Smokers face a massive hit; tobacco tax to jump 62 cents on Wednesday
WASHINGTON -- However they satisfy nicotine cravings, tobacco users are facing a big hit as the single largest federal tobacco tax increase ever takes effect Wednesday.
Tobacco companies and public health advocates are trying to turn the situation to their advantage. Cigarette makers raised prices a couple of weeks ago, to offset any drop in profits once the per-pack tax climbs from 39 cents to $1.01.
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