Memphis could impose 'sin tax' on alcohol, cigarettes, fast food - Action News 5 - Memphis, Tennessee

Memphis could impose 'sin tax' on alcohol, cigarettes, fast food

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A sin tax can be placed on other, arguably lesser, vices including candy, soft drinks, fast food, and a daily cup of coffee. A sin tax can be placed on other, arguably lesser, vices including candy, soft drinks, fast food, and a daily cup of coffee.
A financial advisor recommends the City of Memphis impose locally-based taxes to achieve fiscal sustainability, which could mean more taxes on things like cigarettes and alcohol. A financial advisor recommends the City of Memphis impose locally-based taxes to achieve fiscal sustainability, which could mean more taxes on things like cigarettes and alcohol.
Info about possible "sin" and parking taxes. Info about possible "sin" and parking taxes.

(WMC-TV) - A financial advisor recommends the City of Memphis impose locally-based taxes to achieve fiscal sustainability, which could mean more taxes on things like cigarettes and alcohol.

Although, a sin tax can be placed on other, arguably lesser, vices including candy, soft drinks, fast food, and a daily cup of coffee. The advisor points out that one of the more common sin taxes is on cigarettes.

In Tennessee, municipalities have limitations on imposing taxes without approval from the State Legislature, but sin taxes are allowed.

"I don't have a problem with it at all. We all make our choices and if you choose to smoke, you know the price it costs. If you choose to drink, you know the price that costs," said Memphis resident Jessica Campbell.

The advisor's recommendations also include a paid parking tax in private lots.

Research found the monthly parking rate for Memphis of $92.00 sits lower than the national average of $164.80. According to the advisor, one benefit of a parking tax is that it affects non-residents, as well as resident commuters who use local government services.

For now, the plan remains only a suggestion. The idea would be presented to the Memphis City Council to see if these kinds of taxes should be imposed.

Copyright 2014 WMC-TV. All rights reserved.

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