HUGE thanks out to @Letitia for getting her hands on this one, as it’s a BIG DEAL. Whether or not you are a fan of the Biden Administration or not, the fact remains that a Bill has been introduced under the “Build Back Better” plan, and it’s effect (cost) on Nicotine could be DISASTROUS !!!
The House Ways & Means Committee has revealed that it is considering a tax proposal on nicotine and tobacco as part of the funding bill for President Biden’s “Build Back Better” plan. The provision is designed to equalize taxation across all tobacco and nicotine products.
- Nicotine used in vapor products (synthetic, TFN, and tobacco-derived)
- $100.66 per 1,810mg of nicotine ( $0.05/mg)
- To put this in more relatable terms (see the table below), this new tax would add $10.00 to a 30mL bottle of 6mg e-liquid. This is in addition to any state or local taxes people may already be paying.
- The tax on smokeless tobacco will be raised from $1.51 per pound ($0.09/oz) to $26.84 per pound ( $1.68/oz ).
- A new tax on “discrete single-use units” (pouches) will be imposed at the rate of $100 per 1000 units ($0.10 per pouch, which adds $1.50 – $2.50 to a tin ).
- Under this proposal, the tax on one JUUL pod would actually be higher than the tax on a pack of cigarettes!
Now maybe you’re unclear as to what this could ACTUALLY mean, and this chart, will SHOW YOU !!!
$5,560.00 Tax on a 1L bottle of 100mg NIC ??? !!!
I don’t know about YOU guys/gals, but this could cripple and already struggling industry. If you agree, and want to get involved, take a few seconds, and get on board …
With taxation rates like that, I think you can assume what it will do to our Vaping Industry. It only takes a few seconds to fill out the form, and I can think of no better cause to get involved in.
After looking deeply into this, I don’t see how this will Build ANYTHING Back Better.