New York Considers Big Tobacco Tax Increase April 1, 2008
News Summary
New York, which already charges $1.50 in taxes on every pack of cigarettes, may add another $1.25 in taxes per pack to raise $265 million in new revenues, the Albany Times-Union reported March 31.
In New York City, the new levy would be added onto state and local taxes that currently total $3 per pack. The budget plan being discussed by state lawmakers also would change the tax on snuff and other moist tobacco products to be based on weight, which would amount to a tax increase on such products.
The taxes are being eyed as a way for the legislature to pay for $500 million in proposed spending that exceeds the governor's budget, including more funding for health care.
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