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It even won backing from U.S. President Barack Obama

Legislation for the collection of online sales taxes took a major step forward in a Senate vote Monday evening. 

The legislation -- known as the Marketplace Fairness Act -- scored a big victory in a procedural vote of 74-20 Monday night. It even won backing from U.S. President Barack Obama. 

The Marketplace Fairness Act allows states to force out-of-state retailers to collect online sales taxes. Currently, states can only require merchants within their borders to collect sales taxes.

The legislation offers an exemption for merchants that generate less than $1 million in annual out-of-state revenue.

"It will level the playing field for local small business retailers who are undercut every day by out-of-state on-line companies," said Jay Carney, White House spokesman. 

Senate Majority Leader Harry Reid filed a motion in support of the new bill last Thursday. 

Many states are in favor of the Marketplace Fairness Act because the money from sales tax collection could help with financial deficits. For instance, the California Board of Equalization said it made $96.4 million in sales tax on internet commerce from September-December 2012, which is the first full quarter that the state started collecting.

Brick-and-mortar stores are also happy with the legislation, since stores like Wal-Mart and Best Buy have complained about the unfair advantage online retailers like Amazon have when it comes to the lack of sales tax collection in certain states. 

However, not everyone is in favor of the Marketplace Fairness Act. Sen. Kelly Ayotte (R-NH) strongly opposes the legislation, and plans to fight it until the end. 

"This is big retailers and big business lining up to put burdens on the Internet for small online business," said Ayotte. "It is so wrong and it is a precursor to other things they will try to grab using the Internet, including taxing the Internet."

Amazon CEO Jeff Bezos has said that he would comply with sales tax collection if there were some sort of federal legislation regarding the topic. It has been fighting U.S. states that force it to collect sales tax for years (except in Kansas, Kentucky, New York, North Dakota and Washington). Only recently has it started collecting in additional states (like Texas and New Jersey, for example). But in return, Amazon gets to create more distribution centers within these state's borders. 

Source: The New York Times

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It even won backing from Obama?
By TheJian on 4/23/2013 11:01:27 AM , Rating: 2
That's a joke right? This guy believes in two things: Spending more money than you have until we break, and taxing us to death while doing it.

He will never turn down a tax hike.

It's almost comic that he called GWB UN-American for spending so much. He'll spend more than all presidents before him before his term ends. You are all witnessing the destruction of america, and the half that voted for this fool deserve this. Actually I shouldn't call him a fool. He knows exactly what he's doing. Break America and put us at the mercy of the UN etc. They want to control your guns, tax you to death etc. His plan is working brilliantly so far :( Just a few more trillion and we'll be unable to recover without ditching the dollar. When that happens he'll steal all your gold too...LOL. If you buy over $500 in gold they know you have it thanks to passing a law so they know where it's all at when they bankrupt the dollar. If you think your gold is safe in a bank YOU are a fool. There is a reason why Russia, Germany and China are taking their gold back to their own country.

They have confiscated all the gold before, and they'll do it again if they know you have it. Google this:
gold confiscation

FDR did it in ~1933 or so if memory serves...Roaring 20's gave way to a tax and spender (just like obama) and took all personal gold. Better buy under $500 and bury it in your yard....LOL
"Franklin D Roosevelt, under Presidential Executive Order number 6102, confiscated all privately held Gold in the United States on April 5, 1933."
Googled it for you :)
There are tons of sites that report it, no favorite here it just came up in the top 10.

RE: It even won backing from Obama?
By Rukkian on 4/23/2013 3:12:12 PM , Rating: 2
I am not sure what you do not get. This is not a new tax! This is not a federal tax in any way. This is allowing the states to collect the taxes they are already entitled to, and people should already be paying. This is helping to close a loophole that most people are using to avoid paying taxes.

You may have an axe to grind against Obama, but this really has nothing to do with him. This is actually closer to a libertarian principle - Give the states the power to enforce their laws.

"If a man really wants to make a million dollars, the best way would be to start his own religion." -- Scientology founder L. Ron. Hubbard

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