Supreme Court Rules States Can Force Online Retailers To Collect Sales Tax

CNNThe Supreme Court ruled Thursday that states can compel retailers to collect sales taxes even if they don't have a physical presence in the state. The ruling overturned a 1992 Supreme Court precedent and potentially paves the way for consumers to pay more for their online purchases. Shares of Amazon (AMZN), Wayfair (W), Etsy (ETSY) and eBay (EBAY) all dipped in early trading Thursday immediately following the ruling. State and local governments had grown increasingly agitated as sales from brick and mortar retailers gave way to online retail, which now comprises approximately 9.5% of the dollar value of total purchases. Last year, states could have collected as much as $13.4 billion in additional online sales taxes, according to the General Accountability Office.Read more on NewsOK.com

 

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