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Fat tax hard to swallow

December 24, 2008

You might never be too rich or too thin, but New Yorkers say that it's the wealthy, regardless of body mass, who should pay more taxes.

That's among the findings of the latest Quinnipiac
University poll
that questioned New Yorkers about the proposed soda tax.

Sodas (2)
Sixty percent of those surveyed oppose the so-called fat tax that would add an 18 percent levy to non-diet beverages. Just 37 percent support Gov. David Paterson's proposal.

Rather, New Yorkers say they prefer taxing millionaires, by an 84 percent to 13 percent margin. As for other products that could be taxed, they suggest tacking on extra charges to cigarettes (73 percent to 26 percent) and alcohol (67 percent to 32 percent).

"Voters aren't swallowing the proposal to tax non-diet soft drinks,"
Maurice Carroll, director of the Quinnipiac University Polling
Institute, said today in releasing the poll results.

Agreement among all: Even those who prefer diet soft drinks, which would not be subject
to the tax, told Quinnipiac pollsters by a 58 percent to 39 percent margin that the proposed soda tax is a bad idea.

Similar opposition is found in other demographic categories. Democrats oppose the fat tax 54 percent to 43 percent, Republicans 72 percent to 27 percent and independent voters 59 percent to 39 percent.

And there is no Venus vs. Mars issue either. Sixty percent of men oppose the fat tax, as do 59 percent of women.

The bottom line, according to the poll, is that New Yorkers just don't want any more taxes.

By a 53 percent to 40 percent margin, New Yorkers said they do not believe the state budget crisis is serious enough to raise taxes. Another 53 percent say they would rather cope with reduced services than increased taxes.

The sticking point then becomes, which services? Sixty-five percent said they support reducing
economic development aid. But just 10 percent support cutting education or health
care.

At least the poll has some relatively good news for the governor. By an impressive (or perhaps depressing) 88 percent to 8 percent margin, New Yorkers agree with their top lawmaker that the Empire State is facing a budget crisis.

The bad news
for Paterson is that they disapprove, by 46 percent to 40 percent, of the way he is handling the state's fiscal troubles.

If you've an insatiable taste for such things, you can read more about the poll and the fat tax in Politics on the Hudson, The Daily Politics and the Staten Island Advance.

Holidays-header (2)

Time for Christmas baking: As for me, I'm not worrying about diet drinks or diet anything. It's Christmas! That means lots of, as the song says, toys and goodies for everyone!

So I'm off now to help the hubby bake our traditional pumpkin pie. And by help, I mean lick the batter spoon!

All y'all have a great Christmas Eve and a very Merry Christmas!

Sodas photo courtesy Poolie and Flickr Creative Commons

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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