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SALES TAX REVENUE DOWN
Monday, January 26th, 2009 -- 1:44 pm
Posted by Riley Hebert-News Director
You probably didn’t even realize it, but for the past few weeks, you’ve been paying an extra half-percent sales tax on purchases made in Clark County.
Last year, the Clark County Board approved the optional half-percent sales tax. It went into effect on January 1.
Despite state projections that the optional tax could raise an additional $1.6-million for the county, supervisors only budgeted $800,000.
That was probably a wise decision.
Media reports show neighboring counties are seeing significantly lower returns as the economy tanks.
From 2005 to 2008, Marathon County’s sales tax collections fell from about $11.3 million to about $10.7 million, a drop of 5 percent.
Experts say diminished sales tax revenues often signal a slowing economy before it’s even obvious. The sales tax applies to non-essential items, which are usually the first to be cut from household budgets.
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