Remember when Democrats claimed to be for the little guy and against big institutional businesses?<\/p>\n
Obama supports the “Marketplace Fairness Act”, which would tax online purchases:<\/p>\n
Senators advanced the bill in 74-20 procedural vote on Monday evening, just one vote short of the backing it received in a test vote last month. Twenty-six Republicans joined Democrats in moving forward with the bill.<\/p><\/blockquote>\n
(Or when Republicans claimed to be pro-business?)<\/p>\n
Oh, yeah – both A-Klo and Stuart Smalley voted for the bill.<\/p>\n
Major retailers are putting all their lobbying muscle behind the legislation, arguing it would close an unfair loophole that benefits online merchants over brick-and-mortar stores. The National Retail Federation, which represents chains such as Best Buy, Macy\u2019s and J.C. Penney, and the Retail Industry Leaders Association (RILA), which counts Target and others among its membership, announced it would score lawmakers\u2019 votes.<\/span><\/p><\/blockquote>\n
The bill would also make it possible for states to tax financial transactions – trades for your IRA, moving money around in your 401K and the like.<\/p>\n
But signs of trouble for the bill also emerged as Wall Street groups urged the Senate to slow down and eBay began marshalling its users in a massive campaign to kill it.<\/p>\n
The Securities Industry and Financial Markets Association and the Financial Services Roundtable said the measure could pave the way for financial transaction taxes on the state level, an idea that Wall Street and its supporters fiercely oppose.<\/p>\n
\u201cA transaction tax on financial services products will hurt retail investors, retired Americans, and small businesses, effectively making it more expensive for them to invest and plan for the long-term. Without hearings, these implications and others will not be properly addressed\u201d [said Scott Talbott, senior VP of public policy at the Securities Industry and Financial Markets Association and the Financial Services Roundtable]<\/span><\/p><\/blockquote>\n
Democrats (and some Republicans); dragging the parts of the economy that work down into the same pit of suck that the rest of the economy is in.<\/p>\n","protected":false},"excerpt":{"rendered":"
Remember when Democrats claimed to be for the little guy and against big institutional businesses? Obama supports the “Marketplace Fairness Act”, which would tax online purchases: Senators advanced the bill in 74-20 procedural vote on Monday evening, just one vote short of the backing it received in a test vote last month. Twenty-six Republicans joined […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,123],"tags":[],"class_list":["post-35937","post","type-post","status-publish","format-standard","hentry","category-economy-and-the-market","category-taxes"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/35937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35937"}],"version-history":[{"count":2,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/35937\/revisions"}],"predecessor-version":[{"id":35939,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/35937\/revisions\/35939"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35937"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}