TOPLINE: Whip Scalise is committed to exposing President Biden and Congressional Democrats’ giveaways to radical special interest groups and the far-left provisions buried in their 2,135-page big government tax-and-spending spree. There are many “hidden gems” that Democrats are handing the socialists, and Whip Scalise will be highlighting them throughout the next few weeks.
Section 138520 imposes a new excise tax on nicotine that will raise the price of nicotine products.
Obviously, Democrats’ nicotine tax breaks President Biden’s promise to not raise taxes on Americans making less than $400,000. This is a regressive tax that will certainly hit low- and middle-income Americans.
The Joint Committee on Taxation estimates that this tax will cost nicotine consumers $8.6 billion over the next 10 years.
BOTTOM LINE: President Biden pledged to the American people, “If you make under $400,000 a year, I’ll never raise your taxes one cent.” This nicotine tax is just one example – out of many – of Biden breaking his promise.