House Democrats’ proposed excise taxes could double or triple the price of some vaping products.
It’s been a rough couple of weeks for the vaping industry.
Last week, the Food and Drug Administration (FDA) let a deadline for authorizing vape products pass without having processed millions of pending applications—effectively making those products illegal to sell. Then on Monday, House Democrats unveiled a funding plan for their $3.5 trillion Build Back Better bill that would impose steep new excise taxes on nicotine-containing vaping liquid for the first time.
The hope is that new taxes on vaping products—alongside massive rate increases on traditional cigarettes—will bring in $96 billion in revenue while deterring people from using either.
But vape store owners, already suffering from the FDA’s regulatory onslaught, are wondering whether they’ll be able to survive the tax hike.
“This is going to more than double, and in some cases triple or quadruple, the price of liquids that I sell,” says Keith Gossett, the owner of Bucky’s Vape Shop in Columbus, Georgia.
Christian Britschgi – Reason – 2021-09-15.
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