The Federal Reserve Board’s decision to cap debit-card swipe fees at 21 cents trims the amount of revenue banks would have lost under an earlier proposal, while roughly halving what retailers pay the banks each year.
When Texas sent Amazon.com Inc. a $269 million sales-tax bill in 2010, the world’s biggest online retailer shrugged. As lawmakers forced the issue last year, the company closed a warehouse near Dallas, cutting 119 jobs.
Jennifer Cavallaro’s Twitter feed usually deals with matters like the free-range egg salad she serves at her Beehive Café in Bristol, Rhode Island. On May 17, 2010, she blasted a different message to her followers.
Amazon.com Inc. and brick-and-mortar stores urged U.S. senators to pass legislation to let states collect sales taxes from online retailers based elsewhere, as other Internet companies said they oppose the measure.