Tax losses from e commerce may exceed 54 billion by 2011
A University of Tennessee study estimates state and local sales tax losses from online shopping could reach 54.8 billion dollars in 2011. Vermont losses rise to 87.2 million and California to over 7 billion, influencing Capitol Hill talks on remote sales tax rules.
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Stocks slip lower ahead of Fed meeting
Wall Street paused after two weeks of volatility as traders absorbed a modest purchasing managers report and awaited the Federal Reserve meeting. The Dow fell to 8836.83, the S&P 500 to 1038.55, and the Nasdaq to 1480.46 as tech names led declines. Investors view a long economic road ahead with limited appetite for big moves before further news on the U.S. response to the September 11 attacks.
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