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Retailers, Lawmakers, Revive Call For Internet Sales Tax

Discussion in 'Off-Topic Discussion' started by CatfishRivers, Jul 25, 2012.

  1. CatfishRivers

    CatfishRivers Well-Known Member

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    Retailers, lawmakers revive call for Internet sales tax - Bottom Line (click for full article)

    "By Herb Weisbaum, NBC News contributor

    Online sales are soaring. State budget deficits are growing. And tax-free Internet sales are once again in the spotlight.


    Congress is considering bills that would "level the playing field" by allowing states to require all online merchants doing business in that state to collect sales tax. Web retailers have largely had a free ride since a 1992 Supreme Court ruling that only merchants with a physical presence in a state are responsible for collecting sales tax.


    The House Judiciary Committee held a hearing on the Marketplace Equity Act of 2011, although it is unclear whether the bill has a chance of coming to the floor in the final months of this election year. Collecting taxes on Internet retail sales could raise $20 billion a year for cash-strapped states and municipalities, the nation's governors estimate."
     
    Last edited: Jul 25, 2012
  2. CatfishRivers

    CatfishRivers Well-Known Member

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    Well it goes without saying that if this proposal becomes law it will benefit retailers such as Best Buy in a big way - and be detrimental to online retailers such as Amazon.
     

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