Word: tobacco
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Dates: during 1990-1999
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...opposing a cigarette tax, you could also argue that a reduction of smokers would cut revenues through reduced income-tax payments from tobacco farmers and the merchants who sell cigarettes (who also contribute state sales tax, of course, plus an occasional fine for selling cigarettes to minors), as well as the custodians who pick up all those cigarette butts and might otherwise have so little to pick up that they would end up on welfare...
CHICAGO: In an effort to convince a skeptical public that reaching a broad tobacco settlement is more important than pressing many individual wars against the industry, state attorneys outlined a proposed deal to 100 doctors and anti-tobacco activists Wednesday. Agreements reached with the industry so far are substantial, including: a ban on smoking in workplaces and public areas; a ban on all cigarette advertising; a program to gradually reduce teen smoking, reaching 30 percent in five years, 50 percent in seven years and 60 percent in 10 years; an industry-financed multi-billion dollar smoking cessation program; FDA regulation...
...Clintons have politicized the FBI seriously understates the case--from Janet Reno's pathetic refusal to appoint a special prosecutor to investigate political-campaign contributions to the Bureau of Alcohol, Tobacco and Firearms' fiasco in Waco. The Justice Department, the ATF and the FBI have been totally compromised, and their leaders are doing the White House's bidding. Obstruction of justice, not pursuit of truth, now seems to be the FBI's specialty. When the lid finally blows off, the media will have to account to the American public for their soft-pedaling. DAN WISMAR Wadsworth, Ohio...
...theory is that the tobacco industry enjoys enormous price elasticity--i.e., it can raise prices on its addictive product and not lose sales. In England a pack of smokes goes for nearly $5, vs. less than $2 in the U.S., and yet they still have plenty of smokers. But tobacco users are more price sensitive than you might imagine. Canada in 1994 had to repeal a stiff tobacco tax that had pushed prices past $5 a pack because a violent black market developed. U.S. consumption peaked at 640 billion cigarettes in 1981, which is when the industry started raising prices...
Martin Feldman, tobacco analyst at Smith Barney, estimates that an additional tax today of 50[cents] a pack would curb cigarette sales by 8%. That would be O.K. with investors, who would gladly accept a smaller revenue stream so long as profits were protected against lawsuits. But any big increase above that starts to make the industry's economics go awry, including its 30% operating margins. I have no idea where the breaking point is but there surely is one. To me, $300 billion is a lot of money, no matter who's paying. If Big Tobacco can afford...