If you smoke get prepared to fork over some more cash, a pack of cigarettes is going to cost more than $5.00 a pack. The federal tax on tobacco is going up $0.62 thanks to a bill signed into law last month by the president. The new tax will take effect March 31, 2009.
Here is the breakdown:
Cigarettes: $2.23
Texas State Tax: $1.41
New Federal Tax: $1.01
El Paso Sales Tax (8.25%)
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Total: $5.03
The extra 62 cents will go to fund the State Children's Health Insurance Program. It provides health insurance to children who don't qualify for Medicaid. The tax is also measure that's supposed to deter people from lighting up.
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