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August 1 2014

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Virtual Stores, Real Taxes

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What’s good for the country is not necessarily great for the closet. WWD reports that on Monday the Senate voted to approve The Marketplace Fairness Act—an amendment that supports wider taxation on Internet purchases. Under current legislation, most online retailers are only required to collect sales tax if they have a physical presence in the customer’s home state. As a result, states have reportedly lost more than $22 billion in annual tax revenue. The hot-button bill will require businesses with more than $1 million in online and catalog sales to pay sales taxes in the states where their goods are sent. The White House offered that the amendment “will level the playing field for local small-business retailers that are in competition every day with large out-of-state online companies.”

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