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While you fly high, your bank balance may deflate with a new tax on already-pricy hot air balloon rides. At least in Kentucky.

The southern state is looking to raise $350 to $400 million a year by taxing high-end services such as limousine and hot air balloon rides, golf green fees, private landscaping, armored car services and professional laundry services.

"High income folks are not paying their fair share," said Representative Jim Wayne, who helped to introduce the bill. "We're looking to expand the sales tax onto services primarily being used by the wealthy -- we did it deliberately so that the poor and middle income earners wouldn't have an extra burden."

But opponents of the bill are concerned it will stifle some small businesses.

"I know there's very little I can do about it, but any tax is going to have a negative impact and I'm almost certain we will lose customers," said Brian Beazly, owner of Louisville-based Balloon Odyssey, which offers rides ranging from $195 to $375.

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Last updated May 06 2010: 5:38 PM ET
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