Watch: The Tax Man Cometh
Senate seems amused by tax on plastic surgery.
Dr. Thomas Frieden, director of the US Centers for Disease Control and Prevention, recently suggested that a tax on soda, juices, and other sugary drinks would raise money and help the nation fight obesity. In addition, he urged greater taxes on cigarettes, citing that recent increases have led to a 25% drop in adult smoking. Similar ideas have been discussed in states across the nation.
In Wisconsin, the state government approved a tax on Internet downloads of music, games, books, ring tones, and pretty much anything else you can buy online. With experts estimating that downloads are growing by as much as 20% a year, that could translate into big bucks in the future.
But none of these taxes have raised as many eyebrows as the recently floated "Botax." Yes -- a tax on plastic surgery. The Senate Finance Committee recently discussed imposing a 10% excise tax on cosmetic surgery deemed unnecessary for medical purposes. After the meeting, Senate Finance Chairman Max Baucus told reporters he heard some "kind of fun" ideas.
Join Hoofy and Boo as they take a closer look at this taxing turn of events.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter