Democrats' proposed taxes on tobacco and vaping 'defy Biden's tax pledge' for middle class: Experts
The Joint Committee on Taxation estimates that the tax hikes would generate about $96 billion in revenue.
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 new rate on cigarettes," according to the Tax Foundation analysis.
The CDC estimates that there are about 34.1 million cigarette smokers living the U.S.
Just the News reached out to offices of House Speaker Nancy Pelosi and Majority Whip James Clyburn to find out if the Democratic leaders support the proposed increases but didn't receive a response for publication.
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