What Are Wacky Finance Laws in the U.S.:
Wacky finance laws are laws about finance that people find strange or odd. They can also be funny to the average person.
Lists of Strange Finance Laws:
Candy:
In Kentucky, candy that does not contain flour is subject to sales tax, whereas candy that does contain flour is exempt. In some states such as Hawaii, candy is taxed in the same way that food and food ingredients are.
Dance:
Any business in Washington state that allows customers to dance must charge an additional retail tax. These are known as cover charges, and they are applied to service and other business activities.
Tax:
New Hampshire has no income tax and no sales tax, whereas most states do. Lower rates are found in some states, while higher rates are found in other states. Even though New Hampshire does not have an income tax, dividends and interest earned in excess of $2,400 for individuals ($4,800 for joint filers) are subject to a 5% tax rate.
Marriage:
If you are not married and are between the ages of 21 and 50 in Missouri, you will be subject to a higher tax burden than your married neighbors.
Drugs:
The proceeds from the sale of illegal drugs in Alabama must be accompanied by a tax stamp. For example, if a person has more than 42.5 grams they will be charged $3.50 a gram.
Use Tax:
Use tax is levied in Iowa when something is used, stored, or consumed in the state, regardless of where the purchase was made. Retailers can collect use tax, or the purchaser can pay it to the state. Unless there is a specific exemption on certain items, all tangible personal items can be taxed.
Bagels:
In New York, prepared bagels that have been toasted and covered with cream cheese must pay an 8.875 percent tax that applies to processed foods. If a bagel is cut, it counts as a prepared food, but if you get it unsliced, there won’t be any tax.
Strtip Clubs:
According to the Utah Supreme Court, there is a 10% tax on fees charged by businesses such as strip clubs that employ nude or partially nude employees.
Conclusion:
You might be surprised by how strange these laws are. Many people are unaware that they exist. Wacky finance laws don’t always make sense, but it’s best to know some.
Written by Anna Li