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Poor and Stupid

How big government, big business, big media and big academia block your road to financial freedom- and tell you it's for your own good.

This Is Not A Typo

Posted on 07/18/2007 08:55:51 | Link | Post Comment
From the St. Petersburg Times:
It's no mathematical error: The federal government has proposed raising taxes on premium cigars, the kind Newman's family has been rolling for decades in Ybor City, by as much as 20,000 percent.

As part of an increase in tobacco taxes designed to pay for children's health insurance, the nickel-per-cigar tax that has ruled the industry could rise to as much as $10 per cigar.

"I'm not sure in the history of man, since our forefathers founded the country in 1776, that there's ever been a tax increase of 20,000 percent," said [Eric] Newman, who runs the Tampa business founded by grandfather Julius Caesar Newman. "They had the Boston Tea Party for less than this."

...Many casual smokers are well heeled enough to plunk down $10 for a premium puff. But would they pay $15 to $20 for the same pleasure?

"Why don't we just go out of business?" Newman said. "Here, you can run our company, Mr. Government."

Reader Rohit Dewan says,
The wonderful part about the Democrats' proposed tax, tax, and tax some more policy is -- once you kill one industry by showing it the wrong end of the Laffer Curve, you still have a gaping deficit that ends up getting financed by more taxes somewhere else, killing another industry, dropping tax revenues further, etc. etc...
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