In 2010, UK Chancellor George Osborne surprised the world's economists by declaring that VAT (the UK's ubiquitous sales- and value-added tax) was a progressive tax; this is surprising because there's widespread agreement that sales-taxes are regressive, and bite harder on poor people than rich people. Now the Office of National Statistics has confirmed what economists (except Mr Osborne) already knew: VAT is inherently regressive: "the poorest fifth spent 9.8% of their disposable income on goods attracting VAT in 2009/10, while the richest fifth spent 5.3%." Of course, VAT was only 17.5% then. I'm sure things are much better now that it's 20%.
Dollar Tree should change its name to Dollars Tree. The company announced today that they're permanently raising the prices of most of their items from $1 to $1.25 and offering more $3 and $5 products. From CNN: Selling stuff strictly for $1 hampered Dollar Tree, the company said, and forced it stop selling some "customer… READ THE REST
Salesforce, the cloud software company based in California, has offered to pay its workers in Texas to leave the state following its 6-week abortion ban. "These are incredibly personal issues that directly impact many of us — especially women," Salesforce told employees in the message, which CNBC obtained. The company did not take a stance… READ THE REST
CVS upping its base pay to $15 an hour is a milestone because it employs 300,000 people and puts pressure on other small-store retailers (such as Walgreens-Boots) to follow suit. A scan of the top 10 retailers suggests that among big-box employers, only Home Depot and Lowes have failed to promise at least $15 an… READ THE REST
We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. From getting through the slew of work emails you've been putting off answering to making sure you're place is stocked with all the goodies necessary to feed all your holiday visitors… READ THE REST
We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. Listen, long gone are the days of being able to fix everything just by plugging it back in again (otherwise we would have done that with the completely nuts country already).… READ THE REST
We thank our sponsor for making this content possible; it is not written by the editorial staff nor does it necessarily reflect its views. Spending habits getting out of hand? Sure, you absolutely needed 1,000 rolls of toilet paper not so long ago, but that opened the door to frivolous, mindless shopping you otherwise would… READ THE REST