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Tax break for online shopping may come to end

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    Cash-strapped states looking to close budget gaps

  • Duration 2:41
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Well get ready to spend more money on the stuff you buy on line.

Tax free sales on the Internet are reportedly on their way out probably for good according to the reporting of the Wall Street Journal which our parent company owns.

Republican governors are joining Democrats now in supporting sales taxes on online purchases.

This marks a major political shift that could spark a change in federal law and it could put a whole lot of money back in state budgets.

The National Conference of State Legislatures reports online sales tax could raise as much as 23 billion dollars a year.

-- -- could have put that could cost Americans 23 billion dollars anyway let's get it -- Ed did -- tells you he's a managing partner -- would capital investment management.

And is live with -- -- and what the politically speaking it's one thing but economically speaking states are strapped.

-- it makes.

-- our -- a lot of them have have their balance budgets and this is one way they're gonna get there.

I mean I'll tell you that this has been a long time coming I mean you what's happening now because the economy is in such bad shape.

But it's not surprising that's happening at some point this was going to occur it makes sense.

You know regardless of your Democrat or Republican.

You know this makes a lot of sense and it's going to core I think you can see instant tea leaves at this point so you know be prepared for if you buy and -- on line.

So I got they have my house without lot of stuff online -- in that delivery -- in my house all the time so I think it's gonna hurt -- you know right away you know and at.

Victim brick and mortar stores have been complaining about this for a long time -- like this just isn't fair to us.

Now is it's not fair to them in -- they have other problems other issues but anytime you can go online and buy something five to 10%.

At a discount relative to going to the store.

You're gonna go online and I have found myself and I'm sure you two as well Shep you know we're we're savvy shoppers we're gonna go we're gonna look at something we might go back and look online if we can get the same thing.

510% maybe 50% cheaper online.

We're gonna do it you wonder if -- change buying habits -- -- shopping habits at all and I'm guessing some people shop online right the very reason that there's no sales that.

And also convenience I mean when the Internet first came out in all of us that we're gonna buy stuff online -- never happening a lot you were questioned about where -- you know where that where credit card safe and so on and all the numbers you know that's still a good question right.

But now you know it's gotten down to a science where people are buying online in the -- to 200 billion dollars a year buying stuff online -- from when this went into effect in 1992 there was almost no purchases put on line.

Valuable on a line that's when the law when the place now we're 200 billion it makes sense I think it's actually -- I can't believe I'm that say is I think it's a good tax I think it's time has come.

And -- -- house is good to see a lot from Dallas thanks.

Thanks.

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