Rochester, NY 7/14/2009 11:29:31 PM
DEO - DEO Shares Opinion to Governor Quinn Veto Proposal
DIAGEO PLC ADS NEW
DIAGEO PLC ADS NEW, DEO
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Diageo , the world's leading spirits, wine and beer company, which has over 400 Illinois-based employees, is urging Governor Quinn to veto a proposal that calls for an 90% tax increase on spirits and wine, and a 25% tax increase on beer in light of a new study that found Illinois has grossly underestimated the revenue a new tax on video gaming will bring into the state. The Legislature's estimate is $165M too low, and given this new information it is clear that Governor Quinn can strike the alcohol tax increase from the budget, saving an estimated 4,500 hospitality industry jobs in IL. The new study, conducted by Arduin, Laffer & Moore Econometrics, found that based on the experiences of other states that have legalized video gaming, the Illinois State Legislature's $375 million revenue estimate is far too conservative.
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