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Tuesday, December 29, 2015

New York Loses $400 Million After Imposing The Nation’s Highest Cigarette Tax

New York is reaping the whirlwind of sky-high cigarette taxes with a wave of smuggling decimating the state’s revenue.

New York holds the dubious honor of having the highest cigarette taxes in country, with the average pack of smokes in New York City costing as much as $10.60.

New York raised taxes on cigarettes to $4.35 in 2010 from $2.75. In total, cigarette taxes have increased by 190 percent since 2006. The sharp rise has resulted in a raft of unintended consequences which are dealing a significant blow to the state’s finances.

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7 comments:

Anonymous said...

Duh! Whenever you tax something you get less of it.

Anonymous said...

Or, like here in Salisbury, people go to Delmar - DE to buy their booze - it's cheaper and there's no tax!

Anonymous said...

New York is a hole.

Anonymous said...

It's always so much fun to watch these utopian fantasies bite the dust.
There are TONS of cigarettes being smuggled to NY on Rt. 13.

Just ask Mike Lewis.

Anonymous said...

12:00 PM I agree with you totally.I wonder if the booze tax increase raised any money or just decreased sales.

Anonymous said...

This is why those Muslims in OC were smuggling to their shops in New York. I believe their name was Ramadon.
They also own the Lido Pizza, Dairy Queen, and soft serve Yogurt place, here in Salisbury. It was a rumor they were sending money to Alkidia

lmclain said...

Its a law that our Forrest Gump stupid "leaders" cannot and will not even TRY to understand ---
The Law of Supply and Demand
What a great idea, huh? Just raise taxes on addicts and they HAVE to pay them and we will have millions in new revenue for our latest projects and dreams! Despite failure after failure, they keep trying it.
Like the British, who found out the hard way, RAISING taxes doesn't necessarily mean you'll be COLLECTING them. And, like we did to the British, we're going to need to put these slimy, disgusting, lying thieves in their place soon. Using pretty much the same tried and true methods.
Tax THAT.