Political Quotes

“Mr. President, I will be very brief. I want to respond to a couple of claims that have been made, especially with how they relate to foreign corporations. I think there is a sense that foreign corporations have absolutely no State tax obligations no matter what they do in their State or what their presence is. I want to clarify a couple of points. People argue that foreign corporations that make remote sales will have an advantage over domestic companies. We need to understand that is not true. The Marketplace Fairness Act treats foreign corporations the same as it treats domestic corporations, and by that I mean corporations which are incorporated in the 50 States in our country. All online retailers who make over $1 million in remote sales, regardless of where the retailer is located, must collect and remit sales tax to States that require it. States currently have and do exert jurisdiction over foreign companies. In fact, States collect different types of tax from foreign companies even when those companies are exempt from Federal taxation. Locating facilities--there has been a big argument here--means people will now move their operations to Canada and operate out of a foreign country. That has its own brand of problems for any corporation that would consider that, and I will outline some of those. Locating facilities outside of the 46 States while still selling to the U.S. consumers would actually increase some costs for retailers and complicate the sales process.…”