Simon Property Group urges Congress to introduce and pass the Main Street Fairness Act

Earlier today David Simon, chairman and CEO of the Simon Property Group (NYSE: SPG), the largest real estate company in the country, had some nice things to say about the much-anticipated Main Street Fairness Act during the company’s Q2 earnings call:

Let me just mention in Main Street Fairness Act, you’ve seen some editorials. In fact, in the Journal today, there is an article in the Journal. You saw the Indianapolis Star wrote an editorial on it. And let me just say that we’ve been very vocal about the unfair advantage that Internet retailers have and not being required to collect sales tax. We are urging Congress to introduce and pass the Main Street Fairness Act, which will allow states to end the subsidy being provided to retailers such as Let me be clear, this is not a new tax, but would merely require Internet retailers to collect sales tax on behalf of the states where they do business, something that brick-and-mortar retailers and even those who sell on the Internet have done for years. And this is required by law. The economy is helped by having a level playing field, allowing an open market to determine consumer behavior without government subsidies, which we believe, is occurring for the online retailers.

We couldn’t agree more.

Why aren’t more CEOs (particularly of bricks-and-mortar retailers) stepping out of the shadows on this issue and demonstrating the courage and leadership Mr. Simon showed today?

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