Chicago's new penny-per-ounce tax

Chicago is now taxing their people a penny per ounce so that means if a 2-liter bottle, which usually costs about $1, will incur a 67-cent soda tax.

The new tax takes effect on july 1st and any nonalcoholic beverage that's either sugar- or artificially sweetened will be taxed.

The tax does not apply to 100 percent fruit or vegetable juice; milk and milk substitutes; infant formula; and beverages for medical use, among other exceptions.

Restaurants offering free refills can shoulder the added cost of the tax on refills and not pass it on to consumers, according to county officials.

How would mom and pop stores react to this tax? What about the Pizza places that includes free soda with their pies, will this cause the fast food prices to skyrocket?