Soda Pop Tax
Wednesday, November 17th, 2010 | Comments Off on Soda Pop Tax
Former Federal Reserve Vice Chairman Alice Rivlin and former Republican Senator Pete Domenici, heading a 18-member group of experts on the U.S. federal budget deficit, on Wednesday called for a soft drink tax, 2011 Social Security tax holiday, and government spending freezes to help balance the budget. Among its recommednations, the group called for a new 6.5% national sales tax, as well as lower and simpler individual income and corporate tax rates.
What caught our eye is the proposal for “an excise tax on the manufacture and importation of beverages sweetened with sugar or high-fructose corn syrup.” In other words, a tax on soda pop to help cut the deficit. These guys are thinking hard.
