Mexico's Lower House Passes Tax Proposal.

LAHT/
Mexico's lower house passed a watered-down version of President Calderon's recommendations for tax increases on telecommunications services, alcohol, tobacco and gambling, as well as a new 2 percent consumption levy on all goods...but scrapped imposing taxing currently exempt food and medicine.
The tax hikes are intended to cover a 300-billion-peso ($23.08 billion) revenue shortfall caused by a recession-induced drop in tax collection and a sharp decline in oil revenue, which finances 30 percent of the national budget.