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Internet Sales Tax

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May. 7th, 2013 | 09:24 am
posted by: tirant in nerdsrant

Well, the Senate passed an internet sales tax law, which effectively requires businesses with over $1m in revenue to collect sales tax on behalf of the 46 sales tax collecting states, regardless of physical presence in any of those states.

Notice that the sponsors of this bill are all big box retailers (and Amazon), which makes it clear what the real idea behind this bill is... to prevent the rise of new competitors, as now companies will have a significant incentive to stay under $1m in revenue. And $23b... that somehow are not "new" taxes, despite clearly being new taxes.

On the plus side, in this version of the bill, the companies will only have to deal with the states, not the millions of combinations of state and local taxes. So yay?
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