House Democrats’ tax hike on tobacco, vaping may violate Biden’s pledge
- House Democrats have proposed a tax hike on tobacco and nicotine to help fund their $3.5 trillion spending plan.
- Opponents say the measure may violate President Joe Biden's pledge not to raise taxes on Americans making less than $400,000 per year.
- The tax may bring in more than $96 billion over the next decade, but it may be a "risky" source of revenue, policy experts say.
House Democrats have proposed a tax hike on tobacco and nicotine products to help fund their $3.5 trillion spending plan.
The measure may increase current levies on cigarettes, cigars and roll-your-own and smokeless tobacco, according to a plan summary. They have also proposed new taxes on vaping products.
Companies typically pass so-called excise taxes — levies on specific goods such as …
More on: www.cnbc.com