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JA: Trump Election Won't Impact Proposed Tax Bill
Nov 13, 2016 5:57 AM
By Rapaport News
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RAPAPORT... Trade body Jewelers of America (JA) said attempts to achieve
tax “fairness” in the U.S. should be unaffected by the Republican Party’s
continued control of the Senate.
The tussle to pass the Marketplace
Fairness Act will continue in 2017 and the Senate could consider the
legislation before President-Elect Donald Trump takes office in January,
according to JA. At present, online sellers such as Amazon and eBay can avoid
charging and collecting sales tax in states where they do not have a warehouse
or another physical presence, giving them an advantage over traditional retailers.
“We do not expect the new makeup of the Senate to have a
major impact on introduction of new bills or eventual passage,” said Haake
Fetzer, JA’s legislative counsel. “The bigger fight will be in the [Republican-controlled]
House [of Representatives] where, despite bipartisan support, a sales tax
fairness bill has not made it through the crucial Judiciary Committee for a
vote on the floor.”
The Republicans won 51 seats to the Democrats’ 48 in last
week’s U.S. elections, even as the G.O.P. lost two spots.
Separately, the possible repeal of the ‘Last-In, First-Out’
(LIFO) accounting method could “deal a potentially fatal blow to companies in
the jewelry industry”, Fetzer added. LIFO is a method of valuing stock that
assumes the last item of inventory bought is the first one sold. The Republican-controlled Congress and the Trump
administration are likely to work together to explore tax reforms, Fetzer
pointed out.
Image: Gage Skidmore
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Tags:
Amazon, Donald Trump, ebay, EcommerceTax, ja, Jewelers of America, marketplace fairness act, online retail, Rapaport News, retail
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