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Blake and David discuss the implications of Thursday's Supreme Court ruling that states can require out of state retailers to collect taxes on sales to residents, even if those retailers don't have a physical presence in the state.
Show Notes
Stories in this episode:
- Last week’s IPO, Avalara, is today’s big winner in internet tax rally — Accounting Today — Shares in the sales tax management firm rose as much as 32 percent after Wednesday’s ruling, extending gains to more than double since its public debut last week.
- Supreme Court rules that internet businesses must collect all state and local sales taxes — Los Angeles Times — Check out this article for a chart showing states that will benefit most from the Supreme Court decision, including California, Texas, New York, and Florida
- Why Amazon is the winner of the Supreme Court sales tax ruling — CNBC — The Supreme Court overturned a ruling from 1992 that allowed online retailers to skirt sales tax collection responsibilities if they didn't have a physical presence in the state. But Amazon stands to benefit from the ruling, experts say. Amazon already collects sales tax on the products it sells directly, and the ruling doesn't make clear how third-party sales should be taxed.
- Steve Forbes: Internet sales tax would be fatal for small businesses — Fox News — Steve Forbes argued before the ruling that extending sales tax collection requirements to out of state, online retailers will have a dramatic, ugly impact on small businesses and entrepreneurs.
- The Land Of Duty Free — Planet Money — The Planet Money team follows the surprising origin of duty free stores, and try to answer the question: Are they really saving you any money?
- A machine has figured out Rubik’s Cube all by itself — MIT Technology Review — Unlike chess moves, changes to a Rubik’s Cube are hard to evaluate, which is why deep-learning machines haven’t been able to solve the puzzle on their own. Until now.
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