Go Back   Cigar Weekly Community Forums and Discussion Groups > Smoking Post > Cigar Talk

Cigar Talk A place for cigar enthusiasts to discuss our hobby, legal cigars and related stuff.

 
 
Thread Tools Display Modes
Prev Previous Post   Next Post Next
Old 10-04-2007, 07:13 AM   #1
Don Tuto Cigars
Member
 
Don Tuto Cigars's Avatar
 
Join Date: Aug 2000
Location: Costa Rica
Posts: 141
Bush Vetoes Bill That Would Have Raised Cigar Taxes

Bush Vetoes Bill That Would Have Raised Cigar Taxes


Posted: Wednesday, October 03, 2007 from Cigar Aficionado web site

By David Savona



Today, President Bush vetoed a bill seeking to add $35 billion to the State Children's Health Insurance Program (SCHIP). The funds would have come from increased tobacco taxes, including a tremendous increase in the federal excise tax on large cigars.

"If Bush hadn't vetoed it, we would have been screwed," said Rocky Patel, owner of Rocky Patel Premium cigars, who has lobbied fervently over the past few months to keep the bill from passing.

The veto does not mean the cigar industry is out of the woods. Patel said the bill will come back to Congress for further work. Patel and others in the premium cigar industry are lobbying for a flat tax of 12.5 cents per large cigar; the vetoed plan called for a tax of 52.988 percent of the manufacturer's selling price, with a cap of $3. The current federal excise tax on large cigars is capped at 5 cents.

The original plan sought a floor tax on tobacco inventories, with a tax cap of $10 per cigar.




=========

Saludos,
Pedro J. Martinez
Don TuTo "El Puro de Costa Rica"
http://www.DontuTo.com
Don Tuto Cigars is offline  
 

Bookmarks
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -8. The time now is 05:53 AM.