Internet Tax Bust
Today, Americans for Tax Reform President Grover Norquist issued the following statement on the South Dakota v. Wayfair decision:
“Today the Supreme Court said ‘yes—you can be taxed by politicians you do not elect and who act knowing you are powerless to object.’ This power can now be used to export sales taxes, personal and corporate income taxes, and opens the door for the European Union to export its tax burden onto American businesses—as they have been demanding.
If physical nexus is no longer required, as the Quill vs. ND case demanded, for sales taxes then it is no longer required for personal or corporate income taxes.
Now, California (or any state or city that loses population through Exodus) can tax people and businesses who do their best to avoid that state or city.
We fought the American Revolution in large part to oppose the very idea of taxation without representation. Today, the Supreme Court announced, ‘oops’ governments can now tax those outside their borders—those who have no political power, no vote, no voice.”
This is the greatest injection of fuel for Cryptocurrencies. It is precisely what was needed to help build a base for the Crypto bear market that started in Decem
ber 2017. Let’s now wait and see if it provides the fuel for a new long-term crypto bull run?
InterAnalyst has been serving investors globally since 1990. Authoring hundreds financial articles and publications, thousands of trading charts to investors worldwide.