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CNN Live At Daybreak
Senate Expected to Renew Ban on Internet Access Tax
Aired November 07, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Time now for a little 'Business Buzz.' The Senate is on your side, vowing to ban an Internet access tax.
Carrie Lee reports now from the Nasdaq market site in Times Square.
Wow, this is good news, I think.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: It is good news, Heidi. The Senate expecting to soon renew a ban on Internet access taxes. President Bush is expected to sign the bill. The House has already approved it.
Now this is not good news for cash-strapped state and local government. They are fearing the loss of up to billions of dollars in potential tax revenues, but it is good news for consumers. Now consumers in most states don't have to pay sales tax on the monthly fees they pay Internet service providers. By the way, taxing online sales is also banned.
Now supporters of this bill say a tax would basically stop the tech sector rebound and discourage low-income consumers from getting online. One person says -- quote -- "the tech sector after getting clobbered is really coming back now and you're going to unravel the progress made in the last six months." This comes from Senator Ron Wyden, Democrat from Oregon. So looks like that ban is here to stay -- Heidi.
COLLINS: All right, Carrie, want to ask you, too, about the markets.
LEE: Things look a bit bullish this morning. The Dow, the Nasdaq, the S&P 500 all gained fractionally yesterday. All of the indexes are up for the week. Today, the big jobs report is going to be the number to watch. The unemployment rate expected to hold steady at 6.1 percent. Economists expect our economy to add 65,000 jobs.
Also Pixar Animation Studios beat the Street on profits and sales for the recent quarter, thanks to "Finding Nemo" and some other successful titles. We'll be watching that stock today as well.
Back to you.
COLLINS: Nemo, like my little boy says. Got to love it.
LEE: Everyone loves that movie. It's so cute. COLLINS: It is pretty good.
All right. Carrie Lee, thanks so much. Have a great Friday.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired November 7, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Time now for a little 'Business Buzz.' The Senate is on your side, vowing to ban an Internet access tax.
Carrie Lee reports now from the Nasdaq market site in Times Square.
Wow, this is good news, I think.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: It is good news, Heidi. The Senate expecting to soon renew a ban on Internet access taxes. President Bush is expected to sign the bill. The House has already approved it.
Now this is not good news for cash-strapped state and local government. They are fearing the loss of up to billions of dollars in potential tax revenues, but it is good news for consumers. Now consumers in most states don't have to pay sales tax on the monthly fees they pay Internet service providers. By the way, taxing online sales is also banned.
Now supporters of this bill say a tax would basically stop the tech sector rebound and discourage low-income consumers from getting online. One person says -- quote -- "the tech sector after getting clobbered is really coming back now and you're going to unravel the progress made in the last six months." This comes from Senator Ron Wyden, Democrat from Oregon. So looks like that ban is here to stay -- Heidi.
COLLINS: All right, Carrie, want to ask you, too, about the markets.
LEE: Things look a bit bullish this morning. The Dow, the Nasdaq, the S&P 500 all gained fractionally yesterday. All of the indexes are up for the week. Today, the big jobs report is going to be the number to watch. The unemployment rate expected to hold steady at 6.1 percent. Economists expect our economy to add 65,000 jobs.
Also Pixar Animation Studios beat the Street on profits and sales for the recent quarter, thanks to "Finding Nemo" and some other successful titles. We'll be watching that stock today as well.
Back to you.
COLLINS: Nemo, like my little boy says. Got to love it.
LEE: Everyone loves that movie. It's so cute. COLLINS: It is pretty good.
All right. Carrie Lee, thanks so much. Have a great Friday.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
