The Marketplace Fairness Act, being called the "Internet Sales Tax," is expected to come up for a Senate vote Monday. What does the bill actually say, what are the odds it will become law, who loves it and who hates it? We're glad you asked.
1. What Would the Marketplace Fairness Act (MFA) Do?
The MFA would require online retailers to collect sales tax from customers in states where the retailer has no substantial physical presence and remit them to each customer's state
There are two important caveats: First, there's a small business exemption for online sellers making less than $1 million annually. Second, it only applies to purchases made by customers in states where sales tax is already collected Read more...More about Congress, Tech Policy, Us World, Politics, and Us