President Trump backs online sales tax: What it means for you

President Donald Trump might move forward with their own nationals Internet sales tax, his Treasury Secretary has signaled. And it could have a big impact on the way you shop and how much you pay.

Speaking before the Senate Banking Committee this week, U.S. Treasury Secretary Steve Mnuchin said that there are parts of a proposed national Internet sales tax that President Trump “likes a lot.” He added, according to the Washington Times, that the president wants to see a formal proposal and then will work with lawmakers on a bill.

“I believe the president fundamentally supports the idea of some type of sales tax across the board, and we look forward to working with you and others on that, ” Mnuchin said, according to Washington Times.

A national Internet sales tax has been a hot-button topic for years, with some saying it’s a must-have and others saying it’s an unjust theory. Those in favor of the tax say that current statute offer an advantage for retailers that chiefly sell products online, since they only need to collect sales tax in countries where they have a major physical presence.

More From Tom’s Guide

Make sure to visit: