The Supreme Court just caused stocks of online retailers to tumble

The U.S. Supreme Court building

On a 5-4 vote, the high court overruled a 1992 decision that forbid states from requiring businesses to collect taxes on internet sales.

Amazon, Wayfair, eBay, Etsy, and Overstock.com all fell in morning trading, with Wayfair at one point down by 8%.

Georgia residents will have to pay sales tax on almost all online purchases following a U.S. Supreme Court decision Wednesday in a South Dakota case.

"It's disappointing to have to turn away business", Gendelman said, "but the Supreme Court hasn't left us much choice". In South Dakota alone, a state with a population of less than 1 million people, The Department of Revenue estimates that the state government could take in up to $58 million annually. The ruling clears the way for states, including MA, to collect an estimated $13 billion or more in extra taxes every year. Up until today's ruling, online vendors without a physical presence in a state, such as an office or a warehouse, were not required to pay any sales tax when a resident bought something.

The decision could generate "hundreds of millions of dollars" in new revenue for NY state, according to Joseph Bishop-Henchman, vice president of the Tax Foundation think tank. He said he hasn't yet ran the numbers on other states with this target sales amount in mind.

Online shopping is likely to get more expensive in America soon. Florida also finally should join 24 states that have adopted the Streamlined Sales and Use Tax Agreement, which provides common definitions of products and services and uniform rules to make it easier for retailers to administer and collect the tax.

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The case is South Dakota v. Wayfair, 17-494. In particular, Chief Justice John Roberts Jr. noted that numerous largest online retailers, including Amazon and eBay, were already collecting sales taxes for the states voluntarily.

In California, the state sales tax is 7.25% and counties and cities may add to that.

Congress, the retailers argued, could implement national rules rather than open up the companies to having to deal with the specific requirements of what they say are 12,000 taxing jurisdictions nationwide. Over time, that changed, based on whether of not the retailer had a physical presence in the state the item was being shipped to. Justices determined that the presence rule was becoming "further removed from economic reality" every year, and that the costs of honoring sales taxes were largely disconnected from whether or not a company had a physical footprint.

Some online retailers have already been collecting some state taxes. That was before the surge of online sales, and states have been trying since then to find constitutional ways to collect tax revenue from remote sellers into their state.

Chief Justice John Roberts offered the dissenting opinion, along with Justices Stephen Breyer, Elena Kagan, and Sonia Sotomayor. Roberts wrote that Congress, not the court, should change the rules if necessary.

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