12 Interesting Facts About Valentine's Day Flowers and Money

Flowers are a big part of Valentine's Day. According to an annual survey released by the National Retail Federation and Prosper Insights & Analytics, consumers spend $2.6 billion on flowers for loved ones, making Valentine's Day the number one holiday for florists and flower buyers.

To commemorate this day, here are 12 fun facts about flowers and money.

1) Flower sales are taxed in most states. (Five states have no state sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon). However, the rules for what is taxable may vary. For example, some states distinguish between cut flowers and flowers intended for replanting, as well as plants and seeds for non-commercial use. Rules for imposing taxes may vary, but sales tax rates are often determined by the destination where the customer receives the bouquet or has the arrangement delivered.

2) Some states, such as California, may exempt certain plants and seeds used for human consumption, i.e., those eaten by humans.. Flowers considered edible include alliums, nasturtiums, marigolds, pansies, borage, chamomile, and pumpkin flowers. And while there may be some debate over whether to eat the flowers or use them as decorations, some distinctions are very easy to make. Broccoli florets, cauliflower florets, artichokes, and capers are all flower buds. I eat it, but it doesn't look like a Valentine's Day bouquet.

3) The U.S. Treasury used to sell flower bonds, also known as inheritance tax anticipation bonds. Introduced in the 1920s, these bonds were issued at less than face value and were to mature on a specified date or upon the bondholder's death. Since there was no mandatory holding period, it was possible to purchase the shares on the day of death. They were called flower bonds because they “bloomed” to maturity upon death. As of the date of death, even if the bond was purchased at a discount, the estate was increased to its full face value and the gain was tax-free and could be used to pay estate taxes. The US government stopped issuing Flower bonds in 1971, but there were still outstanding bonds on the market. However, the Tax Reform Act of 1976 made real estate less desirable by requiring them to pay capital gains taxes on the difference between the purchase price and the face value.

4) Today, red roses are the most popular flower for Valentine's Day. But rose varieties don't just spring up from the ground. Some take years to develop. David Austin's Juliet Rose is reportedly the most expensive rose ever developed, costing £2.3 million (US$2,889,950) and taking 15 years to create. It seems like it is. It was first shown to the public at the 2006 Chelsea Flower Show.

5) To avoid tax trouble, be sure to get a receipt if you plan to claim flowers as an expense. Flowers for your loved one will not count, but buying flowers for your waiting room or office space may qualify as a deduction. The same goes for flowers (up to $25) delivered to clients as business-related gifts, as long as they meet our criteria. Flowers to an employee may also be deductible as long as they are negligible, i.e., roughly “insignificant” or so small that accounting for them would be unreasonable or impractical. . Small benefits are excluded from income under section 132(a)(4) unless they are occasional or unusually frequent and are not a form of disguised compensation. There is no fixed amount at which something will no longer be a minimum. But the IRS has ruled in at least one case that even under unusual circumstances, items valued at more than $100 are too many (i.e. Juliet Rose is prohibited) .

6) Tulips are associated with the Netherlands, and depending on who you believe, this flower may have nearly destroyed the Dutch economy in the 17th century. “Tulipomania” is a phenomenon described by Scottish journalist Charles Mackay in the mid-19th century. According to Mackay, Dutch society began speculating on tulips, buying them and selling them for a profit. When the bubble burst, he argues, the Dutch economy plummeted. Historian Anne Goldgar is Professor of Modern History at King's College London and author of ' Tulipmania: Money, Honor and Knowledge in the Dutch Golden Age, disputes many of McKay's retellings. She agrees that tulips became a popular item and prices rose sharply from December 1636 to February 1637, but the impact was not as great as Mackay suggested. For example, Goldgar found receipts for the purchase of tulips for 5,000 guilders, the going rate for a fine house in 1637, but claimed that these were an outlier. Still, tulip fever briefly swept through the Dutch economy, leading some to call it the first “speculative bubble.”

7) Prior to 1960, very few fresh flowers were imported into the United States. Currently, we import flowers at a high rate from the Netherlands and other countries. In fiscal year 2022, the United States imported approximately $3.3 billion worth of cut flowers, plants, and nursery products from 81 countries, with Colombia accounting for the largest import value at $1.2 billion. From 2018 to 2022, Colombia provided approximately 37% of the value of U.S. cut flower and nursery inventory.

8) In terms of domestic production, Florida had the highest sales of floriculture in 2022, followed by California. These two states account for nearly a third of all U.S. sales and are also at the opposite end of most tax-related lists. For example, WalletHub ranks California 12th and Florida 46th in overall tax burden by state.

9) The Wars of the Roses in the 15th century lasted 70 years. The war was fought between two families competing for the throne, and was named after the coats of arms of the Houses of York (White Rose) and Lancaster (Red Rose). When Henry VI ascended the throne in 1422 at the age of nine months (!), there was already growing anxiety about the country's finances. The Hundred Years' War was still going on, and the coffers were depleted. And with the young king on the throne, his advisors are said to be lavishing money and land belonging to the monarchy. A series of measures were taken to strengthen the kingdom, including taxes such as the so-called Foreigner Grant, levied on all non-native-born people living in England over the age of 12. Ta. Elbowing continued over the throne, leading to an all-out war. In 1485, Henry Tudor (later Henry VII) defeated and killed Richard III, ending the Wars of the Roses. The following year, King Henry VII married Elizabeth of York, uniting the Houses of York and Lancaster. The symbol of the new dynasty was the Tudor rose.

10) Money may not grow on trees, but there are plants that do. of Lunaria annuaAlso known as honesty flower, money plant, silver dollar, or dollar plant, it is an herbaceous biennial (meaning the seeds germinate and produce small plants the following year) in the mustard family. This plant produces purple flower clusters in the spring, but is best known for its silvery seed pods that look like coins. Unfortunately, it cannot be used as is.

11) Money plants may not be exchangeable for cash, but plants can be used as currency. King Charles of England was paid one daffodil each year as rent for land in the Isles of Scilly (located off the southwestern tip of Cornwall, England). This tradition will continue under Prince William. That's a good fit. The former Prince of Wales would have known that daffodils are a symbol of Wales.

12) During Prohibition, many gangs had public businesses. Dion O'Banion famously ran a flower shop at 738 North State Street in Chicago (he also reportedly had an interest in flowers). He was murdered by associates of rivals, including tax fraudster Al Capone. On November 10, 1924, three men entered the store to pick up flowers for a funeral, but they shot O'Banion dead at close range. The killings sparked turf wars that resulted in hundreds of casualties, including the infamous St. Valentine's Day Massacre on February 14, 1929. Although Capone was a suspect, he was never charged with the murders and two years later was convicted of federal tax crimes.