Results tagged “salestaxincrease”

If you bought taxable items today, you may have noticed a slight change with the sales tax: The city sales tax is now 8.875%, up from 8.375%. It's a move proposed by Mayor Bloomberg back in January, due to the poor economy. It's hoped that the 0.5% will raise $900 million in city revenue. This translates to an extra 50 cents for every $100 spent, and the Daily News reports, "While it's pennies with each purchase, it adds up: A family earning $75,000 a year would pay an estimated $170 more in sales tax over the course of a year, the Independent Budget Office says." Flashback: In 2007, Bloomberg asked the state to keep sales tax at 8.375%.