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Why States Hoping for Online Holiday Sales to Boost Budgets May Not Get Their Wish
Governing: Retail experts are anticipating that the Thanksgiving shopping weekend will once again be record-breaking, particularly for online sales. Last year, the Monday after Thanksgiving -- nicknamed Cyber Monday -- saw a record $6.6 billion in sales, up 16.8 percent from the previous year.
But if states are hoping for a revenue windfall in the aftermath of the U.S. Supreme Court ruling this year that allowed them to collect online sales taxes -- not so fast. "Ultimately, I think there will be a nice little bump to states," says Brian Kirkell, a principal at the tax consulting firm RSM, "but it's not going to change much."
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