Congress Not Looking to Pass Internet Sales Tax Anytime Soon
Ever since the Internet became a worldwide sensation, there have been those who think it should be taxed, especially Internet sales from state to state. Taxing the Internet would be a huge source of extra revenue for the government, but for those who use the Internet to shop (which is just about everyone these days), those taxes would be a real headache.
However, the latest attempt at taxing the Internet may not be going anywhere. That’s because the Main Street Fairness Act, a bill that would allow state and local governments to charge and collect taxes on Internet sales from companies that are located in another state, has run into a brick wall in Congress. The bill already passed the Senate in May of 2013, but so far Congress has not jumped on board.
Even though the bill will not be moving forward this year, according to Speaker of the House John Boehner, proponents of the bill could always bring it up again next year, but it would have to start over fresh in Congress.
Those who oppose the bill claim that it will be another tax on consumers who use the Internet to shop. Plus, for those companies who sell online, the price to set the system up to collect those taxes would be costly.
For now, though, taxing the Internet is still just an idea and not a reality. The debate will assuredly rage on in Congress, but whether or not it ever becomes a reality is still to be determined. Meanwhile, you can contact GROCO at any time for all of your tax planning needs by clicking here.
Plan Now to Get Full Benefit of Saver’s Credit
Plan Now to Get Full Benefit of Saver’s Credit Plan Now to Get Full Benefit of Saver’s Credit, Tax Break Helps Low- and Moderate-Income Workers Save for Retirement Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2007 and the years ahead, according to the…
Succession Planning for Business Owners
Succession Planning for Business Owners “How can I arrange for the transfer of my business when I retire and yet be able to keep peace in the family?” That’s a common question asked by owners of successful businesses when the time comes to turn over the reins to the next generation. And, although there are…
Testimonials
Testimonials Over the years, the partners and staff at GROCO® have earned the appreciation and respect of their clients. This has been achieved through hard work, expertise, and a dedication to excellent service. Read the following testimonials to see how GROCO® has succeeded in not only meeting but surpassing client expectations. Do you a have…
A Mortgage Refinance with Bad Credit – The Pros and Cons
A Mortgage Refinance with Bad Credit – The Pros and Cons To many, the term ‘bad credit’ is the end of the world when it comes to getting financing in the near future. However, it doesn’t always have to be like that, you can take the bad credit mortgage refinance option! Mortgage refinance vs. equity…