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Price Gougers
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<blockquote data-quote="1moredeer" data-source="post: 2131003" data-attributes="member: 112951"><p>I am a firm believer in the free enterprise system and agree that it is the best foundation we could have for our economy. Price gouging is not a function of a free enterprise system or capitalism nor is it a moral or ethical opinion, it is a matter of law. All but a few states have laws pertaining to price gouging, those that don't have laws still prosecute under various local statutes. While the definition varies, in most states a 10-25% increase in price above normal constitutes price gouging during a declared state of emergency/disaster declaration. Most states renewed their state of emergency/disaster declarations in January due to COVID-19. You can read more about the laws here:</p><p></p><p>[URL unfurl="true"]https://www.patriotsoftware.com/blog/accounting/price-gouging-laws-by-state/[/URL]</p><p></p><p>On a side note, I believe that because of these laws, most manufacturers are keeping their prices stable or with only a small increase to cover increased costs. It's just a matter of time before money hungry state governments seek to increase their revenues via fines on those who are guilty of price gouging.</p></blockquote><p></p>
[QUOTE="1moredeer, post: 2131003, member: 112951"] I am a firm believer in the free enterprise system and agree that it is the best foundation we could have for our economy. Price gouging is not a function of a free enterprise system or capitalism nor is it a moral or ethical opinion, it is a matter of law. All but a few states have laws pertaining to price gouging, those that don’t have laws still prosecute under various local statutes. While the definition varies, in most states a 10-25% increase in price above normal constitutes price gouging during a declared state of emergency/disaster declaration. Most states renewed their state of emergency/disaster declarations in January due to COVID-19. You can read more about the laws here: [URL unfurl="true"]https://www.patriotsoftware.com/blog/accounting/price-gouging-laws-by-state/[/URL] On a side note, I believe that because of these laws, most manufacturers are keeping their prices stable or with only a small increase to cover increased costs. It’s just a matter of time before money hungry state governments seek to increase their revenues via fines on those who are guilty of price gouging. [/QUOTE]
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