This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Erick Erickson Is Wrong...and Here's Why

Marketplace Fairness Coalition Sets the Record Straight

WASHINGTON, March 20, 2013 /PRNewswire-USNewswire/ -- This morning Erick Erickson published a very misleading post that claims that legislation introduced by Senator Enzi (R-WY) will raise taxes and tax online downloads.

The truth is:
  1. The Marketplace Fairness Act will not raise anyone's taxes; in fact it could help lower taxes by making state tax codes more efficient and restoring state and local control. 
  2. The Marketplace Fairness Act does not tax the Internet or Internet businesses.
  3. The Marketplace Fairness Act has nothing to do with iTunes – digital goods are not covered by The Marketplace Fairness Act.

At the end of the day, the Marketplace Fairness Act gets the federal government out of the way of state policymaking and restores free market principles by leveling the playing field between local, brick-and-mortar sellers and their out-of-state competition.

By the way, it is probably a coincidence that he expresses his sincere concern for eBay sellers. Certainly eBay couldn't be behind Erickson's piece. The good news is that the Marketplace Fairness Act protects small online businesses by exempting the first $1 million in online sales – not total retail sales but specifically online sales – so the exemption actually applies to businesses with far more than $1 million in annual sales.

One MORE thing Erickson misses is that the tax is already due. As an avid online shopper himself, if he isn't calculating and remitting the use taxes he potentially owes, he could be audited and face fines and penalties. The truth is that every online shopper faces that threat under the current system and that is why a significant majority of online shoppers want the tax collected at the point of purchase.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.06 -0.19%
FB $117.76 -0.04%
GOOG $702.85 0.20%
TSLA $210.84 -0.33%
YHOO $36.93 -0.03%


Chart of I:DJI
DOW 17,631.57 -29.14 -0.17%
S&P 500 2,049.70 -0.93 -0.05%
NASDAQ 4,716.1060 -0.9880 -0.02%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs