Sears Holdings, the parent company of mass merchandiser Kmart, is throwing its support behind a bill that would grant states authority to enforce existing sales tax laws and require out-of-state online retailers to collect and remit sales taxes on sales made to their residents.
Consumer spending could drop by almost $200 billion next year while depressing real consumer-spending growth by 1.7% if middle-class taxes rise in response to the fiscal cliff, according to a report released Monday by a White House economic team.
As of Sept. 15, California became the eighth state in which Amazon.com will levy sales taxes on purchases made by residents in that state. Pennsylvania joined that group two weeks prior. Add to that the five states that don’t have any sales taxes, and that’s 13 states where national brick-and-click retailers are competing on a level playing field with the pure-play online retail juggernaut.
As of Sept. 1, some 1.2 million Pennsylvanians will be able to go to bed at night secure in the knowledge that their jobs won't be drowned out by some online juggernaut. And by the middle of September, 3.1 million Californians will be able to breathe that same sigh of relief.
Walmart announced that it is helping customers prepare for tax season by offering low-cost tax preparation services and free in-store federal form 1040EZ filing. The retailer also will provide $3 and $6 check-cashing services.
Legislation that would level the playing field for brick-and-mortar retailers, including pharmacies, by closing a loophole that puts them at a disadvantage with online retailers has received praise from the National Association of Chain Drug Stores.
The National Association of Chain Drug Stores announced on Wednesday that it has joined other retail industry groups and companies in signing a letter to the Joint Select Committee on Deficit Reduction, also known as the super committee, urging it to close a tax loophole to prevent harm to traditional brick-and-mortar retail businesses — including pharmacies — and to assist states in collecting $23 billion in uncollected state sales taxes that currently are due on Internet and catalog sales.
Lowering the maximum corporate tax rate could allow CVS Caremark to accelerate investments in U.S. jobs, technology and infrastructure — all of which could ultimately help lower healthcare costs and bolster the economy. That was a key message that CVS Caremark president and CEO Larry Merlo had for the Senate Finance Committee during a recent hearing.
Fred's on Thursday posted a 2% increase in sales totaling $153.6 million for the four weeks ended Feb. 26. Comparable-store sales for the month rose 0.9% versus an increase of 2% in the same period last year.