Soda tax generates millions of profits for the city
After only three months of being put into effect, the city begins to see the fruits of levying sugary drinks with a tax of 1.5 cents per ounce of soda.
A report published on Monday by the Department of Revenue stated that after three months of the implementation of the tax on sugary drinks, the administration of the city is making good money out of it.
According to BillyPenn, only in the first 20 days of April, the city received $7 million in soda taxes, an increase of just over a million compared to the $ 5.9 million collected in February after the polemic tax was put into action. During the month of March, the city collected $6.2 million.
In a press release quoted by the news portal, officials from the Department of Public Revenue were optimistic about the goal of raising $ 46 million for fiscal year 2017 and $ 90 million for a full year of implementation of the new rule that seeks to kill two birds with one stone: to combat diabetes by reducing the consumption of sugary drinks in the city and to raise money to facilitate the access to education for children with limited resources.