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Social Media Profits Entice State Tax Collectors (Podcast)

June 25, 2021, 8:46 AM

Pandemic-related budget fears have prompted states to search for new sources of revenue. Lawmakers across the country are beginning to look toward social media as a motherlode of untapped corporate tax revenue.

Social media tech giants, of course, aren’t a fan of that approach. Maryland’s first-in-the-nation digital advertising tax has drawn legal challenges from Comcast Cable Communications, Verizon Media Inc., and other corporate heavyweights who argue the tax is unconstitutional.

On today’s episode of our weekly podcast, Talking Tax, Bloomberg Tax’s Michael Bologna hosts a pros-and-cons discussion on state digital advertising taxes. Peter Enrich, a law professor at Northeastern University, and Pilar Mata, executive director of the Tax Executives Institute, debate whether states should try to tax Twitter, Facebook, and other media giants. Listen to the episode here.

Have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.

To contact the reporter on this story: David Schultz in Washington at dschultz@bloombergindustry.com

To contact the editor responsible for this story: Patrick Ambrosio at pambrosio@bloombergtax.com

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