Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


5 posters

Internet Tax - paving the way for transaction tax?

elandur
elandur
Getting It Investor
Getting It Investor


Posts : 65
Join date : 2013-01-04

Internet Tax - paving the way for transaction tax? - Page 2 Empty Internet Tax - paving the way for transaction tax?

Post by elandur Tue 23 Apr 2013, 8:23 am

First topic message reminder :

Internet sales tax advances after Obama endorsement

This one is moving down the chute like a greased pig. Senate vote on the bill due later this week. Text only became available on line this past weekend (when we were all busy looking elsewhere). The actual bill was introduced the day after the Boston bombing. Think this one wasn't all nice and ready and waiting for some big event to make us look the other way before it was introduced? And of course, we need to pass it quick - and find out what it really says later.

Even during a crisis, it is comforting to know that your Congress is hard at work...


Internet sales tax advances after Obama endorsement



Legislation that would empower states to tax online purchases cleared a key hurdle in the Senate on Monday after winning an enthusiastic endorsement from President Obama.

Senators advanced the bill in 74-20 procedural vote on Monday evening, just one vote short of the backing it received in a test vote last month. Twenty-six Republicans joined Democrats in moving forward with the bill.

<p>




The Senate will now begin debate on amendments. The chamber is expected to hold the decisive vote on the bill — known as the Marketplace Fairness Act — later this week.


Major retailers are putting all their lobbying muscle behind the legislation, arguing it would close an unfair loophole that benefits online merchants over brick-and-mortar stores. The National Retail Federation, which represents chains such as Best Buy, Macy’s and J.C. Penney, and the Retail Industry Leaders Association (RILA), which counts Target and others among its membership, announced it would score lawmakers’ votes.

The White House gave the bill a ringing endorsement on Monday.

“We have heard overwhelmingly from governors, mayors and the business community on the need for federal legislation to level the playing field for our businesses and address sales tax fairness,” White House press secretary Jay Carney said.

But signs of trouble for the bill also emerged as Wall Street groups urged the Senate to slow down and eBay began marshalling its users in a massive campaign to kill it.

The Securities Industry and Financial Markets Association and the Financial Services Roundtable said the measure could pave the way for financial transaction taxes on the state level, an idea that Wall Street and its supporters fiercely oppose.

“It’s important for Congress to explore all the possible outcomes and costs of the proposal, especially the impact on consumers,” Scott Talbott, the senior vice president of public policy for the Roundtable, said in a statement.

“A transaction tax on financial services products will hurt retail investors, retired Americans, and small businesses, effectively making it more expensive for them to invest and plan for the long-term. Without hearings, these implications and others will not be properly addressed.”

Even if the bill clears the Senate, it faces an uncertain future in the GOP-controlled House. Conservative groups Heritage Action, Americans for Prosperity and FreedomWorks are rallying opposition against it, and have vowed to score votes in favor against lawmakers.

The Marketplace Fairness Act would empower states to tax out-of-state online retailers, but would exempt small businesses that earn less than $1 million annually.

Under current law, states can only collect sales taxes from retailers that have a physical presence in their state. People who order items online from another state are supposed to declare the purchases on their tax forms, but few do.

The proposal has the support of a host of governors, including Republicans Chris Christie of New Jersey, Rick Snyder of Michigan and Bob McDonnell of Virginia. Passage of the bill could bring billions of dollars in new revenue to state governments.

The bill has split the tech industry, pitting eBay against the retail giant Amazon.

In email to eBay users, eBay CEO John Donahoe argued that the bill would “penalize small online businesses,” urging the site’s millions of users to contact their members of Congress and voice opposition.

The company is lobbying for Congress to increase the small-business exemption from $1 million to $10 million.

Donahoe also took a shot at Amazon, a key supporter of the legislation.

“Amazon, for example, has fought harder than any other company to require all businesses to collect sales taxes online, while also seeking special tax benefits as it expands its warehouses throughout the country. It’s bad tax policy,” Donahoe wrote.

Amazon argues that a single national framework for tax collection is preferable to a patchwork of state laws. The company reportedly has plans to expand its network of physical distribution centers, which would make it subject to state sales taxes under current law.

The Senate’s move on the sales tax bill came abruptly last week after Senate Majority Leader Harry Reid (D-Nev.) shelved gun control legislation. Some senators said they were taken aback by the move to the bill and are asking for more time.

Sens. Kelly Ayotte (R-N.H.), Ron Wyden (D-Ore.), Jon Tester (D-Mont.), Jeanne Shaheen (D-N.H.), Marco Rubio (R-Fla), Mike Lee (R-Utah) and Ted Cruz (R-Texas) sent a letter to Reid on Monday urging him to delay the legislation, which has not gone through the committee review process.

They warned the bill would “erode” states’ rights and “result in crippling compliance costs on small Internet businesses.”

“At the very minimum, we believe these concerns warrant a thorough vetting of the bill through regular order,” they wrote.

Delaware, Montana, Oregon, New Hampshire and Alaska have no state sales tax.

Sen. Max Baucus (D-Mont.), the chairman of the Finance Committee, criticized Reid for bypassing his committee, which has jurisdiction over taxes.

“This bill is not ready for debate on the Senate floor. It has not been completely thought through. It is full of unintended consequences that could seriously harm America’s small businesses,” Baucus said.

