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Looming Tax Increases

Emphasis mine. 

House Majority Leader Steny Hoyer announced Wednesday that the House will vote next week on expanding the State Children’s Health Insurance Program, which will be funded by an increased excise tax on cigarettes and cigars.

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But its likely to be down played as a tax increase only on smokers, who, according to the Centers for Disease Control and Prevention, comprise roughly one-fifth of the population.

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The legislation would impose a 156 percent tax increase on smokers, raising the 39-cents per pack federal cigarette tax to one dollar.

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If Congress does nothing before the end of next year, income tax rates will go up and most Americans will face tax increases — and for some, they’ll be significant.

Next year is an election year for a third of the Senate and all House members, so Congress could potentially be voting on a large tax increase right before, or perhaps just after, the 2010 election.

Why yes… the Democrats did lie to you about only increasing taxes on the “super rich.”

Posted by Owen at 1928 hrs
Politics + Politics - General

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