COMS & the Ghost of USRX w/ other STUFF Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : COMS & the Ghost of USRX w/ other STUFF

COMS 0.00150

-28.6%

Dec 11 9:30 AM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: freeus who wrote (6538)	10/9/1997 2:38:00 PM
From: Moonray	of 22053

Bill Barring New Internet Tax Advances in U.S. House Washington, Oct. 9 (Bloomberg) -- Two congressional panels approved legislation today that would ban U.S. states and local governments from levying new taxes on Internet commerce. The action came after computer industry representatives urged federal, state and local legislators to consider the difficulty of collecting taxes from Internet transactions. Both a House Commerce subcommittee and a House Judiciary Subcommittee approved the measure today by voice vote. ''Tax collectors around the country and around the globe are increasingly looking to shake down the net,'' said California Republican Christopher Cox, one of the bill's chief sponsors. The bill, however, would preserve the right of states to continue existing taxes on Internet transactions. For example, the bill would allow states to tax the net income that companies earn from providing Internet services and to impose sales or related taxes if the levies are similar to those placed on mail and telephone orders. Today's action advances the bill's prospects, though it's far from certain that it will be enacted this year. A similar measure has stalled at the Senate Commerce Committee, and Congress is slated to adjourn for the year by Nov. 7. If Congress approves the measure the president is likely to be receptive. ''Treasury fully supports the goals and underlying objectives of this bill,'' Deputy Treasury Secretary Lawrence Summers told the House Judiciary Subcommittee on Commercial and Administrative Law at a hearing on the issue in July. The Treasury Department last year cautioned against imposing special sales taxes on Internet transactions because such tariffs could cripple the growth of cyberspace commerce. The Treasury view, expressed in a position paper by the Treasury's Office of Tax Policy, urged that a ''principle of neutrality,'' be adopted as countries consider tax jurisdiction over the worldwide computer network. o~~~ O

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next