Have you ever shopped for anything on the Internet? Chances are you have. Shopping on the Internet can be a breeze, and you often get an extra bonus that can’t be beat: No taxes! That’s like getting an immediate discount of as much as 10%, depending on your state and local sales tax.
This bonus of buying on the web was such a boon to Internet sales that Congress enacted the Internet Tax Freedom Act (search) in 1997. The Act bans "multiple or discriminatory" taxes on electronic commerce. But hold on to your mouse, folks… the Tax Freedom Act expires this Friday, on Halloween.
Congressman Chris Cox and Senator Ron Wyden — a Republican and a Democrat, have introduced legislation to make the anti-tax provisions permanent. The president has indicated he’d sign a bill, but the U.S. Senate’s stalling. Republican Senator Alexander Lamar is leading the charge against renewing the anti-tax bill.
Even though the dot-com boom went bust, there’s tremendous growth potential there. Online sales were up 26% in 2002. That growth could come to a screeching halt on Halloween. Trick or Treat!
And that’s the Asman Observer.
David Asman joined FOX News Channel (FNC) in 1997 and currently serves as host of "Forbes on FOX," a weekend half-hour program that offers an informative look at the business week (Saturday from 11:00-11:30 AM/ET). Asman is also an anchor on FOX Business Network, where he co-hosts "After the Bell" (4-5 PM/ET) with anchor Melissa Francis.