Executives Favor Higher Taxes on Tobacco, Alcohol
A majority of the nation’s top executives polled recently say the federal budget deficit is a serious problem and advocate higher taxes on tobacco and alcohol, according to a report released Thursday.
The Conference Board said 87% of the 400 chief executives who participated in its survey characterized the deficit as at least a serious problem, while nearly half labeled it a very serious problem.
About 90% of the executives think higher excise taxes on tobacco and alcohol would be a good source of new revenue.
More than 80% called for substantial cutbacks in farm supports, foreign aid and national defense. Roughly half called for small cuts in current spending levels for Social Security, Medicare and benefits for children, the unemployed and veterans, while a third opposed any trimming of those areas.
About 80% of the executives proposed cuts in welfare spending, with roughly a third recommending large cuts.
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