Online Retailer Brings Much-Needed Levity to National Tax Debate

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‘60 Minutes’ interviews iStores owner about Washington State’s proposed income tax – and bacon wallets

IRS Toilet Paper

When customers buy one of our bacon wallets, they’re secretly hoping to have money to put in it. They don’t want to see their income drain away like so much bacon grease.

As both national and statewide debates rage over whether to repeal President Bush’s tax cuts, online entrepreneur Adam Stites has found a way to help tax opponents vent their frustration: a roll of toilet paper printed with the IRS 1040 form.

Stites will appear on the CBS news show “60 Minutes” on Sunday, Oct. 31, at 7 p.m. ET/PT to discuss the detrimental effect a tax increase would have on businesses like his burgeoning company iStores, an online retailer of niche products including political toilet paper, gag gifts, paintball guns and funny t shirts.

The TV segment examines Washington State’s proposed income tax, on the Nov. 2 ballot as I-1098, which will knock Washington off the meager list of seven states that don’t tax personal income. The tax initiative is so controversial it prompted Texas Governor Rick Perry to send a letter to 90 Northwest businesses inviting them to move to Texas, The Seattle Times reported.

During the “60 Minutes” interview, Stites explains to CBS reporter Lesley Stahl how the income tax will hamper the growth of Vancouver-based iStores and other businesses like it. He also shows off some of his company’s more unusual products, such as a fish training kit and a wallet that looks like it’s made out of bacon.

While countless other businesses have struggled their way through the economic recession, iStores has managed to pull off five consecutive years of revenue growth through its sales of niche products and novelty items.

“iStores has seen impressive growth over the past five years, despite the poor economy, but I-1098 has the potential to knock us and other companies like us off our feet by removing working capital from the business,” Stites said. He added, “When customers buy one of our bacon wallets, they’re secretly hoping to have money to put in it. They don’t want to see their income drain away like so much bacon grease.”

About iStores

iStores, Inc. is an online niche retailer comprised of several e-commerce websites. Divisions of iStores include:

-- PrankPlace.com, which sells pranks, gag gifts, funny t shirts, Halloween costumes and bumper stickers.

-- OurDesigns.com, a retailer of firefighter gifts, including firefighter artwork, t shirts, badges, decals and home décor items.

-- Paintball-Online.com, an online store for paintball guns, goggles, action wear and other paintball equipment.

-- DrinkingStuff.com, which sells bar supplies, drinking games, flasks, pint glasses and other drinking-related novelties.

For more information, visit http://www.istoresinc.com.

Contact:
Adam Stites
iStores, Inc.
Phone: 360.567.2520 ext. 227
http://www.istoresinc.com

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Adam Stites
iStores Inc.
360.567.2520 ext. 227
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