Advisers could be hit with extra tax under sales tax bill

04/25/2013 | InvestmentNews (free registration)

A U.S. Senate bill authorizing states to collect Internet sales taxes could open the door to additional taxes on financial advisers and investment firms, industry officials say. Scott Talbott, senior vice president for public policy at The Financial Services Roundtable, says the legislation could prompt states strapped for cash to "utilize a financial-transactions tax to help fill that void, which would be appealing in the short term but in the long term hurt the citizens they're trying to protect."

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