If an Internet sales tax is implemented, it could lead to taxes on financial services or a financial-transaction tax, some industry experts say. Analysts worry that states in need of additional revenue streams could turn to various taxes on the financial industry. "A tax on financial services is a tax on the end-user, which is the investor," said Nancy Lancia, managing director of government affairs at SIFMA. "This would make saving for retirement, college or a home more costly."

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