Are you ready to pay even more for music and TV shows streaming online? If you live in New York, you may soon be paying 4% more as the state of New York wants a special streaming tax.
You already pay taxes on streaming services, like a sales tax, but now this would be an additional 4% tax on it. Most states have extra taxes for cable TV services, and with the growth of cord cutting, they are looking for ways to replace that revenue. This tax will apply to services like Disney+ Paramoutn+, HBO Max, and more.
This tax will not apply to news services like the New York Times subscription service, for example. Services like Netflix, YouTube TV, and others will be paying more for taxes though under this new bill, according to a report from WKBW.
The State of New York is also proposing a 25-cent delivery fee on transactions in New York for both online and in-store purchases.
Do you think streaming services should receive a special tax or is sales tax enough? Leave us a comment and let us know.