"As retailing evolves and Internet sales become a more prominent portion of total retail sales, it is critical that Congress addresses the sales tax collection discrimination that exists between brick-and-mortar and remote retailers," NRF Senior Vice President for Government Relations David French said in the written testimony. "Congress must resolve the Constitutional questions posed by the [1992 U.S. Supreme Court ruling in Quill v. North Dakota] decision in a fashion which promotes a level playing field between retail competitors."
According to the NRF, online sellers are already required to collect sales tax from customers in their own states, but congressional action is needed to be able to collect from all out-of-state customers (if they do not have a physical presence such as a store, warehouse or office in the customer's state) since the ruling said that sorting through various state laws is too complicated to know how much tax to collect.
While there are small online businesses and large bricks-and-mortar stores, the three pending bills in Congress that would address the issue have names suggesting they're acting on behalf of mom and pop stores: the Main Street Fairness Act, the Marketplace Equity Act and the Marketplace Fairness Act.
While determining "collection authority" is priority, French said, requirements for states to "simplify their sales tax systems are also key to ensuring sales tax reform."The committee is scheduled to hold a hearing today to examine the issue. 3. How to negotiate with investors. In this video Scott Gerber, founder of the Young Entrepreneur Council and Inc. Magazine contributor, offers some entertaining tips on how to negotiate with investors. Here are two tips: Pigs get fat, hogs get slaughtered (an old saying meaning you shouldn't get too greedy). Know your walk-away position (meaning that before negotiating you should decide which talking points are non-negotiable and determine your limitations). -- Written by Laurie Kulikowski in New York. To follow Laurie Kulikowski on Twitter, go to: http://twitter.com/#!/LKulikowski To submit a news tip, send an email to: firstname.lastname@example.org.
Follow TheStreet on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV