Federal Cigarette Tax Increase Kicks In Wednesday
Dated: 03/30/2009 08:33:47
TRI-STATE - It's no April Fool's joke, smokers nationwide will be paying $1 more for cigarettes starting Wednesday.
On April 1, the single largest federal tobacco tax increase will take effect. The per-pack tax will climb from 39 cents to $1.01 to help finance a major expansion of health insurance for children.
The federal tax increases piles on top of a cigarette tax hike in Kentucky. Major cigarette makers also raised prices a couple of weeks ago to help offset any drop in profits once the new tax kicks in.
Medical groups hope the tax increase in the middle of the current recession will help persuade more smokers to quit. The president of the American Heart Association notes that when tobacco taxes rise, usage drops.
More changes could be on the way for the tobacco industry as Congress considers legislation to empower the Food & Drug Administration to regulate the industry.
Dated: 03/30/2009 08:33:47
TRI-STATE - It's no April Fool's joke, smokers nationwide will be paying $1 more for cigarettes starting Wednesday.
On April 1, the single largest federal tobacco tax increase will take effect. The per-pack tax will climb from 39 cents to $1.01 to help finance a major expansion of health insurance for children.
The federal tax increases piles on top of a cigarette tax hike in Kentucky. Major cigarette makers also raised prices a couple of weeks ago to help offset any drop in profits once the new tax kicks in.
Medical groups hope the tax increase in the middle of the current recession will help persuade more smokers to quit. The president of the American Heart Association notes that when tobacco taxes rise, usage drops.
More changes could be on the way for the tobacco industry as Congress considers legislation to empower the Food & Drug Administration to regulate the industry.
