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Sources close to President Obama's inner circle say the recently reelected Democrat is planning to impose a heavy tax on country music to help close America's gaping budget deficit.
According to a top official at the White House's Office of Management and Budget the proposed 35% tax on sales of country albums and profits of country radio stations could bring in over $1.3 billion a year.
OMB acting director Jeffrey Zients says the new levy - tentatively named the Country Music Tax (CMT) - is designed to recoup revenues from conservative red states, most of which receive more federal spending dollars than they send to Washington in taxes:
"The president feels that if conservatives are so worried about the budget deficit, then its time for them to chip in. Roads and bridges aren't free, even in Georgia. If they want to keep reaping the benefits of the federal government, then they have to start paying their fair share."
According to a draft document, half of the revenue generated from the tax will go towards closing the deficit. The other half will go to distributing free gangsta rap music to elementary schools in the South as part of a 'cultural diversity' program managed by the Department of Education.
"We think every Southern child should learn about Tupac and Biggie,' says Secretary of Education Arne Duncan, "It's an important part of American history."
The new tax will require Congressional approval to move forward, but Zients says Obama is committed to forcing Congress' hand on the issue:
"The Country Music Tax is not negotiable. Any deal to avoid the fiscal cliff must include the both the AMT and the CMT."
According to a top official at the White House's Office of Management and Budget the proposed 35% tax on sales of country albums and profits of country radio stations could bring in over $1.3 billion a year.
OMB acting director Jeffrey Zients says the new levy - tentatively named the Country Music Tax (CMT) - is designed to recoup revenues from conservative red states, most of which receive more federal spending dollars than they send to Washington in taxes:
"The president feels that if conservatives are so worried about the budget deficit, then its time for them to chip in. Roads and bridges aren't free, even in Georgia. If they want to keep reaping the benefits of the federal government, then they have to start paying their fair share."
According to a draft document, half of the revenue generated from the tax will go towards closing the deficit. The other half will go to distributing free gangsta rap music to elementary schools in the South as part of a 'cultural diversity' program managed by the Department of Education.
"We think every Southern child should learn about Tupac and Biggie,' says Secretary of Education Arne Duncan, "It's an important part of American history."
The new tax will require Congressional approval to move forward, but Zients says Obama is committed to forcing Congress' hand on the issue:
"The Country Music Tax is not negotiable. Any deal to avoid the fiscal cliff must include the both the AMT and the CMT."
