Halloween Horror? These Facts & Figures May Scare You

Halloween: a time for candy, for spooky costumes…and—at least this year—a time for some scary facts and figures. Happy Halloween! It’s been estimated that taxes account for around 47.82% of the cost of an average kid’s costume, which equates to about $11.66. That can come from taxed synthetic fibers, tariffs for imported costumes, and more. (Source.) […]

Frightening factsHalloween: a time for candy, for spooky costumes…and—at least this year—a time for some scary facts and figures. Happy Halloween!
It’s been estimated that taxes account for around 47.82% of the cost of an average kid’s costume, which equates to about $11.66.
That can come from taxed synthetic fibers, tariffs for imported costumes, and more. (Source.)
This could potentially scare you: $17,000. That’s the median retirement savings for families aged 56 to 61. (Source.)
How far would people go to not pay taxes? 11.24% of people polled said they would name their first child “Taxes” if it meant they could have a tax-free future. Now that’s scary! (Source.)
54%: that’s the percentage of Americans who are worried about not having enough money for retirement. (Source.)
Will that candy corn be taxed? Each state differs on how they tax candy, and the distinctions may frighten you a bit. In Ohio, candy is treated the same as groceries.
Adding to the complexity: some states tax certain kinds of candy, and not others. So while that Milky Way Midnight candy bar may be taxed in many states as candy, in the same location, the regular Milky Way bar would not be taxed since it meets the definition of a grocery item. ( Source.)