Monday, January 02, 2006
State of Colorado reaps $133million in cigarette taxes after hike to 84 cents/pack, but consumption drops 22%Rocky Mountain News.Com. Cigarette sales in Colorado fell 22 percent this year after the state increased the tobacco tax by 64 cents a pack. But even with the drop in sales, the new tax is bringing in nearly $133 million in additional revenue this year, according to the state Department of Revenue. From January through November of this year, nearly 4.2 billion cigarettes were sold in Colorado, the Revenue Department says, down from more than 5.3 billion during the same period in 2004. The state cigarette tax, which now totals 84 cents a pack, helps fund Medicaid for disabled children, along with other health programs, including clinics serving uninsured patients, tobacco education, and research grants for treating breast and cervical cancer. the national average tax per pack is 84 cents, Colorado at 84 cents makes it 22nd in the Country for cigarette taxes. Nebraska is 64 cents; Wyoming is 60; New mexico is 90. See smokefree.org Overall federal and state government revenue from tobacco grew from $5.1billion (federal) in 1991 to $8.2billion (federal) 2002.State govt revenue from tobacco grew from 6.1billion .(state) 1991 to $8.5billiion (state) 2002. But cigarette consumption dollars as a percent of national income grew slightly from 0.096 to 0.099 (1993 to 2003).
Posted by stan_sipple at 9:35 AM