Us government eyeing to put taxes for online transactions

Many of us have PPF accounts. This haziness comes from the fact that most of the investment instruments are described using jargon and are too lengthy and boring to read. In this article, we will try to take those factors out of the equation and try to explain everything about PPF in the simplest possible language that everyone can understand.

Us government eyeing to put taxes for online transactions

Print This Article If the US Senate had intentions of replacing the federal income tax with the Marketplace Fairness Actit could have been the basis for a workable national sales tax.

Us government eyeing to put taxes for online transactions

But in true government fashion, along the lines of Obamacare legislative fashion, the act is just another government monstrosity which would require online retailers to collect state sales taxes on transactions in other states.

The way in which it is written could create some real problems, especially for small entrepreneurs. Nightmare for Small Entrepreneurs The problem with this law is that it would require online retailers to collect 45 different sales taxes.

There are 45 states with a sales tax, but the tax is different in each state. Some states like Texastax virtually everything, while others like Coloradogrant all manner of exemptions. In Colorado, construction materials are tax exempt, so somebody who ordered a bag of nails from an online retailer might not pay the tax, but somebody in Texas might.

To make matters more complicated, some states have special features, including tax holidays, in which certain items are cheaper. Many states have tax holidays for school supplies right before the school year.

How is somebody who ships only one or two orders a month to that state supposed to deal with that?

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Get the picture—this is going to be a nightmare for small online retailers. Could they garnish bank accounts or take other collection actions? Would companies like UPS be forced to collect the tax when they made deliveries? What would happen if such companies stopped making deliveries for small retailers to avoid the hassle of dealing with the tax?

It could kill online entrepreneurship and some businesses. Freelancers Could Be Effected Even freelance writers like me could be affected because I sell a service through websites like Elance. In some states, such as Texas, business services such as writing are subject to sales tax.

What happens to all the writers and software developers that use such services? Would the government require services like Elance and PayPal and banks to report such payments to state tax authorities?

Will self-employed professionals such as freelance writers have to start hiring tax attorneys and other experts to protect themselves from state tax authorities? This nightmare could affect a lot of Americans and deprive some of us of our ability to make a living. Fortunately, it will probably not become law, but the fact that it could pass the Senate is frightening enough.

Us government eyeing to put taxes for online transactions

Nor did they give this poorly written law much thought. If they had, they would not have voted for it. The Republicans are against it and so, I imagine, are many Democrats. A lot of Democrats, especially those from blue states with lots of online workers, will probably change their minds when they hear the public outcry over this.Carmen Mandato/ The Penny Hoarder Online shoppers across the country could be seeing higher prices at their favorite internet retailers in the next few months, thanks to the Supreme Court.

In a decision, Supreme Court justices said online retailers would be required to pay state and local sales taxes. Before now, retailers that sold [ ]. The Associated Press delivers in-depth coverage on today's Big Story including top stories, international, politics, lifestyle, business, entertainment, and more.

Is the Federal Government Eyeing Your K? by Cathy DeWitt Dunn – The question as to whether or not the United States Federal Government is looking into taking over private K assets has been asked many a time over the last few years.

The government is eyeing to tap into these huge transactions in what may put it in a new collision path with banks coming at a time when financial institutions are grappling with low returns. Updated world stock indexes. Get an overview of major world indexes, current values and stock market data.

A house is not an investment. In fact it has the very worst characteristics of an investment.. It is only place to live and an expensive indulgence.

Buy one only if you can easily afford it .

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