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Amazon.com Vs Ny & the Internet Sales Tax
Author: Anthoney Grigsby  | Posted: 10-05-2008 | Comments: 0 | Views: 8 | Rating: (150)  (?) 
 I heard about this a few days ago and even today I am still shocked of the news of New York Internet Sales Tax or what they like to call it as the "Amazon Tax".
All I can say is "WOW", the state government is trying to find more ways to boost its revenue so now they've attack the internet. Fortunately, this only applies to the residents of New York. Unfortunately, this applies to the residents of New York. This will also have an effect on online retailers but it seems to particularly attack Amazon.com. The state legislature's goal is to provide local New York businesses a chance increase its sales. It is understandable, since more and more people have turned to the Internet and online shopping, but the thought remains in my head if New York is concerned with increasing business with local story, why is there so much emphasis placed on the projected $50 million in sales tax income if the Internet Sales Tax is approved, and an estimated $73 million in 2009-2010? Sounds to me, the government is more focused with their own profits rather than local businesses.
Of course, Amazon.com isn't taking this lying down as they are suing the State Of New York to block the new tax law. And they also have a strong weapon in their arsenal.
Amazon argues the law's definition of solicitation is "overly broad and vague" and that the law violates the state and U.S. constitutions because it "intentionally targets Amazon."
It seems as though President Bush signed the "Internet Tax Freedom Act Amendment Acts of 2007" extending the Freedom Act for another for another 7 years. Hey, he actually did something right! So now that it's against the law to initiate an internet tax, what does this mean for New York? Do they have the authority to apply a new tax even if it is against the law?
Personally, I don't see it falling through. I feel that the government may possibly step forward before it becomes standard. But there are a number of questions to be asked. Even though businesses are cheering for the tax to go through, will it truly increase the local business base or will this discourage consumer spending on both ends? If it does increase local consumer sales, will other states follow and implement their own internet sales tax? If the tax does go through, what steps will Amazon.com take to fight against the new law? What is your input?
I want to see how this plays out. If anyone runs into any updates, please update me by commenting or E-Mail me.
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Article Source: http://www.articlesbase.com/taxes-articles/amazoncom-vs-ny-the-internet-sales-tax-410089.html
About the Author:Hello, My name is Anthoney Grigsby, owner and creator of HelpMyCashGrow.com. There are a lot of people in this world that are having problems with their finances. I know this, because I used to be one of them. Though I'm still in the process of building my finances, I remember those days where my finances looked horrible. I used to live from paycheck to paycheck and those times were my dark days. No, I'm not a millionaire (far from it), I don't have a fleet of cars and houses, and this isn't a late night infomercial. What I have done is educated myself on the basics of personal finance, such as budgeting, saving, etc. and I would like to pass on my knowledge to you. Visit my video blog at http://www.helpmycashgrow.com, and get a deep insight and a step-by-step process of learning how to organize and manage your money, and along the process you'll learn how I am following the same steps that I teach.
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