"Build Back Better" Nicotine Tax Will Hurt Democrats in 2022
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"A NEW VERSION of the Build Back Better Act that the House Rules Committee released Wednesday was amended to protect tax avoidance schemes used by the ultrawealthy in their estate planning. The updated legislation made up the revenue lost by going light on those billionaires by expanding tobacco taxes to additional nicotine products, replacing a tax that was highly progressive with one that is highly regressive.
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To make up for the loss, the new bill places an excise tax on “any nicotine (other than nicotine used in currently listed tobacco products or certain products approved by the [Food and Drug Administration]) that has been extracted, concentrated, or synthesized.” The new tax will add either the dollar amount for small cigarettes or $50.33 per 1,810 milligrams of nicotine — whichever is greater. In October 2019, the Joint Committee on Taxation estimated a similar plan to tax nicotine in vaping would raise just under $10 billion over 10 years."
House Democrats Back Off Targeting Billionaire Tax Schemes and Swap in New Nicotine Levy
A Carveout for the Very Miniscule Few that is made up by the Millions of Average Citizens.
Sounds like Business as Usual in the US Politics. No matter which Party you call your own.
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To make up for the loss, the new bill places an excise tax on “any nicotine (other than nicotine used in currently listed tobacco products or certain products approved by the [Food and Drug Administration]) that has been extracted, concentrated, or synthesized.” The new tax will add either the dollar amount for small cigarettes or $50.33 per 1,810 milligrams of nicotine — whichever is greater. In October 2019, the Joint Committee on Taxation estimated a similar plan to tax nicotine in vaping would raise just under $10 billion over 10 years."
House Democrats Back Off Targeting Billionaire Tax Schemes and Swap in New Nicotine Levy
A Carveout for the Very Miniscule Few that is made up by the Millions of Average Citizens.
Sounds like Business as Usual in the US Politics. No matter which Party you call your own.
On the news I just heard the Biden bill was passed by the House - So is the new version of the draconian nicotine tax a done deal?
Is the tax as high as it has been so reported? Or, is it negotiable under some circumstances?
Since it apparently is as much designed to control the use of nicotine and not just to raise money
- In fact some might argue it is so high that it will lose money by driving consumers out of the market.
Is there legal precedent to fight it in court ???
That was the infrastructure package, not the build back better package. Two separate packages. The build back better plan is the one they are trying to tax on nicotine products. The White House rejected the nicotine tax and sent it back to congress, it was gone, then some ..... from KY added it back into the package 2 days later. So the question is, is Biden going to reject it again or accept it, going against his not raising taxes on people making 400K or less. If he accepts it, he won't be getting my vote again...
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