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Tennessee Reduces Grocery Sales Tax
By Jerry Askin
How much do you spend a month on groceries? Starting July 1st, you may see a small reduction on the amount you pay at the counter.
Governor Bill Haslam made his way to Whitwell today - signing off on a new law reducing state sales tax on food.
Tennessee state sales tax on food will soon be reduced from 5.5% to 5.25%. Governor Haslam says any reduction to help taxpayers is good news.
Cheers of joy today as hundreds met Tennessee Governor Bill Haslam at the Smith Brother's Grocery Store in Whitwell. That's where he signed the bill to reduce the sales tax on groceries on food and food ingredients.
"While it doesn't help everyone a lot, it helps everyone some, and I think that's an important first step," says Tennessee Governor Bill Haslam.
Governor Haslam says with the economy recovering and recent state department cuts, it's a tax he says will do everyone justice.
"Our job is to give you the best service we can for the lowest price ... and the price is the taxes you pay," says Governor Haslam.
Here's how it breaks down. For every $100 you spend on groceries, the new tax reduction means you will save 25 cents.
With folks already paying hundreds of dollars per month on groceries,Shoppers we talked to say any reduction is better than no reduction.
"I'm a senior citizen on a fixed income, so any kind of break we can get... We need it," says Ed Howard.
"It'll help a lot, we do foster care and there are a lot of groceries to be bought.. I mean we're at the store everyday," says Pamela Roberson.
Paul Hall doesn't support the reduction. He says the government needs to spend more money helping the people find jobs.
"It's a lot of jobs cutting going on at the time and I think I'd rather pay 10 cents more when I check out... than to have someone without a job," says Hall.
Governor Haslam plans to approve an extra .25% reduction on the grocery sales tax next year. He wants to stand by his word in lowering taxes for all residents.
The reduced tax only applies to food at grocery stores, not things like candy, alcohol, or prepared foods.
More Business News
Last Update on April 17, 2014 17:08 GMT
WASHINGTON (AP) -- The number of people applying for U.S. unemployment benefits last week rose 2,000 to a seasonally adjusted 304,000. Jobless claims continue to be near pre-recession levels despite the slight increase.
The Labor Department says that the four-week average of applications, a less volatile measure, fell 4,750 to 312,000. That is the lowest four-week average since October 2007, just two months before the Great Recession started. The average has fallen by 53,500 applications over the past 12 months.
Applications are a proxy for layoffs. The current level of claims suggests that employers are holding on their workers with the expectation of stronger economic growth ahead.
Employers added 192,000 jobs in March and 197,000 in February, the Labor Department reported. Hiring has picked up after a slowdown caused by severe winter weather.
WASHINGTON (AP) -- Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins.
Mortgage buyer Freddie Mac says the average rate for the 30-year loan fell to 4.27 percent from 4.34 percent last week. The average for the 15-year mortgage eased to 3.33 percent from 3.38 percent.
Mortgage rates have risen about a full percentage point since hitting record lows about a year ago.
Many analysts have been expecting an improving economy to lift the housing market, which has been recovering over the past two years. But housing has struggled to maintain momentum. Rising home prices and higher mortgage rates have held back some potential home buyers. Others have had trouble qualifying for mortgages.
NEW YORK (AP) -- Investment bank Goldman Sachs says its first-quarter earnings fell as fixed income trading slumped.
The bank earned $1.9 billion in the quarter, down 11 percent from the same period a year earlier when it made $2.2 billion.
The earnings were equivalent to $4.02 a share. Analysts polled by FactSet had predicted earnings of $3.49 a share.
Revenue totaled $9.3 billion, down 8 percent from a year earlier, when the bank generated revenue of $10.1 billion. The latest quarterly revenue beat analysts' expectations of $8.7 billion.
Goldman's stock rose $2.78, or 1.8 percent, to $160 in pre-market trading.
NEW YORK (AP) -- PepsiCo reports a stronger-than-expected first-quarter profit as the company slashed costs and sold more snacks around the world.
The company, which makes Frito-Lay, Gatorade, Mountain Dew and Tropicana, says global snack volume rose 2 percent while beverages were even from a year ago.
In its closely watched North American beverage unit, PepsiCo Inc. says volume was even. Growth in other drinks offset a 1 percent decline in sodas.
For the quarter, the company earned $1.22 billion, or 79 cents per share. Not including one-time items, it earned 83 cents per share, above the 75 cents per share Wall Street expected.
A year ago, it earned $1.08 billion, or 69 cents per share.
Revenue edged up to $12.62 billion, higher than the $12.39 billion analysts expected.
EL SEGUNDO, Calif. (AP) -- Toy maker Mattel says weak sales of Barbie and markdowns to clear out excess inventory left over from a sluggish holiday season led to an unexpected first-quarter loss.
Toy makers are facing a weak environment globally due to the uncertain economy and popularity of electronic gadgets.
The largest U.S. toy maker says its net loss for the three months ended March 31 totaled $11.2 million, or 3 cents per share. That compares with net income of $38.5 million, or 11 cents per share last year. Analysts expected earnings of 7 cents per share.
The company which makes Disney Princess dolls and Hot Wheels cars says revenue fell 5 percent to $946.2 million. Analysts expected $947.6 million. Barbie revenue dropped 14 percent.
NEW YORK (AP) -- Target is vastly expanding the goods that are available to order by subscription as it fends off its biggest non-traditional retail rival, Amazon.com.
The nation's second-largest discounter first dabbled with subscriptions last September, trying to win over haggard parents with 150 baby care products.
That program has been expanded more than tenfold this week to nearly 1,600 items across a much wider array of consumer goods. Everything from beauty products and pet supplies, to home office supplies like printer ink, are now available through subscription.
Target, based in Minneapolis, is playing catch up in the subscription arena, which has exploded as companies test consumer appetites for almost every niche, from socks to razors, to clothing and entertainment.
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