Taxing online purchases

Lucy in the sky's picture

Did you know the amount of lost taxed revenue of online purchases is in the billions?  I didn't.  Why are we not doing more about going after this lost money.  Apparently were supposed to individually report the annual online purchases we made, and then pony up the taxes on it, when we file income taxes.  Most people don't do it.

 

What are your thoughts on this?

Zaquex's picture

What is Taxed?

Almost all online purchases are taxed, but from where the companies are located or merchant provider is located. However, many businesses have found there way around the taxes. I found this very illuminating article on what is taxed. Even if these products were taxed, much of the revenue generated would transfer to other states, or at the very least other cities.

Paid for by Phil Ting for Assembly 2012. FPPC ID# 1343137