Home » Economy » States weigh grocery tax pause as inflation surges, but it may not provide much relief
States weigh grocery tax pause as inflation surges, but it may not provide much relief
Inflation taking a ‘lot of people by surprise’ this tax season: Expert
The Marks Group President Gene Marks, CPA, discusses the inflation has on taxes.
Several states are taking steps to temporarily roll back taxes on food in hopes of providing some relief for Americans who are experiencing surging prices at the grocery store.
The government reported on Tuesday that consumer prices accelerated to a new, four-decade high in March, with inflation hitting 8.5% – the fastest pace since 1981. One major contributor to the inflation spike has been food prices, which soared 8.8% in March from the previous year.
INFLATION SURGES 8.5% IN MARCH, HITTING NEW 40-YEAR HIGH
The prices of everyday staples have jumped over the past year, including for cereal and bakery products (10%), poultry, fish and meat (13.8%), fresh fruits and vegetables (8.1%), and eggs (11.2%).
Now, in order to alleviate the financial pressure on American families, there is a growing push in a handful of the 13 states that tax groceries to pause those levies.
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