by Karl Denninger, Financial Sense:
So now the battle is joined.
The Senate has passed, sending to The House, a bill that would impose a requirement that online merchants submit to state tax collection in states where they have no physical presence.
To try to make this more palatable they are exempting businesses with less than $1 million in annual sales, but this doesn’t matter when you get down to brass tacks.
Amazon, WalMart and other large retailers with online presence are supporting this move. This sounds insane, but it in fact is not — it is yet another attempt to destroy their competition using the jackboot of government rather than through free and open competition.
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