The bag tax that Washington, D.C. residents have been paying for over a year will precipitate a significant decline in disposable income and will result in more than 100 lost jobs, according to a new report released today.
The study, commissioned by D.C.-based Americans for Tax Reform (ATR) and conducted by the Boston-based Beacon Hill Institute (BHI), examines the economic fallout of the D.C. bag tax. The study found the year old tax will destroy more than 100 local jobs and reduce real disposable income in 2011 by $5.64 million. This in turn will yield a loss of $108, 340 in sales tax revenue and will reduce investment in the District by $602,000.
For the full story in today's Washington Examiner, click here.