Tobacco Taxes

     WASHINGTON (CN) – The tobacco tax put into place to help ensure health insurance to millions more American children, under the Children’s Health Insurance Program Reauthorization Act, has taken effect.

     Federal excise taxes on tobacco and tobacco paraphernalia have risen in some cases by as much as 50%. For example, cigars shipped from a factory or from customs custody on or after April 1, 2009, will be taxed at 52.75% of the purchase price of 100 cigars, up from 20.79%. Cigarettes face a similar rise to $50.33 per thousand.
     The act was enacted in February and became effective April 1.

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