WASHINGTON: U.S. retail sales unexpectedly fell in February, the latest sign economic growth has shifted into low gear as stimulus from US$1.5 trillion in tax cuts and increased government spending fades.The weak report from the Commerce Department on Monday joined a raft of other soft data, including housing starts and manufacturing production that have left economists anticipating a sharp slowdown in growth in the first quarter.The loss of economic momentum also reflects higher interest rates, slowing global growth, Washington's trade war with China and uncertainty over Britain's departure from the European Union. These factors contributed to the Federal Reserve's decision last month to abruptly end its three-year campaign to tighten monetary policy.The U.S. central bank abandoned projections for any interest rate hikes this year after increasing borrowing costs four times in 2018.Retail sales dropped 0.2 percent as households cut back on purchases of furniture, clothing, food and … [Read more...] about Weak February US retail sales underscore slowing economy
Ny retail sales tax
The Trump Organization just quietly announced it’s collecting sales tax in a new state — weeks after Trump savaged Amazon over its policies
caption Donald Trump. source Chip Somodevilla/Getty Images The Trump Organization updated its online retailer’s website to include New York as a state where it collects sales taxes. The update comes after President Donald Trump has attacked Amazon over the issue of sales tax collection. The Trump Organization quietly updated the list of states in which its online retailer, TrumpStore.com, collects sales taxes to include New York. The addition comes weeks after President Donald Trump attacked Amazon over its sales tax collection policies. The Trump Organization confirmed the addition to Business Insider. A Trump Store spokesperson told Business Insider the online retailer “as stated previously” has “always, and will continue to collect, report, and remit sales taxes in jurisdictions where we have an obligation to do so.” The spokesperson noted that it began a new return policy on Tuesday, the … [Read more...] about The Trump Organization just quietly announced it’s collecting sales tax in a new state — weeks after Trump savaged Amazon over its policies
US Supreme Court struggles with e-commerce sales tax case
Technology U.S. Supreme Court justices on Tuesday appeared uncertain whether to let states force out-of-state online retailers to collect sales taxes on purchases in a fight potentially worth billions of dollars pitting South Dakota against e-commerce businesses. 18 Apr 2018 12:05AM Bookmark WASHINGTON: U.S. Supreme Court justices on Tuesday appeared uncertain whether to let states force out-of-state online retailers to collect sales taxes on purchases in a fight potentially worth billions of dollars pitting South Dakota against e-commerce businesses.South Dakota is asking the nine justices to overturn a 1992 Supreme Court precedent that states cannot require retailers to collect state sales taxes unless the businesses have a "physical presence" in the state. But several justices said that the U.S. Congress would be best placed to pass a law addressing the issue on a national basis and raised concerns about the various states enacting wildly different laws.South Dakota, … [Read more...] about US Supreme Court struggles with e-commerce sales tax case
South Dakota e-commerce sale tax fight reaches US Supreme Court
WASHINGTON: A high-stakes showdown at the U.S. Supreme Court on Tuesday will determine whether states can force out-of-state online retailers to collect sales taxes in a fight between South Dakota and e-commerce businesses.South Dakota is asking the nine justices to overturn a 1992 Supreme Court precedent that states cannot require retailers to collect state sales taxes on purchases unless the businesses have a "physical presence" in the state.The state, appealing a lower court decision that favoured Way fair Inc, Overstock.com Inc and Newegg Inc, is being supported by President Donald Trump's administration.A ruling favouring South Dakota could help small brick-and-mortar retailers compete with online rivals while funnelling up to US$18 billion into the coffers of the affected states, according to a 2017 federal report.The justices will hear arguments in the case on Tuesday against a backdrop of Trump's harsh criticism of Amazon.com Inc, the dominant player in online retail, on the … [Read more...] about South Dakota e-commerce sale tax fight reaches US Supreme Court
Trump keeps insisting that Amazon does not collect sales tax — but his own company only does so in 2 states
caption Donald Trump. source Alex Wong/Getty Images President Donald Trump has blasted Amazon over the issue of sales tax collection by online retailers. Amazon collects sales tax in the 45 states that have such a tax. The Trump Organization’s online store collects the tax in just two states. Currently, online retailers are not legally required to collect the taxes unless they have a physical presence in the state. One of President Donald Trump’s most frequent attacks on Amazon is accusing the company of not collecting state and local sales taxes, something his own business’ online retailer does in just two states. TrumpStore.com, the Trump Organization’s online store, collects sales taxes from purchasers who ship orders to Louisiana and Florida addresses, The Wall Street Journal reported. Amazon, the e-commerce giant that has found itself in Trump’s … [Read more...] about Trump keeps insisting that Amazon does not collect sales tax — but his own company only does so in 2 states