Illinois OKs pension cuts in landmark reform
New York (CNNMoney) - Illinois lawmakers approved a landmark pension reform package Tuesday that would cut retirement benefits for teachers, nurses and other retired and current state workers.
The legislation comes after years of debate on how to fix the state's ailing retirement system - considered the most troubled in the country.
FULL STORYSenate approves Internet sales tax proposal
New York (CNNMoney) - The Senate approved a long-anticipated Internet sales tax proposal on Monday, moving the legislation one step closer to enactment and paving the way for shoppers to pay sales tax on the majority of online purchases.
The so-called Marketplace Fairness Act would allow the 45 states (and the District of Columbia) that currently charge sales taxes to require large online retailers to collect tax on purchases made by their residents. The law would only apply to online sellers that have sales of at least $1 million in states where they don't have physical operations, like a store or a warehouse.
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Senate to vote on proposed Internet sales tax law
New York (CNNMoney) - The U.S. Senate is expected to vote on a long-debated Internet sales tax law Monday, paving the way for millions of consumers to start paying sales tax on online purchases.
The legislation would allow the 45 states (and the District of Columbia) that currently charge sales taxes to require large online retailers to collect tax on purchases made by their residents. The law would only apply to online sellers that have sales of at least $1 million in states where they don't have physical operations, like a store or a warehouse.
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