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Watch: The Tax Man Cometh

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Senate seems amused by tax on plastic surgery.

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With budget shortfalls across the board, state and federal governments are looking to raise revenue by excising greater taxes on all sorts of things.

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.
No positions in stocks mentioned.

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