To Tax or Not To Tax Online Sales?
Many states are deep in the hole looking to close the budget gap and lawmakers are looking for ways to collect taxes. Collecting taxes from online retailer may help the bottomline. Estimates of as much as $23 billion yearly could be collected.
The challenge: how do states collect it?
Right now, the rule is that online retailers must collect tax from consumers living in a state where there is a physical presence. Consumers are still required to pay tax under their state, but let's face it most don't and that equals lost revenue for states.
Vote in our poll and then later today, check out our spirited debate on Closing Bell at 415 PM/ET.
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