There is a bill going through the Senate right now called the Marketplace Fairness Act. It’s a bill that will force online companies like eBay and Amazon to collect taxes on all purchases, regardless which state they are shipping to. Currently Amazon only collects taxes from 5 states in the country.
I can hear you asking – “A new tax?! Don’t we already have enough taxes
to pay? Why are both sides of the political fence backing this bill.. has the sky really fallen?!” Turns out, legally you’re supposed to be paying those taxes for your online purchases at the end of the year when you file your tax return. Surprisingly enough, Americans aren’t always so voluntary and forthcoming with that sort of information when tax time comes around. State and Federal Tax bureaus also haven’t been the best when it comes to enforcing it either.
Continue reading Marketplace Fairness Act – Who Really Wins?
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