About 50 bankrupt states.Can you imagine the chaos if tobacco taxes were to disappear over night? What would that even look like?
Can you imagine the chaos if tobacco taxes were to disappear over night? What would that even look like?
The extra $130 million in tax revenue would be about 3.2% of total $4.09 billion WV budget. Yeah sure, total catastrophic bankruptcy. When will you figure out that this is pocket change to them?About 50 bankrupt states.
Here's an interesting table of tobacco tax revenue for our country listed by region through 2013...
Tobacco Tax Revenue
It looks like revenue peaked in 2008 right before the big tax increase in 2009 and revenues haven't gone back up that much at all since. It looks like roughly 13 billion was lost immediately over all.(snip)
Hangovers degrade office work.Something really doesn't add up. The figures in the 1977 column are identical to the figures in the 2009 column. All down the line.
Or that you cannot believe anything the gov reports. I am leaning towards that oneHangovers degrade office work.
Something really doesn't add up. The figures in the 1977 column are identical to the figures in the 2009 column. All down the line.
I have wondered about that too. It's possible to get a pretty good idea by economic modeling, something an economics grad student could probably handle if advised by one of his professors. Lots of money would start flowing in new directions. There would be winners and losers. Forcasting that would be very interesting. It probably hasn't been done before because it was considered impossible. It's now possible and should be studied.Can you imagine the chaos if tobacco taxes were to disappear over night? What would that even look like?
I'm guessing it would look like an emergency tax on sugar and/or saturated fat.Can you imagine the chaos if tobacco taxes were to disappear over night? What would that even look like?
For sugar tax supporters, 2016 may be the sweet spotI'm guessing it would look like an emergency tax on sugar and/or saturated fat.
...and right around the time vaping started to kick in as well. I see it as a three-fold event with the first two hitting the 'economically underprivileged' more as they suddenly had less disposable income 1) Tobacco tax increase 2) Economic down turn 3) Vaping tobacco replacement. Can't/won't roll back the first two so all that's left is us...guess you really do get more tax revenue if you lower taxes...makes everything more affordable so you buy more.Here's an interesting table of tobacco tax revenue for our country listed by region through 2013...
Tobacco Tax Revenue
It looks like revenue peaked in 2008 right before the big tax increase in 2009 and revenues haven't gone back up that much at all since. It looks like roughly 13 billion was lost immediately over all. It's interesting to note though that revenues have remained almost steady since 2008 even though smoking rates have dropped. So it looks like there have been increases in taxes to try to keep up with the declining revenue but those increases haven't been enough to increase revenue by more than a hair. Vaping is definitely being seen as a replacement for that lost revenue, vaping could even bring that revenue back up to pre-2008 levels if left to grow and prosper and taxed as tobacco.
So while current revenues aren't what they used to be they could be if we loose our battle. If states aren't in danger from lost revenue now they will be when that future revenue, if vaping is left to grow and be taxed, is realized. States may or may not suffer if tobacco taxes disappeared but it sure looks to me like they are doing everything they can to make sure that doesn't happen. They're gonna play as dirty as need be to get that pre-2008 money back.