In today’s paper – San Jose Mercury News – Cigarette tax would hurt poor. This is an AP story. It begins,
Congressional Democrats have chosen an unlikely source to pay for the bulk of their proposed $35 billion increase in children’s health coverage: people with relatively little money and education.
… The program expansion passed by the House and Senate last week would be financed with a 156 percent increase in the federal cigarette tax, taking it to $1 per pack from the current 39 cents. Low-income people smoke more heavily than wealthier people in the United States, making cigarette taxes a regressive form of revenue.
Democrats, who wrote the legislation and provided most of its votes, generally portray themselves as champions of the poor.
This is what is considered “news” in corporate America.
I’ll have more on the idea that taxes “hurt” peoplelater…