Posted by Staff Writer on 5/8/2019 to Federal and State Taxes
IncSmart California (Small Business and Startups) - California to tax data from Social Media internet companies. They are exploring the financial value of data these internet companies collect on their customers. Social Media is currently depending on the free trade of user data. You give them information about you and they will let you use the service for free. Silicon Valley is the home of data collection and information business.
The new tax is called a Data Dividend. This is going to be a payment made to the state when a users date is sold. After the California Privacy Act where users could opt out of data collection, the state has made a u turn for the data information. As of today, there is no way for the government to calculate what information is worth. The internet companies however have been placing a value on the sale to third party platforms.
Written by IncSmart Staff
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