"The $9 billion tax increase was included in the bill the House passed last month, and it is much smaller than a broader tobacco-tax increase that House members had advanced earlier in the year. The smaller version would have imposed a tax on vaping products designed to parallel the existing federal cigarette tax rate of $1.01 a pack. Under the House-passed plan, e-cigarettes, vaping liquids and oral nicotine pouches would have been taxed.
All of the tax increases on tobacco and nicotine drew objections from Republicans, who said the burden would fall on lower-income and middle-income households. Many of the proposals would have affected people with incomes below $400,000, the cutoff below which President Biden said Americans wouldn’t face tax increases.
In a statement, Ms. Cortez Masto pointed to the impact the tax could have on people with incomes below $400,000. She has also opposed Democratic proposals on mining and changing how unrealized capital gains are taxed.
“I have been clear from the start of this process that I would not raise taxes on anyone making less than $400,000, and I would not support measures that hurt Nevada’s small businesses, farmers and ranchers, or the more than 30,000 men and women whose jobs are supported by the mining industry,” she said.........
The Wall Street Journal pointed out that Republicans objected to proposals but this bill is expected to pass on a 50-50 party line with Vice President Harris also getting involved, meaning Republican support or opposition is irrelevant on this bill. Senator Cortez-Masto's vote on the overall bill is essential and killing this set of taxes was required for her vote.
This vaping tax or a similar one may make its way back into another large bill in the future."
https://vapingscout.com/vaping-news/9-billion-dollar-vaping-tax-dropped-spending-bill/
All I can say is "It ain't over 'till its over" - But for now this is good news !!!
All of the tax increases on tobacco and nicotine drew objections from Republicans, who said the burden would fall on lower-income and middle-income households. Many of the proposals would have affected people with incomes below $400,000, the cutoff below which President Biden said Americans wouldn’t face tax increases.
In a statement, Ms. Cortez Masto pointed to the impact the tax could have on people with incomes below $400,000. She has also opposed Democratic proposals on mining and changing how unrealized capital gains are taxed.
“I have been clear from the start of this process that I would not raise taxes on anyone making less than $400,000, and I would not support measures that hurt Nevada’s small businesses, farmers and ranchers, or the more than 30,000 men and women whose jobs are supported by the mining industry,” she said.........
The Wall Street Journal pointed out that Republicans objected to proposals but this bill is expected to pass on a 50-50 party line with Vice President Harris also getting involved, meaning Republican support or opposition is irrelevant on this bill. Senator Cortez-Masto's vote on the overall bill is essential and killing this set of taxes was required for her vote.
This vaping tax or a similar one may make its way back into another large bill in the future."
https://vapingscout.com/vaping-news/9-billion-dollar-vaping-tax-dropped-spending-bill/
All I can say is "It ain't over 'till its over" - But for now this is good news !!!
