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VOL. 132 | NO. 35 | Friday, February 17, 2017

Economist Makes 'Caviar' Argument Against Grocery Tax Cut

The Associated Press

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NASHVILLE, Tenn. (AP) – Reagan administration economist Arthur Laffer is urging Tennessee lawmakers not to include a cut in the sales tax on groceries as part of Republican Gov. Bill Haslam's proposal to offset a gas tax hike.

Arthur Laffer said in a House meeting on Wednesday that bigger cuts on business taxes would do more to spur the economy. Democratic Rep. John Mark Windle of Livingston challenged Laffer about whether working families wouldn't benefit from paying less on essential food items like baby formula.

Laffer responded that such a move would "cut the tax on my buying a steak or caviar," and that argued that lawmakers should focus on having the greatest economic impact.

Haslam wants to boost transportation funding by about $280 million annually, while also cutting a commensurate amount of taxes.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 82 82 19,655
MORTGAGES 75 75 22,989
FORECLOSURE NOTICES 0 0 8,305
BUILDING PERMITS 138 138 40,167
BANKRUPTCIES 72 72 13,176
BUSINESS LICENSES 9 9 6,146
UTILITY CONNECTIONS 52 52 13,048
MARRIAGE LICENSES 30 30 4,872

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