. It's a small comfort that this move is not permanent. Come April 2011, clothes and shoes costing up to $55 will be tax exempt and all will be right with the world in 2012 when the original $110 tax exemption will be back in place. They have to raise funds from somewhere, but it does hurt to take this privilege away from people shopping in the nation's fashion capital. If it's any consolation, you'll still be able to drink your sugary sodas, tax free.
·So Taxing [Racked]
· Paterson Wins Budget Battle With Veto Power [Crain's New York]
· New York Governor David Paterson Plans Vetoes And Argues For Expanded Executive Power [WAMC]