So the infamous SCHIP expansion will finally make it through now that Bush isn’t there to veto it. Now children in families making up to 40k a year will be eligible.
How much did it cost? Only 33 billion dollars. Don’t worry though, it’s going to be funded through increased taxes on tobacco products.
Sec. 701) Amends the Internal Revenue Code to increase excise tax rates on cigars, cigarettes, cigarette papers and tubes, smokeless tobacco, pipe tobacco, and roll-your-own tobacco. Imposes a tax on floor stocks of tobacco products (other than certain cigars and cigarette papers and tubes), reduced by a $500 tax credit. Requires payment of such floor stock taxes on or before August 1, 2009. Extends the floor stock tax to articles located in a foreign trade zone on any tax increase date.
Damn, I feel guilty now for quitting smoking. The message from the government is crystal clear: it’s now our patriotic duty to smoke. Come on, do it for the kids!