Connecticut bill could raise $250M a year by taxing digital ads on Twitter, Facebook and Google
Connecticut lawmakers have proposed a tax on social media ads sold by Facebook, Twitter and other industry giants, with one lawmaker saying it could create a $250 million windfall.
Under a bill sponsored by state Rep. Holly Cheeseman, R-East Lyme, a portion of tax revenue collected by Connecticut on digital ads would underwrite programs to reduce online bullying, which a number of studies have blamed for creating a sense of isolation for teens and tweens, and in some instances contributing to substance abuse and thoughts of suicide.
Rep. Sean Scanlon, D-Guilford, who co-chairs the Connecticut General Assembly’s Finance, Revenue and Bonding Committee, floated the possibility of the tax adding potentially as much as $250 to $300 million, with the bill’s language not specifying a target amount.
Connecticut generated $4.7 billion from sales and use taxes in the fiscal year ending last June, with taxes on cable and satellite TV companies totaling only about $50 million.
Read more: https://www.ctinsider.com/business/nhregister/article/CT-bill-could-raise-250M-a-year-by-taxing-16009915.php