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State and local sales tax rates at record levels.

Average combined state and local sales tax rates rose to a record 8.007% in 1992, according to Vertex Inc., a tax research company. The average combined rate exceeded 8% for the first time ever, rising from 7.865% in 1991.

All components of the combined rate moved higher in 1992. The average sales tax rate for the 45 states that charge sales taxes rose to 5.068% from 5.021% in 1991. Average county sales tax rates reached 1.378% in 1992 versus 1.304% in 1991, while average city sales tax rates jumped to 1.561% in 1992, up from 1.54% in 1991.

Vertex said 150 cities added a sales tax in 1992 and there were 351 city sales tax changes, a 50% increase over 1991. In addition, counties added 116 new sales taxes and had 142 rate changes.
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Publication:Journal of Accountancy
Article Type:Brief Article
Date:Mar 1, 1993
Words:142
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