Nothing says “I love you” on Valentine’s Day like candy. Perhaps that’s why, according to the National Confectioner’s Association: 36 million heart-shaped boxes of chocolate will be sold for Valentine’s Day and another 8 billion conversation hearts will will be produced.
Luckily for those who want to be sweet by giving sweets, the GSP program is here to save you some money. In 2012 alone, GSP saved American companies more than $13 million on imports of sugar, confections, and chocolates. All totaled, nearly $800 million worth of those products entered the United States duty free last year because the GSP program was in effect.
The majority of these savings came on sugar confections, such as white chocolate, which would face tariffs (i.e., extra taxes) of 5.6% without GSP. That’s why companies like New York-based Oppenheimer Chocolates and Connecticut-based Altray Company/Albert’s Candy have joined the 2013 GSP Supporter List.
To all the gentlemen reading this: you’re welcome for not mentioning that GSP reduced taxes on diamonds and other jewelry by more than $40 million in 2012, thereby making them more affordable as Valenti….Wait. We’ve already said too much.