Supporters argue the bill would actually protect states’ rights. They say it would not force any state to collect taxes, and argue that states that choose to tax online purchases could lower other rates.

Sens. Dick Durbin (D-Ill.), Lamar Alexander (R-Tenn.) and Mike Enzi (R-Wyo.) are the lead Senate co-sponsors of the legislation.

“Thousands of local businesses are forced to do business at a competitive disadvantage because they have to collect sales tax and use tax, and the remote sellers don’t,” Enzi said on the Senate floor. “We should not be subsidizing some taxpayers at the expense of others.”

elandur
elandur
Getting It Investor
Getting It Investor


Posts : 65
Join date : 2013-01-04

Internet Tax - paving the way for transaction tax? - Page 2 Empty Re: Internet Tax - paving the way for transaction tax?

Post by elandur Wed 24 Apr 2013, 1:13 pm

@zimi31 wrote:

Good point!!! I live in New York...about 9% and already know how they never 'have enough'!!! Heck our sales tax is 8.75% !! I just received an audit notice challenging a refund due of $5500. It's for an aunt in a nursing home who I'm attempting to help out! The nursing home charges approx. $12,000 a month and included in that is a state 'bed tax' of approx. $750 per. She is entitled to the refund, but it's not going to be 'routine'!
I can only imagine what they are planning for us 'dinar folks'....we know we are on their radar screen and they know who we are, I'm sure!!! Evil or Very Mad

You are in New York? My condolences. Although truth be told, things are happening here in Texas that concern me greatly as well.

My sales tax rate here is about the same as yours; at least we don't have a state income tax (yet), but our property taxes are outrageous by the standards that exist in other parts of the country. I, for example, pay around $4500/year in property taxes on a home valued at around $160K. Most of that is public school taxes which seem to increase every year while the quality of the finished product they produce continues to wane. Seems to me they could spend half the money and achieve the same result. But the school buildings themselves are VERY nice. Only the best for our kids!


Last edited by elandur on Wed 24 Apr 2013, 1:14 pm; edited 1 time in total (Reason for editing : fumble fingered - correct typo)
zimi31
zimi31
Interacting Investor
Interacting Investor


Posts : 2430
Join date : 2012-12-21
Location : New York

Internet Tax - paving the way for transaction tax? - Page 2 Empty Re: Internet Tax - paving the way for transaction tax?

Post by zimi31 Wed 24 Apr 2013, 8:15 pm


Appreciate your sympathy...our property tax is about $7200...half is school tax! We do get a lot of house for the money compared to many parts of the country, but then again people aren't standing in line to move here. It's a beautiful area, WNY, but the leadership is non existent and the weather can be tough.
ron-man
ron-man
All In Investor
All In Investor


Posts : 1295
Join date : 2013-01-19

Internet Tax - paving the way for transaction tax? - Page 2 Empty Re: Internet Tax - paving the way for transaction tax?

Post by ron-man Thu 25 Apr 2013, 10:00 am

The leadership in Calif. is not so great either.I believe that if it were not for all the unions,it would be different.
avatar
mazzone62
Getting It Investor
Getting It Investor


Posts : 39
Join date : 2012-12-20
Age : 59
Location : Cambria NY

Internet Tax - paving the way for transaction tax? - Page 2 Empty Re: Internet Tax - paving the way for transaction tax?

Post by mazzone62 Thu 25 Apr 2013, 11:59 am

Zimi, move to niagara county. Our taxes last year were around 3600.00 for a 10 room house on 3 acres. I drive a little farther to work, in Cheektowaga, but it is cheaper.
elandur
elandur
Getting It Investor
Getting It Investor


Posts : 65
Join date : 2013-01-04

Internet Tax - paving the way for transaction tax? - Page 2 Empty Re: Internet Tax - paving the way for transaction tax?

Post by elandur Thu 25 Apr 2013, 1:08 pm

Do you have a state income tax? What is your sales tax rate? What does it cost to heat your home in the winter? What is the general cost of living like there? (Food, gas, electric, etc)
avatar
mazzone62
Getting It Investor
Getting It Investor


Posts : 39
Join date : 2012-12-20
Age : 59
Location : Cambria NY

Internet Tax - paving the way for transaction tax? - Page 2 Empty Re: Internet Tax - paving the way for transaction tax?

Post by mazzone62 Thu 25 Apr 2013, 3:48 pm

Was that directed at me or Zimi? We're in neighboring counties, same state tax but my county sales tax is a little lower then hers. I heat with oil about 2400.00 depending on the weather. Water 28.00 quarterly. Electric 131.00 last month. Propane ( heat water) 400.00-450.00 per year. Other then that we grow all our Vegs/corn/pumpkins and i can all summer, raise chickens and sell eggs 3.50 dz about 7 dz a week. Don't eat/ buy processed foods ( allergic to salt). We get a few deer every year and make our own sausage/grind etc, also turkey hunt. Last week we put in a small orchard so in time we won't buy fruit either. Have not been to a movie in 10 years, and I love living the simpler way of life.

Sponsored content


Internet Tax - paving the way for transaction tax? - Page 2 Empty Re: Internet Tax - paving the way for transaction tax?

Post by Sponsored content


    Current date/time is Tue 07 Dec 2021, 4:00 am