FTC Proposes 5% Tax on “Consumer Electronic” To Help Save Newspapers
While I am preparing to graduate with my degree in journalism, I am fully aware of the fact that, thanks to the Internet, newspapers are a dying breed. The FTC wants to give the Newspaper industry one last jolt of life by throwing money at it. They way the FTC plans on covering the money they are sending to the newspapers, is through a 5% tax on Consumer Electronics. To put it simply, consumers (like yourself) will have to pay an extra 5% when the purchase things like TV’s, video game systems, iPhones, etc. That means with a $1000 purchase you will be paying an extra $50 with the added on tax.