Monday, February 20, 2017

Sales tax on food
A former Reagan administration economic adviser is arguing against the reduction of the sales tax on food in Tennessee, to off-set a higher tax on fuel. Economist Arthur Laffer, whose famous trickle down economics led to Reagan reducing taxes on the wealthy in an effort to boost the economy. The proposal didn't work. Last week Laffer said cutting taxes on food won't help low income people. The governor's transportation plan calls for a 7-cents-per-gallon increase on gas and 12 cents on diesel. Laffer's rejection of cutting the grocery tax by about $55 million annually, was rejected by Democrat lawmaker John Mark Windle, who wants to cut the food tax even more. "But doesn't the tax cut on food cut the tax on baby formula for a working family?" Wendell asked Laffer. "Sure it might," replied Laffer, "but it also cut the tax on my buying a steak or caviar," he argued. Later Wendell said, "I vehemently disagree with him that cutting taxes on baby formula, milk and eggs and bread for working families is a bad idea or it doesn't help the economy." I don't represent the fat cats, and I'm not really concerned about their steak and caviar. I'm worried about working families making ends meet."


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