There is a mild kerfuffle brewing over Maryland’s upcoming sales tax holiday, which starts Sunday.
First, some bullet points:
* There are steep budget shortfalls because of continued tough economic times, which have left many without jobs and the state’s tax coffers unfilled.
* The state could lose between $10 million and $15 million in tax revenue during the holiday, according to estimates.
* State comptroller Peter Franchot told the Baltimore Sun: “It benefits the retail stores in Maryland, which provide 70 percent of the jobs. Most importantly, it helps the citizens, many of whom have been hammered by the recession, to get a little relief.”
*Critics, including the conservative Tax Foundation, argue that sales tax holidays don’t spur economic growth: “Sales tax holidays introduce unjustifiable government distortions into the economy without providing any significant boost to the economy.”
And now, my question to you: