If you’re a regular Internet shopper, you were probably paying close attention to the news yesterday as the U.S. Senate was in the process of voting on a bill deemed the “Internet Sales Tax” bill. Unexpectedly, the Senate passed the bill Monday night, which was being introduced as a way for states to collect sales tax for online purchases more easily.
The so-called Marketplace Fairness Act passed with a vote of 69 – 27 and will now head to the House where its future is uncertain at this point due to a number of Republicans possibly viewing the bill as an increase on taxes. A total of 45 states which currently charge sales tax would require large online retailers to collect taxes on purchases made by the resident of their state. The new law would only apply to online sellers whose sales reach at least $1 million outside of states where the company has physical operations, such as stores or warehouses.
If the bill isn’t stopped at the House, then it will most likely become a law as President Obama has gone on record as endorsing this bill. So for now, we recommend you get all of your online Christmas shopping for the next ten years done ASAP if you want to avoid the results of this new bill.RELATED
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- Seen at: money.cnn