Philly Considers Soda Tax to Close School Budget Gap

Philadelphia mayor Michael Nutter is reviving his idea of a soda tax to help fund the city's cash-strapped school system, an idea rejected by the city council last year, reports CBS Philadelphia. The two-cents-per-ounce levy would bring in an estimated $80 million a year and, combined with a proposed rise in parking meter rates, would raise enough money to close the school system's budget gap. The alternative would be another property tax hike on top of the 10-percent increase already instituted last year.