Title of Extract
Smokers fuming about higher taxes on cigarettes
Source of Extract
Nelson, Lloyd J. "Smokers fuming about higher taxes on cigarettes." Daily Comet. 10 Mar. 2009. 11 Mar. 2009 <http://www.dailycomet.com>. Path: article;20090310;ARTICLES;903100996;1026?Title=Smokers-fuming-about-higher-taxes-on-cigarettes.
(http://www.dailycomet.com/article/20090310/ARTICLES/903100996/1026)
Date of Extract
March 10, 2009
Word Count of Commentary
748 words
Date of Commentary
May 6, 2009
Section of Syllabus
Section 2: Market Failure
Writer of Commentary
Rammy Al-Abssi
Portfolio Assessment - Market Failure
Caused by many different reasons, on February 4, 2009 President Barack Obama signed a legislation that increased federal taxes on tobacco to its highest prices yet. The taxes will be enforced on April 1 on all tobacco products.
"Beginning April 1, the federal tax on cigarettes will go up from 39 cents per pack to $1.01 per pack. Large cigars will be taxed 40 cents a piece, up from 5 cents... The majority of the tax increase will be used to pay for a $32.8 billion expansion of the Children's Health Insurance Program, which will provide coverage to an additional 4 million children.
Smokers fuming about higher taxes on cigarettes
Source of Extract
Nelson, Lloyd J. "Smokers fuming about higher taxes on cigarettes." Daily Comet. 10 Mar. 2009. 11 Mar. 2009 <http://www.dailycomet.com>. Path: article;20090310;ARTICLES;903100996;1026?Title=Smokers-fuming-about-higher-taxes-on-cigarettes.
(http://www.dailycomet.com/article/20090310/ARTICLES/903100996/1026)
Date of Extract
March 10, 2009
Word Count of Commentary
748 words
Date of Commentary
May 6, 2009
Section of Syllabus
Section 2: Market Failure
Writer of Commentary
Rammy Al-Abssi
Portfolio Assessment - Market Failure
Caused by many different reasons, on February 4, 2009 President Barack Obama signed a legislation that increased federal taxes on tobacco to its highest prices yet. The taxes will be enforced on April 1 on all tobacco products.
"Beginning April 1, the federal tax on cigarettes will go up from 39 cents per pack to $1.01 per pack. Large cigars will be taxed 40 cents a piece, up from 5 cents... The majority of the tax increase will be used to pay for a $32.8 billion expansion of the Children's Health Insurance Program, which will provide coverage to an additional 4 million children.