E-Commerce Stocks Smacked By Supreme Court Ruling On State Taxes

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Amazon ( AMZN ) and other e-commerce stocks fell Thursday, following a closely watched U.S. Supreme Court decision saying states can collect taxes from retailers that do not have a physical presence there.The decision in South Dakota vs. Wayfair is a victory for states who argued they were losing out on billions of dollars each year.Justice Anthony M. Kennedy, who wrote the majority decision, said the previous ruling unfairly disadvantaged traditional brick-and-mortar stores.Avalara provides a cloud-based software platform to help its customers navigate the complicated and highly regulated world of tax compliance.Many big retailers already collect out-of-state taxes, including Amazon, Apple ( AAPL ), Walmart ( WMT ) and Target ( TGT ).

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