Banking on sin: States profit as taxes rise on vice
One man’s sin is another man’s revenue base, at least when it comes to Uncle Sam’s tax coffers.
Federal and state governments annually rake in $96 billion in revenue fed by Americans’ appetites for easy money, nicotine and booze, according to an analysis by The Washington Times. Take away the taxman’s take on gambling, drinking and smoking, and many jurisdictions would be in serious financial straits.
All told, the gambling, tobacco and alcohol industries individually pay $24.9 billion, $44.3 billion and $27 billion, respectively, in annual state and federal taxes, a figure set to rise as cash-strapped government officials seek new money sources in a struggling economy, according to the most recently available data....