Recent legislation introduced by President Obama, known as the Marketplace Fairness Act, will put a sales tax on internet sales and significantly hurt small businesses, according to reports. Americans for Prosperity, an advocacy organization that promotes limited government and low taxes, is calling on lawmakers to oppose legislation that would allow state governments to collect online sales taxes from businesses outside their borders. “In the end, they’re going to be hurting a lot of just small businesses that sell maybe $1.2-$1.3 million online a year,” said Tim Phillips, president of Americans for Prosperity. “And now they’re suddenly going to have to figure out how to comply with sales tax laws in 30 or 40 states. It’s going to be really tough for them.” “If you’re a consumer and you buy anything on the internet, it could cost you five, six, 10, 12 percent more to buy those products you’re buying online currently,” Phillips added. Experts agree that after the recent cuts caused by the federal sequester, plus everyday concerns of small business owners, this latest tax would severely hurt small businesses across the country. For more info, click here
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