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Tax & Spend Rangel Wants Your Diamond Engagement Ring Money!
U.S. Congressman Charles B. Rangel received enthusiastic applause as he opened the Jewelers Association New York Summer Show on Sunday with a message of support for the Brick & Mortar Jewelers on the issue of taxing online diamond retailers.
House Ways & Means Chairman Charles Rangel at the Podium.
Rangel, the chairman of the House of Representatives' Ways and Means Committee, indicated his support for brick-and-mortar jewelers. In particular, he touched on legislation in the current session of Congress that would allow individual states to collect sales tax from Internet retailers.
"Whether it's the Ways and Means Committee or whether it's national policy, we have to concentrate on small retailers, making it possible for them to be able to play with a level playing field," he said, referring to the legislation that would help achieve this goal.
From our vantage point, taxing Internet diamond and jewelry sales will not by itself level the playing field for B&M Jewelers as Internet prices will still be lower.
Gotta love those Polticians
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