New Tax Law Means Bad News For Online Holiday Shoppers In NJ
"Bah humbug" comes to mind when I heard the news that starting today (November 1), a new tax law will be in effect for online shopping.
According to Townsquare Media NJ, there will be a "6.625 percent sales tax" when a purchase is made from the comfort of a mobile device, computer, or tablet.
The timing seems "perfect" (written sarcastically) since we are now approaching the holiday season with Black Friday and Cyber Monday around the corner.
Though this may seem like a negative for most, there is a positive here:
John Holub, the president of the New Jersey Retail Merchants Association, said this tax law will make it fair for all online retailers because "for too long online-only retailers have been exploiting a loophole and using it to their competitive advantage to not collect sales tax, when in fact a sale is a sale and sales tax is owed.”
You can get more info and read more about the new online shopping tax here.