Taxes, taxes and more taxes: that appears to be the government’s answer for just about every problem we face in society. There seems to be no end to the list of things that the government wants to tax. Now it seems that Americans could be in for yet another tax, simply for using the Internet.
The subject of taxing Internet use has been broached before, but we have always been protected from such taxes thanks to the Internet Tax Freedom Act. However, time is starting to run out on that act and if the Senate fails to vote to permanently extend the act by November 1, then we could all be seeing a significant increase in our Internet usage bill.
So, what’s the problem? Good old bipartisan politics it appears. Congress has already passed off on the Permanent Internet Tax Freedom Act, but attempts to get it approved in the Senate have so far been unsuccessful. In fact, when the act was brought up in July, Senate Majority Leader Harry Reid put the kybosh on even discussing it.
So what does that mean for the public? It means consumers could be paying as much as $15-$20 more a month for Internet usage. So why are democrats not cooperating? Apparently they are trying to pass a similar act that would also include the Marketplace fairness Act (MFA).
So what is the MFA? It’s essentially another tax. Its purpose is to impose a sales tax for all Internet transactions, in an effort to make the marketplace fairer for online retailers. So apparently the Senate’s answer is to stop one tax by imposing a different one.
At GROCO we believe in saving you money on taxes, despite the government’s efforts to take as much as they can. Click here to see how we can help you do that,
The post Is the Government Going to Tax You for Using the Internet? first appeared on Advisors to the Ultra-Affluent – Groco.
