Internet sales tax bill prompts concerns in financial sector

04/25/2013 | InvestmentNews (free registration)

A U.S. Senate bill authorizing Internet sales tax 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 states could adopt a financial-transaction tax as part of implementation of the legislation. "States are strapped for revenue," he said. "They could 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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