For State and Local Governments: Over $500 Billion in Sales Taxes Annually
By allowing merchants to hold the sales tax portion of their transactions with consumers for as long as 110 days, state and local governments are leaving on the table enormous amounts of cash. Merchants, not the government, have the advantage of the use of, and/or earn interest on the float of the money collected; where not entitled to.
Since more than 65% of sales tax revenue is collected through purchases made by debit or credit cards the tax portion of the transaction is readily accountable and collectable. However current sales tax collection methods are not making use of cutting edge technology resulting in ineffective collection processes and inordinately long collection times.
STAC‘s patented sales tax automated collection tool enables States to speed up the collection of sales tax to realize revenues in real time.
With STAC, governments will have access and use of sales tax revenues immediately as the monies will be collected in real time with each electronic transaction. In addition, STAC allows States to collect sales tax immediately from new businesses even if they ultimately fail.
With the immediate use of the money collected on their behalf governments can operate better and more efficiently and avoid deficit spending and tax increases.
For Taxpayers: No New Taxes and Greater Government Efficiency
Since the sales tax collected is taxpayers’ money it should be paid as quickly as possible to the government to provide services to their citizens. Consumers have a real interest in having the sales tax portion of their purchases transferred to the state, for state use. With governments at all levels facing budget challenges, there are constant threats for additional of tax increases, which can be curtailed by efficiencies realized in the tax collection process.
It is important to never forget that implementation of the patented STAC methodology is worth your while. There is a lot of money at stake that goes uncollected every year. That’s cash that belongs to you. That’s cash that belongs to the taxpayers. At a minimum, they deserve having money already paid collected immediately so states can take advantage of the float.
STAC can help to realize sales tax in real time, where state and local governments can better meet their budgets, provide necessary services without deficit spending and avoid the possible need for additional revenue raising, such as additional taxes on their already overtaxed citizens.