Phil's Personal Finance Tip of the Day:
Money Quick Tips: Will online shopping cost more?
Online shopping represents roughly 10% of overall retail sales. The fast-growing sector's role in the retail universe is changing and with that, so is, potentially, its sales tax status.
Several states already require online retailers to collect sales taxes on purchases and there are several federal Internet sales tax proposals currently being considered.
What does this mean for consumers? Who wins and who loses with the enactment of a potentially new nationwide sales tax?
Right now if you order online and the item is being shipped to a location where the e-tailer has a physical presence — in the form of a store or a distribution center — taxes will be collected.
Many of the major e-tailers — walmart, kohls and target — are also major retailers with locations nationwide. It's a relative wash for them and, by extension, consumers, because they have already factored sales tax into their cost pricing and logistics.
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