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Blog

New Regulations Threaten Innovative Methods of Payment

On Wednesday, the Consumer Financial Protection Bureau (CFPB) finalized new rules on certain types of increasingly popular new payment methods. While primarily aimed at prepaid debit cards, the regulations are so broad that they also include new mobile payment options such as Google Wallet, PayPal, Venmo, and potentially many more. The rules effectively seek to regulate all these financial products in much the same manner that credit cards are currently regulated, with all the paperwork and compliance that entails. The new regulations threaten to crush these flexible payment methods simply because the bureaucrats cannot contemplate that a business activity might be better off beyond the reach of the regulators.

10/05/2016
Marketplace Fairness Act and the Grey Market
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Blog

Marketplace Fairness Act and the Grey Market

The Marketplace Fairness Act would subject retailers to sales tax audits from 50 different states and tax laws of nearly 10,000 local tax authorities. Proponents of this bill claim that this levels the playing field between internet merchants, such as Ebay or Amazon with brick and mortar retailers like Walmart or Best Buy. Critics point out that it only boosts the tax bill for America’s consumers and allows state governments to tax businesses not within their jurisdiction.

05/01/2013