House Democrats’ proposed tax increases on tobacco and vaping products “defy” President Biden’s tax pledge to the middle class, says the Tax Foundation.
According to the organization, while the tax will be changed to manufacturers, “it would fall heavily on tobacco consumers—many of the group that earns less than $400,000 that President Biden pledged would not see a tax increase.”
The Joint Committee on Taxation estimates that the tax hikes would generate approximately $96 billion in revenue.The proposal would double the existing tax rates on cigarettes and increase “rates on all other tobacco and nicotine products to achieve parity with the […]
Read the rest of this story here: justthenews.com
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