There’s a difference between levying a tax and projecting what you’re going to get from it, and actually collecting what you projected. The projections for Cook County’s soda tax didn’t quite pan out after soda sales crashed. From Tyler Durden at zerohedge.com:
In a shocking move that completely upends Chicago’s endless pursuit of higher taxes and an overly-regulated nanny state, the Cook County Finance Committee took the unprecedented step of voting to actually repeal their unpopular ‘soda tax’ last night. The 15-1 vote followed an outcry from local residents and small business retailers who say their soda sales crashed 90% after the original ban was passed. Per ABC:
The vote to repeal the sweetened beverage tax was one spawned by revolt from people and business owners across the county, many who packed the board meeting Tuesday afternoon.
“I’m about 10 percent of where my soda sales used to be. It’s really hurt me deeply in the pocket and my workers also. I’m very happy you are understanding this and going to repeal this tax,” said Ken Blum, a blind vendor.
“I believe what we heard over the last ten and eleven months is that our residents are fed up, and they finally said enough. Tax fatigue has sunk in,” said Cook County Board Commissioner Sean Morrison.
“I have heard from the people in my district overwhelmingly, the business owners, the retailers, as well union members in this building who are opposed to this tax,” said Commissioner John Daley.
“Let me tell you I’m overjoyed and elated that this tax is going to go away. I mean the people in my district by an overwhelming majority don’t want this tax,” said Commissioner Richard Boykin.
The repeal of the tax still faces a vote from the full board which is expected later today. That said, the repeal will not take effect until December 1, which is when the new budget is set to go into effect.
To continue reading: Soda Tax Fizzles In Chicago As Cook County Officials Cast Decisive 15-1 Repeal Vote