August 10 is a much anticipated date highlighted in many calendars. We are getting ready to spend a little bit more than $82 billion on purchases related to schools and education. A gigantic number of Texans are going to use a special tax-free weekend to purchase a plethora of products in preparation for the next school year.
The tax-free nuance applies to a variety of goods including shoes, clothing, bags, backpacks, and various supplies as well as they stay under the $100 price level. One of the apparent problems with the upcoming weekend is that many things that taxpayers want to spend their money on are not that cheap or not included in the list of tax-free products.
People should remember that a score of items will still be taxable: fashionable purses, watches, accessories, umbrellas, headbands, and even batteries. While some parents believe that hobbies and additional classes are imperative parts of any education, shoes for sport, tap dance or ballet will be taxed just as usually.
The current survey done by the National Retail Federation has some interesting data. The estimated volume of expenditures is expected to be one of the biggest in recent years with an average taxpayer planning to dish out $684 to prepare for the next school year. The estimation is in the TOP3 highest numbers in the history which is an undeniably respectable position for this statistic. Nonetheless, there are more mind-boggling developments.
However, true record breakers are young adults who are getting ready for their first college year. The average expenditures get awfully close to $950 ($942 to be exact) which is the highest number ever. People who are making some shopping in anticipation of the next college year are going to buy a lot of clothing, electronic devices, and decorations for their dorms and rooms. At the same time, high school students want to spend more on clothes, shoes, and new smartphones.
Unsurprisingly, all these kids and their parents do not plan to spend too much on school supplies. This means that retailers of notebooks and pens will have some bad time. The technological advancements of the educational problems plummeted the profits of multiple industries that focused on producing notebooks, pencils, accessories, and much more.
All these estimations and calculations done by independent agencies and the government indicate that Texans will save a whopping $87 million in taxes. There are more much anticipated developments that are quite exciting for everyone. For example, the government is ready to help out taxpayers and decided to inform preemptively which products will be tax-free and which should be purchased without any privileges.
The pre-school shopping period is one of the most important for several industries and also should be taken into consideration by the government. We must make sure that our children have everything they need to study hard and well.