Assuming online retailers could realize a nice 3% profit after expenses there would be a taxable income of $6.75 billion — hardly a national debt busting amount in a trillion dollar plus economy.
In a speech given from the White House Rose Garden on Monday, President Obama proposed a $3 trillion plan to cut the deficit, with half of that amount covered by increased taxes on the wealthy and another $800 million financed by letting the Bush-era tax cuts expire.
“If we are going to make spending cuts… then it is only right we ask everyone to pay their fair share … We can’t afford these specia