The choke is the nic. You can't tax vg/pg/flaves. Widespread alternative use of those eliminates the ability to tax.
A reasonable middle ground is to simply tax nic at the wholesale and then retail channel. Premixed bottles will be taxed on content. That's pretty easy to do.
I envision a possible world where nic base can only be sold to licensed mixers. The mixers then sell to State b&m's. 7-11's could sell bottles of halo, Johnson creek, etc.
Some state b&m's can do it craft style just like micro-breweries. I never mind paying more for a quality crafted product.
Banning flavors other than tobacco isn't the endof the world. There is no reason to ban unflavored nic base. Maybe you can't buy 100mg strength but if I can get my hands on 6-24 base then I can mix anything I want.
Banning bottled juice altogether is a horrifying thought but the ecig world has matured pretty quickly. I think it possible that the chance to outright ban bottled liquid has passed. Could be wrong but I would at least hedge that I'm right.
Another scary thought is assuming the math will be right. Nic absorption is much different with vapor and saying a blu or Njoy is = to a pack or more of smokes is insane. If the tax man does the same math it could be a painful blow to the wallet.
I haven't been around for awhile due to some personal issues and I've forgotten how to multi quote, please bear with me
The choke point
is the nic. I believe they will restrict sales to licensed mixers and tax it heavily, at time of purchase by them and at time of sale of the mixed product
unless they totally ban e liquid by the bottle and restrict it to prefilled cartridges ala the Blu style and further restrict the amount of nic allowed in those.
If they choose to ban bottled e liquid they can more closely control what they leave available,
and torpedo the DIYers among us by only allowing bulk nic to be sold to the makers of prefilled carts. Sounds drastic, doesn't it, but I think it would suit BT and BP if that happened, and they are the ones with all the money the FDA lives for.
Banning bottled e liquid would also get rid of those pesky flavors they hate so much, poor Blu will have to stop their 'other flavors' and stick with tobacco and menthol.
Then there is the possibility that they could just come down and say e cigs are history, the law gives us the right to ban them. If they tried that hopefully major lawsuits would be filed. I don't think we can take anything for granted now, there seems to be a concerted push against e cigs in the media, some cities, some states and they are making inroads.
The same law that gave them the right to regulate also stipulated that they could not ban tobacco cigarettes, nicotine, or set an age limit higher than 18 for purchase. The government was not looking out for e cig users then nor is it now.