Trump Administration Backs States’ Bid To Collect Online Sales Taxes

The Trump administration on Monday said states should be able to require online retailers to collect sales taxes, backing an appeal by South Dakota at the U.S. Supreme Court that could mean billions of dollars in revenue for state coffers. South Dakota is asking the justices to overturn a 1992 Supreme Court ruling that companies with no physical presence in a state are not required to collect a state sales tax on purchases. A lower court decision favored Internet retailers Wayfair, Overstock.com, and Newegg in the dispute. In a legal brief filed on Monday with the Supreme Court, the U.S. Department of Justice said the 1992 ruling may have to be overruled because it no longer fits with the rise of modern-day e-commerce in which online retailers can replicate the shopping experience of a physical store even where it has no physical property. Read more at CNBC.