New York Passes "Amazon Tax," Could Set Nasty Precedent
If the bill survives expected legal challenges and other states follow suit, the value proposition offered by online retailers will be reduced (via higher expected prices). This, in turn, could slow the growth rate of etailers like Amazon (AMZN).
With the passage of the hotly debated state budget last night, New York legislators approved a bill that will require many online retailers to begin collecting sales taxes on purchases shipped to the state, even if they have no operations or employees working there.
New York Governor David Paterson is widely expected to sign the measure.
The so-called "Amazon tax" closes a loophole for Internet retailers who derive sales through affiliate programs in which Web site owners place a link to the merchant on their site and earn a commission on sales made from referrals. In lobbying for the bill, the industry group representing New York retailers had argued that the exemption from the sales-tax collection requirement gave out-of-state online retailers an unfair competitive advantage...
The controversial bill ends what for many New Yorkers had been tax-free online shopping, and experts predict that other states could follow suit with similar provisions. Consumers are required to report purchases they make online from out-of-state companies on their tax returns and remit a use tax, but many people are either unaware of that obligation or ignore it. Collecting those taxes from individuals has been an administrative impossibility.
See Also: Amazon to Eliot Spitzer: Pound Sand
It would also be a great way for them to send a message to the NY government, if they were so inclined and it might act as a warning shot across the bows of other states considering the same measure.
As a consumer, this bums me out. I did even divert a purchase to Amazon last week because i could skip both sales tax and shipping.
However, as a former retail store operator who worked as a liaison with local government, I can also see that this is only rationalizing and leveling out a marketplace that is not fairly operated right now. I doubt that anyone would really want to see the world change so that there are no local retail stores, only mail-order shops... when you buy at retail, you are not only paying sales tax that they are forced to collect and remit, but also the implicit cost of shipping.
Note that prices of goods purchased from a retailer have a lower built-in shipping cost, because of the efficiencies in volume shipments.
If the world were well run, then a squaring up of online and offline taxation could ultimately lead to a lower overall tax rate. That seems to never happen, but, well, it could.
RE: dem taxes - I guess it's the true independent/logical thinkers that understand that polititians on both sides have you fooled into thinking your in their club and they give a **** about you and your family.
In fact, the biggest disadvantage that an online retailer has over a brick and mortar store is the lack of a physical presence to bring down distribution costs and interface face-to-face with customers. How is leveling the tax field for both making this disadvantage level for an online retailer?
What this legislation really translates into is a tax for large online retailers. Because why? Because an interest group of NY retailers decided that the likes of Amazon are scary and they didn't want to use their own huge advantage of physical presence to compete.
http://www.nydailynews.com/img/2008/04/13/gal_spitzer-4.jpg
This is nothing more than using retailers like Amazon to act as a collection agency for something you already owe. Stop complaining that you can't cheat the government anymore!
How do they figure we've had tax-free shopping? The NYS income tax form has a field for unpaid sales/use tax to out of state businesses. There's a suggested amount based on income, which is a high estimate. Sure, you can enter 0, but tax software and online services will warn you that you'll be more likely to be audited. So even people who haven't ordered anything online from out of the state are just putting in the suggested amount - that's pure profit for NYS, and more than makes up for the few people who do enter 0.
If this new law stays in place and that question shows up on our income taxes again, that will be double-taxation!
http://seekingalpha.com/article/86766-amazon-overstock-gamble-may-pay-off
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