The Marketplace Fairness Act of 2013 (HR 684), the so-called online sales tax legislation now pending in the U.S. House of Representatives, is “outrageously unfair and un-American,” and will have financially devastating consequences for American businesses and investors, and potentially result in citizens being forced to pay retroactive sales taxes on purchases they made years ago, according to Michael Fuljenz, president of Universal Coin & Bullion of Beaumont, Texas.
“There are potentially horrific consequences of this misleadingly labeled tax law,” Fuljenz said. “Anyone who bought any item from out of state could be hit with tax bills for purchases made years before the passage of the law. Businesses could face the burdensome expenses and time of massive record keeping and being simultaneously audited by dozens of revenue-hungry states and even Indian tribes.”
Small business owners could be severely limited in doing business in some states because of increased paperwork and be subjected to hundreds of taxing authorities’ demands for records, audits and other demands.
“The states supporting this terrible legislation seem to believe they are entitled to have me and virtually all other businesses in the U.S. do their work as sales and use tax collectors without us benefiting from services or representation in their states. That is outrageously unfair and un-American especially since foreign sellers, such as those in Canada and China, don’t have to comply.”
In recent weeks, Fuljenz has discussed the unintended consequences of the so-called Internet tax bill with U.S. House Speaker John Boehner; former Louisiana Congressman Jimmy Hayes; former U.S. Mint Director Philip N. Diehl and others. He also explained his concerns about the legislation during a recent meeting of the Board of Directors of the Industry Council for Tangible Assets, a national trade association for the rare coin, currency and precious metals industry.
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