Friday, August 27, 2010

$ 181.50 will get you $900,000 in GT ...

Stater Bro's Gross Sales

Number from
Jack Brown


$800,000

Tax Rate 8.75 percent



To find base sales of existing store and new take 22% off figure.

22% increase projected in City Council Packet.




Minus

$176,000

Calculating Backwards you end up with not such a great or impressive number for "Increase in Tax Revenue to Grand Terrace".



Existing Store Taxable Sales



$624,000




New Sales Taxes to GT per year



$176,000 x

8.25 percent

Gross


$14,520.00 net

x 1.25 percent

to GT


New annual sales tax to GT

Less than the stipend for One City Council Member for One Month.


$181.50

per YEAR

And Stater's is asking Taxpayers to kick in 900,000.00 because the Sales Tax Revenue will Increase?