One More Reason I Love New York

Unlike neighboring New Jersey, which boasts tax-free apparel shopping, New York will still be subject to the state and MTA tax, which combine for a total 4.375% sales tax. However, something is better than nothing when comparing to the current total sales tax of nearly 8.5% to Bloomberg's proposal. The initiative is aimed at boosting the city's retail appeal and encourage shopping. The Executive Vice President of Stores for Barneys New York was appreciative, but maintains a realist attitude, saying...

Find Out What VP of Barneys Had to Say After the Jump.

"In the long term, it will be beneficial, but it's still not a situation where there's no tax like New Jersey. There's still that 4 percent tax. There's no ceiling, which could clearly benefit us because in the past when they've done tax-free weeks on apparel and footwear under $110, it's had little effect on us because of our price points. It will be an advantage, but it's not going to be sweeping like gangbusters."

It may not make a huge difference when purchasing items like a $65 tie from Louis Vuitton, but if one were to purchase a $10,000 handbag from Hermes, the savings could be significant--perhaps enough to fill a modestly-sized kiddie pool into which one could conceivably swim around in the style of Scrooge McDuck. But only if one were so inclined, of course.

Bloomberg Seeks to Eliminate NYC Apparel Tax [WWD]

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